Giving
Stock or Securities
Donating
appreciated stocks that have been held for more than one year can be a wise
philanthropic decision. This gift enables you to 1) make a significant gift to
the
Maine
Irish
Heritage
Center
,
2) receive a charitable donation deduction on your income taxes, and 3) bypass
capital gains taxes. Note: In order for you to receive the full benefit when
donating appreciated stock, it is
vital that you donate the stock
itself – do not sell it first and donate the cash proceeds.
If
you have stock losses, reverse the process. Sell the stock and realize the loss
and take the deduction on your income tax. Then donate the cash proceeds from
the sale and take the charitable tax deduction.
There
are three ways to transfer stock to the
Maine
Irish
Heritage
Center
:
Electronic
Transfer – the most popular and efficient way
Mail
the Stock Certificates
Hand
Deliver the Stock Certificates
Electronic
Transfer of Stock or Securities
By
using electronic transfer 100 percent of the value of the stock is transferred
versus paying a broker commission. If your stock is held at a broker, notify the
broker that you wish to make a gift of securities to the Sisters of the Holy
Cross, Inc. (our legal title). Your broker will need written authorization from
you before the transfer can be made. Include the name of the stock, the number
of shares you are transferring and your designation for the use of the funds by
the Congregation.
After authorizing the transfer, ask your broker to contact the Sisters of the
Holy Cross Investment Services Office at (207) 780-0118. Our office will
give your broker complete transfer instructions.
Please Note: Transfer instructions
change from year to year. Even if you have donated securities in the past, be
sure your broker contacts our office BEFORE the transfer is made. We hope
to prevent any transfer problems from occurring.
Please
Note:
We strongly recommend that you do not send certificates to a transfer agent for
registering in the name of the
Maine
Irish
Heritage
Center
.
It is unnecessary and results in needless delays of the transfer.
Mail
the Stock Certificates
For
security reasons, this is a two-step process.
1.
Envelope #1: Send your unendorsed stock certificate(s) and a cover letter which
includes your name, address and your designated use of the gift in one envelope
to our office. Send REGISTERED MAIL.
2. Envelope #2: Send a signed, signature guaranteed, stock power. A stock power
can be obtained at your local bank.
Send
REGISTERED MAIL.
Our
mailing address is:
Maine
Irish
Heritage
Center
PO
Box
7588
Portland
,
Maine
04112
Caution:
DO NOT MAIL endorsed stock certificates. Once they are endorsed, they can be
exchanged by anyone.
Hand
Delivery of Stock Certificates
Certificates
may be given to the Executive Director or any member of the Maine Irish
Heritage Center Boiard of Directors.
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