Appreciated Stocks, Charitable IRA Rollovers, and Donor Advised Gifts
Stock Gift Instructions:
Wells Fargo Advisors
Main Tele: 301-961-0100 (Mon-Fri 8:30am - 5pm)
Jennifer C. Pascal
PCG Senior Registered Client Associate
Assistant Vice President
Deborah E. Bowles, CFP ®
Managing Director - Investments
Accredited Domestic Partnership Advisor SM
FBO ST Columba’s Episcopal Church
Tax ID/EIN number: 53-0232824
Please indicate if the gift is for St. Columba’s Episcopal Church and include the donor’s name. Email Bronwyn Roy to alert us that the gift is being made. We caution that everyone’s tax situation is unique, and your tax adviser should be consulted before making any gift of appreciated securities.
If you wish to wire your gift, please contact Bronwyn Roy for wiring instructions.
Alternative Giving Vehicles FAQ:
A gift of appreciated stocks you’ve held for more than a year can be a tax-efficient way of making gifts to St. Columba's. Let’s say you paid $500 for 10 shares of XYZ Corporation more than a year ago, and it is now worth $1,000. You can gift that $1,000 in XYZ Corp. to St. Columba's and take a charitable deduction for the stock’s fair market value on the day you give it away. You’ll also avoid capital gains taxes on the increase in value over time, which you would have had to pay if you sold the stock then gave the charity the cash. And St. Columba's can sell the stock free of tax. In short, by making a gift of appreciated securities, you get the same tax benefit you receive for paying cash, plus you avoid potential capital gains taxes.
Charitable IRA Rollover
For parishioners aged 70 1/2 or older, the charitable IRA rollover is another way to give. The IRA charitable rollover allows individuals to make certain charitable contributions directly from your Individual Retirement Account. The transferred assets will not be recognized as income for tax purposes. Making a donation under this provision is simple and straightforward. If you would like to make a contribution to St. Columba’s from your IRA, please speak with your IRA administrator.
Donor Advised Gifts
A donor-advised fund is a little like a personal charitable savings account. A donor creates an account and makes a contribution of cash, stock, or other assets like real estate or artwork and can take an immediate tax deduction for the gift.
Donor advised gifts can be made in order to fulfill a pledge, but we recommend using the following language to accompany your pledge:
SAMPLE LANGUAGE FOR A NON-BINDING LETTER OF INTENT
I/We intend to recommend a grant from the [name of donor-advised fund], a donor-advised fund, in the amount of $_________ [during the year 20__ /annually for the years 20__-20__]. Grant recommendations are subject to the approval of [name of public charity sponsoring the donor-advised fund]. This expression of intent does not create a legally enforceable obligation.
We strongly recommend consulting your financial advisor if you plan to make a donor advised gift to fulfill your pledge.
We are so grateful for all gifts given to St. Columba's. Gifts given at the end of the year do require specific attention to detail. In order for you to claim a deduction on your 2020 tax return, anything mailed to St. Columba's must be postmarked by midnight Dec. 31, 2020. In order to demonstrate legal compliance, envelope postmark dates will be used to verify any contributions arriving in early January. Credit card gifts also must be posted to our vendor account by midnight on Dec. 31. If you choose to provide gifts of stock or other securities to St. Columba's, it is important to initiate these transactions by mid-December to make certain they are posted to our brokerage account by close of business on Dec. 31.
Contact Bronwyn Roy (202) 363-4119 x 229 to discuss ways to make a gift to St. Columba's.