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Giving stock to ITN is not only an effective way for you to give from a tax standpoint, it is a simple way to support our programs. Thank you for considering such a gift. With a gift of appreciated securities held long term, you avoid paying capital gains tax on the transfer and are entitled to a charitable income tax deduction. ITNAmerica receives the full fair market value, and you may designate a portion to a local affiliate of your choice or for specific ITN programs. Detailed information about making the transfer is below. Please call Heidi Farber (207) 591-6943 with any questions or for additional information.
This is how it works:
- Discuss the gift with your own advisor.
- Contact ITNAmerica's Development Department at (207) 591-6943 or Heidi.Farber@ITNAmerica.org to discuss the securities you plan to donate. Or, if you prefer, simply have your broker call us.
Ask your broker to transfer only appreciated publicly traded stock that you have held more than a year, i.e. long term. Provide the broker with the following instructions or have your broker contact us directly
For account of ITNAmerica
Charles Schwab & Co.
111 Wall Street
New York, NY 10005
Routing #: 021000089
For credit of Charles Schwab & Co. account 40553953
For the benefit of ITNAmerica
Request that your broker confirm all details of the completed transaction in writing both to you (the donor) and to ITNAmerica specifying:
- the name and number of shares of the securities transferred, and
- the effective date of the gift
- For account of ITNAmerica
- Your broker will then transfer the securities and ITNAmerica will sell the securities without having to pay any capital gains taxes. We will put the full fair market value of your securities to work to support our programs.
- You will receive an income tax deduction for the gift and will not owe any capital gains taxes on the transfer. Your tax advisor can instruct you on the precise amount and nature of your deduction.
If you hold stock in actual certificate form, those are easily transferred too. You will need to sign a stock power form for each certificate, sign each certificate, and send the certificate(s) in one envelope and the stock power(s) in another using certified mail on the same date. Please contact ITNAmerica's Development Department at (207) 591-6943 for more details.
Publicly traded stock and mutual funds are the most common securities used to make charitable gifts. But other securities can also be gifted. Please contact ITNAmerica's Development Department if you have other securities you wish to discuss. In addition, should you hold securities at a loss, it is generally best to sell those and donate the proceeds. Again, it is important to discuss these gifts with your own advisor as each taxpayer's situation may differ.