stocks & bonds - Wilmington Friends Meeting

About ten years ago, Ted Vandervort told me about the Donor Directed Gifts via the Dayton Foundation (877-222-0410) so I called. They set up a Charitable Checking Account in our names. We made a gift of stock directly to the Dayton Foundation. They sold the stock, credited to our account the sale price (less a very small broker fee), sent us a receipt and vouchers for us to request, at our discretion, amounts of money to be sent to charities. It is possible to direct your gifts on line without a paper voucher.

This method has tax deductible advantages. You can deduct as charitable giving the entire sale price. This is especially helpful if the stock has appreciated, or if you have a problem establishing the basis (cost to you) of the stock. The capital gains tax does not apply to such gifts. Use form 1040, schedule A: gift other than cash, and probably form 8283 to claim your deduction.

It is also flexible. You can direct the Dayton Foundation to send money to any I.R.S. recognized charitable organization in the U.S.A., such as Wilmington Friends Meeting, Friends United Meeting, Earlham School of Religion, Wilmington College, United Way, Quaker Hill Conference Center, UNICEF, etc.

You can direct gifts to charities the year you give the stock or the next year, etc.

There are many ways to gift the stock: 1-you can hand deliver a stock certificate; 2-you can mail the stock certificate with certain signed papers; 3-you can request your broker to make a gift of x number of shares to the Foundation; 4-if the stock is held by an agency, you can request they gift x number of shares to the Foundation. Which ever method you use keep in touch to make sure the money ends up in your Charitable Checking Account.

A Word of Caution: in any one tax year only the amount given to Dayton Foundation is tax deductible. You should not claim money sent via the Foundation to various charities – sorry, you cannot deduct your gift twice!

Ted Vandervort, Bob Warren and I have used the nearby Dayton Foundation as a vehicle for gifting and have been very pleased with the results. (Ask any of us if you have any questions!)