Gift of Stock
It’s turning cooler and it won’t be long until Christmas. The end of the year reminds us that taxes will again be due. If you own stocks and are thinking about donating to your church, consider making a Gift of Stock. If the stock has appreciated, you may be able to take the full amount as a tax-deduction, and avoid a potential capital gains tax. Please consult your accountant about your own tax situation.
One way that the Virginia united Methodist Foundation serves the Virginia Conference is by facilitating the transfer of stock to churches, whereby they will be sold by our advisor Merrill Lynch with no broker fee.
Here is how to initiate a transfer:
- Complete the Gift of Stock form on the VAUMF website.
- Send one copy to your own stock broker to initiate the transfer to Merrill Lynch.
- Send a second copy to us at the Virginia United Methodist Foundation so we will be aware of your request.
Once received, Merrill Lynch will sell the stock at no brokerage fee to you. The proceeds will then be transferred to the Virginia United Methodist Foundation. The Foundation will send the proceeds to your church s instructed on the Gift of Stock form. You will be notified by a letter from the Foundation upon completion of the transaction.
If this is a request you would like processed before year-end, please let us know by November 30. Think ahead before December 31 and give us a call if we can help. Our number is 804-521-1121.
