GIFTS OF STOCKS AND OTHER SECURITIESBENEFITS OF GIVING STOCK A gift of stock (or other appreciated property) entitles you to a tax deduction for the market value of the donated stock (not just your cost basis). If the stock you wish to donate has been held for more than one year, you can avoid capital gains tax on any appreciation of the stock by donating the stock prior to sale. The Conservancy benefits by selling the stock without paying taxes on the gain, and you benefit from making a contribution that would be larger than what you might have been able to donate in cash. TRANSFERRING STOCK TO LEMON BAY CONSERVANCY To donate shares of stock to Lemon Bay Conservancy, electronically or by mail, please use a letter of transmittal stating your intention to donate to the Conservancy. Send the letter to both Vanguard Group (the Conservancy’s broker) and to the Conservancy office. Contact information for Vanguard can be obtained from the Conservancy office. Electronic transfer to Lemon Bay Conservancy account with the Vanguard Group: Please have your broker contact the Conservancy to arrange transfer. To transfer stock certificates to the Lemon Bay Conservancy account with Vanguard Group: You may choose to mail stock certificates directly to Lemon Bay Conservancy at the address listed below for processing with Vanguard. When the stock certificates are mailed, please also send a fully-and properly-executed stock power under separate cover. It is strongly suggested that you send the stock and stock power via either overnight U.S. mail or certified mail/return receipt requested. If sending certified, you should retain the date-stamped receipt for tax records. The date of the gift for substantiation/acknowledgement is the date the securities and fully-executed stock power are mailed via U.S. Post Office or delivered by private carrier. Lemon Bay Conservancy Tax ID number: ##59-6510980 How the Value of Your Gift Will Be Determined The value of your gift is the average price of the stock on the date the stock was electronically transferred to Lemon Bay Conservancy. If you have mailed certificates, the date stamped on the U.S. postal service certified mail receipt as the date the stock certificates and fully-executed stock power were mailed will be used. If you use a private carrier (such as Federal Express), IRS rules recognize the gift as being completed when actually delivered, not when the certificates are sent. If you would like further information about making a gift of stock, contact us at 941-830-8922 or lbconservancy@comcast.net. This information reflects, in very general terms, how a gift might affect specified tax liabilities. This is not an effort to reflect your current tax picture or suggest that a particular gift will have the indicated result in your case; only your lawyer and accountant can do that. We suggest you consult your professionals before acting upon the concepts reflected here. |