Donations of Securities
Many UUCPA supporters find it convenient to make contributions of securities to make a donation or to pay a pledge. It is especially attractive to transfer appreciated stock, because you are credited with the full current market value, without paying any capital gains tax.
It’s easy to do: You just instruct your broker to transfer x shares of stock to the church’s account at Schwab:
Unitarian Universalist Church of Palo Alto
Charles Schwab & Co.,
DTC # 0164.
DO NOT SELL THE SHARES!
You need to let us know at the same time that you have given these instructions.
You can email the church office or (better) send an e-mail to Bob Schwaar and to Fred Buelow, who handles our account at Schwab letting us know that you want to apply the proceeds to this year’s pledge, next year’s pledge, or to one of our funds, such as the Memorial Fund or the Endowment Fund.
When we receive notice that our broker has received the stock, we will send you an acknowledgement. We will let you know the average of the high and the low prices at which the stock traded on the day the stock was received by Schwab. Per IRS regulations you will be credited with this amount, even though it may be different from the amount the Church receives when it sells the stock. This is the amount that you can claim on your tax form (Schedule A, Charitable Contributions other than cash).
A member of the Finance Committee will order the shares sold from our account. When we receive a check for the proceeds, we will credit you on our official contribution records.
A word of caution: Depending on the brokers, this may take a few days to execute. Brokers often get busy in December with such transfers, so don’t wait until too late. Shares must be received in this calendar year in order to be considered for deduction on this year’s taxes.
OPPORTUNITY FOR MUTUAL FUND INVESTORS
Now there is an easy way for you to make a donation of mutual fund shares to UUCPA,
if your shares are in accounts with Franklin Templeton or with American Funds. UUCPA also has accounts with these firms, and you can simply instruct your agent to transfer some of your shares directly to the Church’s account [101-977501044 for Franklin Templeton, and 64502291 for American Funds].
You do not sell the shares and you do not incur capital gains tax. Many contributors to UUCPA have found this a convenient procedure. See any member of the Finance Committee for more details.