Thank you for your interest in donating stock to the Manhattan Beach Education Foundation. Electronic delivery of stock shares is the most secure and expedient delivery process available and provides efficient internal control as well as cost savings. To help you facilitate a gift of stock, please use the following instructions.
1) Contact your broker with your donation intentions. Have them transfer the securities to:
Wells Fargo Clearing Services LLC
Account # 63406108, Manhattan Beach Education Foundation
2) Notify the Foundation
Please notify the MBEF office by emailing Kristi Buckley. Kindly provide the following information so we can identify your gift:
- A description of the securities to be donated
- The number of shares
- Your name, address, and phone number.
Valuation for tax purposes and date of gift
The date of the gift is the day the stock passes from your control. The value, for income tax purposes, is the mean between the high and the low quoted selling price on that day. Your gift will be acknowledged by Manhattan Beach Education Foundation.
Tax Savings for Stock Donations
You can realize two tax savings by contributing stock as a gift to Manhattan Beach Education Foundation
1. Deduction for charitable contribution
Federal and state tax law permits taxpayers who itemize to deduct the current value of charitable contributions from their adjusted gross income. To qualify for such a deduction, the stock must have been held by the taxpayer for more than one year.
2. Save on capital gains tax
Contributions of stock may have no tax liability on the difference between the cost of donated stock and its current, fair market value (FMV): i.e. there may not be tax on the capital gains.
Here is how it can work:
Assume you purchased 100 shares of XYZ Corporation in 1988 for $2,000. Today, the shares are worth $10,000. If you sold the stock, you would realize an $8,000 capital gain. Under current tax rules, you could owe as much as $1,600 in federal capital gains tax (plus more in state taxes). You decide to make a $10,000 gift to Manhattan Beach Education Foundation. Normally, you make your gift by an on-line donation or check, but this year you decide to see whether a stock gift would work better for you. Your comparisons are (federal tax benefits only):