Happening Now Blog

Tuesday, August 31, 2010

Stock Gifting

SOV members,

Just want to let everyone know that we have closed our MorganStanley/SmithBarney account.  If you want to contribute to SOV by gifting stock, please use the ELCA Foundation. You will find instructions below provided by Diane Lewis. Thank You for your support during this transition.

Gifting Stock made simple through the ELCA Foundation

Gifting stock is one opportunity we can take advantage of to help in giving to our church.  Giving the stock through the ELCA has several advantages.  It is easy to accomplish, the fees are lower, in some cases it can be done over the phone and some brokerages don't charge a transfer fee.  If the stock has appreciated in value then you can gift stock to the church and not have any capital gains from the appreciation as well as take the entire gift as a tax deduction.  The ELCA Foundation has made it simple for the one gifting.  Some financial brokerage businesses won't charge you to transfer the stock. The only fee will come from a small charge from the ELCA Foundation and the balance is sent directly to the church.

Here are the easy steps in gifting a stock to Shepherd of the Valley:

1. Contact your stock broker and give the name and amount of the stock you want transferred.  Ask if that firm has a transfer fee for non profit transfers.

2. Give the broker the information for gifting to the ELCA Foundation

Wells Fargo Advisors, DTC Clearing #0141, FBO Evangelical Lutheran Church of America, Account # 5103-9400

3. Inform Shawn Greene (ELCA 1-800-638 8322 ex.2976) as to the exact date and the shares that are being transferred out of your account.  Let her know that the funds are to be sent to Shepherd of the Valley Lutheran Church, Beaverton, OR. This can also be done by email to: shawn.greene@elca.org

4. Once the stock is transferred it will be immediately sold.  The small fees are taken out of the sale price and the remaining funds are sent to the church with a letter from the ELCA stating who is from.

5. The person gifting will receive a letter of confirmation from the ELCA with the full tax deductable amount of the sale.

6. Contact SOV's financial secretary about how you want the money designated.