Donating Securities: How to Give
Stock certificates can be reassigned directly to General Seminary, or they may be transferred through your broker. For either transaction, please consult with the Office of Institutional Advancement for detailed instructions.
Advantages: Federal income tax laws allow you to deduct the full market value of appreciated securities on the date of gift, subject only to a limitation of 30% of your adjusted gross income. The excess beyond the 30% may be carried forward for five years. By making a gift of appreciated stock you avoid capital-gains tax on the appreciated value.
In the case of securities which have decreased in value (have a fair market value less than your cost basis), donors most often sell the securities, taking the loss for tax purposes, and then contributing the cash proceeds. In this way the gift provides a deduction for both the sale loss and for the charitable contribution.
How To Transfer Securities
By giving your broker the following information, you will ensure a direct transfer of gift securities from your brokerage account to the Seminary's. As always, please consult a financial advisor for the best way to accomplish charitable objectives through a gift of securities.
When a transfer of securities lands in General's account, we do not receive notification of the donor's name. Therefore, please notify the Office of Institutional Advancement beforehand of a gift transfer to ensure it is properly recognized and prompt acknowledgement can be made.
Securities may be transferred to:
DTC # 0062
FBO General Theological Seminary Account#: 54773586
To ensure proper credit and timely acknowledgement of your gift, please ask your broker to include your name in the trailer information and notify us immediately when a transfer is being made.
The Seminary can also accept securities in certificate form. Please contact the Office of Institutional Advancement for further instructions.
Closely Held Stock
If you control stock in a closely held corporation a gift of that stock to the General Seminary can generate substantial tax savings. You will receive a charitable contribution deduction equal to the fair market value of the stock, subject to the limitation rules that apply to gifts of securities.
Advantages: Once you have given closely held stock your corporation may redeem shares of the stock from the Seminary in an amount equivalent to the value of the shares which you contributed. The Seminary will receive cash, and you will have received an appropriate tax benefit.
The Internal Revenue Service and the courts have approved this type of transaction as long as the Seminary is not legally bound or cannot be compelled by the corporation to surrender the shares for redemption.
For further information, please contact Donna Ashley, Vice President, Institutional Advancement, at 646-717-9706 or by email at email@example.com.