Stock gifts of appreciated stock can yield tax benefits because they are deductible from your income tax at their fair market value. This kind of gift avoids capital gains tax that would otherwise result from selling the stock and then using the cash to make your gift to the Partnership. Gifts of appreciated assets are deductible in amounts up to 30% of adjusted gross income, and any excess deductions may be carried over for use in the future.
When you give stock it is important that you contact us to indicate that a gift of stock is being made to Pro Bono Partnership, what type of stock, and the purpose for which it is intended.
Gifts of stock/securities may be deducted at full market value on the date of transfer to the Partnership.
Stock may be donated in one of the following ways:
Electronic transfer between your broker and ours
Stock may be donated by electronic transfer (DTC) of the shares between your broker and Pro Bono Partnership’s broker, JPMorgan Clearing Corp. Please call our Development Office at (914) 328-0674 to notify the Partnership of your plans to make a gift of stock. We will need your broker’s name and telephone number as well as the name of the stock and the number of shares you wish to transfer. Please also inform your broker of your intent to make a gift of stock. This information will ensure the details of the transaction are completed accurately and efficiently. Stock transferred in this fashion is valued on the date of the transfer — the date it moves into the Pro Bono Partnership account.
Stock Certificates and a Stock Power
Stock may also be donated by sending stock certificates and a stock power to Pro Bono Partnership in separate envelopes. This method will transfer the stock to our broker for sale. For stock certificates registered in your name, a signed stock power which allows the stock to be sold by a Pro Bono Partnership stock broker is required. Your signature should be medallion guaranteed. Leave the rest of the certificate blank, including the name of the transferee.
With either method, we strongly recommend that you send a brief letter from you addressed to your broker, (but send a copy to Pro Bono Partnership), indicating that a gift is being made to Pro Bono Partnership and the purpose for which it was intended. The signature on the letter must match the name on the stock certificate.
Requirements for Letter
The letter should state the following:
- I hereby gift the following stock to Pro Bono Partnership, 237 Mamaroneck Avenue, White Plains, New York, 10605, a New York nonprofit organization. Accordingly, Pro Bono Partnership is now the owner of these shares and may sell them at its discretion.
- Number of shares
- Company Name
- Donor’s name and signature
If the stock certificates are mailed, the value of the gift for the donor’s tax purposes is calculated using the date of the postmark on the envelope.
Contact Information for Our Broker
Company: JPMorgan Clearing Corp
4 Chase Metrotech Center
Mail Code NY1-C060
Brooklyn, NY 11245-001
DTC # 0352 Account # 74138292
If you have questions about this process, please call our Development Office at (914) 328-0674.