Transferring of stocks to IDRF can be an excellent way of completely avoiding capital gain tax and yet claim full deduction on the current market value of a stock. Like a donation by check, a stock transfer is also eligible for a corporate matching gift program. Thus, the benefit to both the donor and IDRF can be very substantial, and we should encourage major donors to take advantage of this wonderful opportunity.

When you socialize with your friends/potential donors, kindly keep in mind if your friend is active in the stock market, especially if he/she is enjoying the sky-rocketing value of his/her stocks. As you know stock transfer enables the donor to completely avoid the Capital Gain Tax, while also deducting full market value of the stocks transferred from his/her income. The process does involve some paper work and also a contact between the donor and me(or you, provided you have the relevant information about the IDRF's brokerage firm, its DTC routing#, and IDRF's account#). In addition, we have to know from the donor by mail or through fax the exact price of the stock on the day of the transfer. This price, if i am not mistaken, can be the highest price of that day. In the absence of donor contacting us about the said transfer, our brokerage firm has no way of knowing donor's whereabouts.

Bank Details:

Bank of America Investment Services, Inc.
Call Center: 800/926.1111
DTC Routing No. for Electronic Transfer: 226
IDRF’s Acct. No.: J35361399

The donor should provide the following info through email at idrfhq@yahoo.com

• Donor’s name with full contact info.

• Donor’s Brokerage firm & contact info.

• Donor’s Brokerage Acct. No. from which stocks have been transferred.

• Name and ticker symbol for donated stock.

• Number of shares and approximate market price for donated stock.

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Published on: 2004-11-14 (7538 reads)