Do you have shares of stock that have appreciated over the years? If you sell them outright, you must pay capital gains on the increase in value. If you gift the stocks to the Foundation, you do not pay any capital gains on your earnings. In addition, you may be able to deduct the value of your gift if you itemize your deductions on your taxes.
To do this, you will need to designate your shares to be given to the Foundations Brokerage Account at First State Bank and Trust. Here are the steps;
1. Contact Jim Thorson, Foundation Treasurer, and let him know you wish to donate stock.
2. If your stocks are held in a brokerage, contact that firm for instructions on how to make the donation. The stocks should be directed to the following account;
Cetera Investment Services DTC Number: 0701 Account Name: BAYBAN Account Number: 8AH00021 Reference: Elim Lutheran Church of Scandia Foundation A/C #50213700 and donor name
3. If you have actual share certificates, contact Tom Sigstad at First State Band and Trust, 651-351-3743 to arrange a transfer of the certificates.
After the transfer is complete, you will receive a note from the Foundation acknowledging your gift, and stating the date of the transfer, the number of shares donated, and the high and low prices of the stock on the date of the transfer. Per current IRS regulations, the value of the stock donated is the average of the high and low price on the date of the transfer.
Where in the world is elim lutheran church?
Elim Lutheran Church | 20971 Olinda Trail N, Scandia, MN 55073