Notification of Donor Intent
Regardless of the method chosen to deliver a gift of stock, the donor or the transferring broker must provide a letter including the following information, for audit and acknowledgment purposes:
- Donor’s name and complete address
- Name and number of securities transferred
You may provide a letter, or send an e-mail to communicate this information at time of transfer to:
Hermosa Beach Education Foundation
P.O. Box 864
Hermosa Beach, CA 90254
Contact: Bill Miller
Valuation for Tax purposes and date of gift
The date of the gift is the day of the stock passes from your control. The value, for income tax purposes, is the closing price quoted selling price on the settlement day. Your gift will be acknowledged by Hermosa Beach Education Foundation.
You may realize two tax savings by contributing stock as a gift to Hermosa Beach Education Foundation.
1. Deduction for Charitable Contribution
Federal and state tax law may permit taxpayers who itemize to deduct the current value of charitable contributions from their adjusted gross income. To qualify for such a deduction, the stock must have been held by the taxpayer for more than one year.
2. Save on Capital Gains Tax
Contributions of stock may have no tax liability on the difference between the cost of donated stock and its current, fair market value (FMV): i.e. there may not be tax on the capital gains.
Please consult your tax advisor for more information.