Alumni, parents and friends of Old Mission Peninsula School are making their gifts by donating securities to Old Mission Peninsula Education Foundation. You may find that you can make a larger contribution by giving stock- particularly stock which has appreciated in value- than you could by giving cash.
A gift of securities offers you a number of advantages. Your gift is the full market value of the securities, and you may deduct this amount from your taxable income for federal income tax purposes (up to a limit of 30 percent of your adjusted gross income in the gift year, with any excess carried over for up to five subsequent years). Moreover, you will never have to pay capital-gains tax on the increased value of the securities, as you would if you sold them and donated cash.
MAKING A GIFT OF LISTED SECURITIES TO OMPEF
There are two processes for making a gift, depending on the nature of the securities. In both instances, at the time of the gift, please notify Allison O'Keefe (contact details below). That way we will know who is giving the gift and to whom receipts should be sent for tax purposes.
The value of a gift of securities is established using the mean of the high and low stock quotations on the day the securities pass to OMPEF's control. More information about the date of contribution can be found below. For information on making gifts of closely held stock, life insurance, or other property, contact Allison O'Keefe, President of OMPEF, at firstname.lastname@example.org, (231)392.3902 or (231)714.6300.
To make a gift, you should:
IF THE SECURITIES ARE HELD WITH A BROKER
Instruct the broker to transfer the securities from your account to OMPEF's account (see our broker's information below), and at the same time inform Allison O'Keefe of the transfer by mail, email (email@example.com), or telephone (231.392.3902).
Old Mission Peninsula Education FOUNDATION Broker
OMPEF's broker is Raymond James & Associates, Inc., 13818 S West Bay Shore Drive, Traverse City, MI 49686. Phone: (231)946.3650. DTC Number through Raymond James & Associates: 0725; OMPEF Account Number: 679K3908. Broker Number: 03W2.
DATE OF CONTRIBUTION FOR GIFTS OF SECURITIES
If the securities are transferred electronically (via DTC), then the date of contribution is the date on which the securities are received in OMPEF's account. Please note that the gift of securities is not complete until you, and your transfer agent, have delivered the securities to OMPEF's account. Merely instructing your broker to make the transfer is not enough to satisfy the IRS legal requirement. It has been our experience that, in some cases, brokers move stocks into a temporary account or delay completing the transfer. Be sure to let your broker know that it is essential that the transfer to OMPEF be executed immediately.
For stock certificates mailed or delivered to OMPEF, the date of contribution is the latest of: (a) the postmark on the envelope containing the certificate, (b) the postmark on the envelope containing the stock power, (c) the endorsement date on the certificate or stock power, or (d) the date the certificate is hand-delivered to an agent of OMPEF.
If a stock certificate is not sent to OMPEF but registered in our name by the donor and the donor's agent, the date of contribution is the date the stock is transferred on the books of the issuing corporation.
For more information, see IRS Publication 561.