Consider a Gift of Stock?
If you are thinking about making a donation to Marion-Polk Food Share (MPFS), you might want to consider making a gift of appreciated stock rather than a cash donation. In addition to providing relief and hope to those in our local community who are experiencing hunger, a gift of appreciated stock can also provide tax benefits to you.
If you make a gift of stock during your lifetime, you are able to deduct the fair market value of the stock on your personal income tax return. In addition, provided you have held the stock for at least one year, you avoid the capital gain tax that would otherwise be imposed on the gains realized upon sale.
This is much more cost effective than making a cash gift with after tax dollars! An added bonus is that the appreciated asset is out of your estate, thereby reducing potential Federal and State death taxes.
Making a donation of stock to Marion-Polk Food Share is simple, only involving two simple steps:
Step #1: Provide your own personal account representative with Marion-Polk Food Share’s account information. (The transfer of stock is handled between your and our account institutions.) Provide the following information to your adviser:
Account number: 7617-6252
DTC Number: 0733
Marion-Polk Food Share, Inc. Tax ID Number: 94-3034161
Wells Fargo Investments, LLC
Renée L. Miller, Registered Brokerage Associate
580 State Street, 2nd Floor
Salem, OR 97301
Phone: (503) 945-2477
Fax: (503) 945-2517
Step #2: Notify Marion-Polk Food Share with the stock name and number of shares being transferred. E-mail or call:
Paula McGirr, Major Gifts and Planned Giving pmcgirr@marionpolkfoodshare.org
Phone: (503) 581-3855 ext 314
Although donating appreciated stock can provide you with tax advantages, you might want to think twice about contributing stock that has lost value since you bought it. Instead, you may consider selling stock that has lost value and then donating the proceeds. For example, if you were to sell stock for less than you paid for it and donate the proceeds of the sale to Marion-Polk Food Share, you'd have a capital loss that you may be able to deduct in addition to receiving a tax deduction for your charitable contribution. If you simply donated that stock, you could not deduct the loss.
For more information, or to discuss other options, we would always encourage you to consult with your attorney or tax advisor to determine how such a gift may affect your overall financial plan.