TRANSFERRING STOCK TO THE BOYS & GIRLS CLUBS OF DELAWARE
Many people find it attractive to support the Clubs through a gift of stock. If you transfer long-term, appreciated stock to the Clubs, it can be sold by the Clubs and you will avoid tax on the gain. If your stock has been held long-term but has decreased in value, it may be more advantageous for you to sell the stock and give cash to the Clubs.
Instructions for Giving Securities
BY PHONE: If your broker or bank holds your securities,
1.Instruct your broker to transfer the securities, DTC formatted, as follows: *If your broker cannot transfer the shares in the above manner, instruct your broker to establish a temporary account in the name of the Boys & Girls Clubs of Delaware and transfer the shares of stock you plan to give to that account.
DTC: 0418
Brokerage: CitiGroup Smith Barney
Reference Acct. #70b-04683-15-327
2.Ask your broker to call the BGCD development office at 302-658-1870.
3.Write a brief note identifying yourself (name, address and phone number) and describing the number of shares, the name(s) of the stock(s), your broker’s name and phone number, and the purpose to which you direct your gift (outright gift, annuity, trust, etc.). Mail your note on the same day to:
Boys & Girls Clubs of Delaware
669 S. Union Street
Wilmington, DE 19805
BY MAIL: If you hold your stock certificates,
1.Send your unendorsed stock certificate(s) by registered mail to the above address.
2.In a A Mail both envelopes on the same day. The date of gift is determined by the postmarks.
*Substantiation of gifts of securities may require keeping a written record of certain information and filing Form 8283 with your federal tax return.
It is important that donors making a stock transfer to the Clubs notify the Clubs that they are making such a stock transfer and also inform us of the desired use of the gift. It is also important that donors specifically authorize their brokers to disclose to the Clubs the name of their client and the details pertaining to the stock transfer. Such steps are particularly critical since privacy laws prohibit brokers from disclosing the names of clients making wire transfers of stock unless the disclosure of such information has been specifically authorized by their client.
For assistance in making a gift of stock, please contact Resource Development, at 302-658-1870 or via email.