Do you own stock that has appreciated in value over the years? Are you concerned about paying a large capital gains tax should you decide to sell the stock? Are you interested in helping Solana Beach Presbyterian Church at the same time? If so, a good alternative to selling the stock is to contribute the stock to the church.
Current tax laws make it possible for you to make a charitable gift of stock at a remarkably low after-tax cost. This tax savings is achieved in two ways.
First, you pay no long-term capital gains tax upon the transfer of stock to the church (assuming you have held the stock for longer than twelve months).
Second, you receive an income tax charitable deduction for the full fair market value of the stock on the date of the gift.
How to Transfer Stock to SBPC
A transfer of stock to SBPC can be done by completing the following three steps:
1. If your stock shares are held in a brokerage account, please ask your personal broker to make an electronic transfer of shares to:
Solana Beach Presbyterian Church
Morgan Stanley account #254-042346
Our Morgan Stanley office is located in La Jolla, California.
The DTC number is 0015 and is necessary if the stock is currently held in a brokerage account other than with Morgan Stanley.
Our broker, Robert Inbody, can be called at 858-729-5088.
After the stock has been transferred into the Solana Beach Presbyterian Church account, the church office will receive documentation of the transfer, and a receipt will be sent to your attention. The transaction date is considered the day the shares of stock are received in the church account.
2. If you personally hold the stock certificate, please endorse the stock over to Solana Beach Presbyterian Church either by signing the back of the certificate or by using a stock power and mail it to the attention of Christy Ogden, Finance Office, 120 Stevens Avenue, Solana Beach, CA 92075.
It is recommended that if the certificate is mailed, it should be sent certified/registered/express mail. When the church receives your certificate, it will be sold immediately and a receipt will be sent to your attention. The date of the postmark is considered the transaction date of the gift.
3. Lastly, to insure proper documentation of a stock gift, please contact Christy Ogden at the church office and provide a specific designation for your stock gift. It is best to do this in writing or via email to christy@solanapres.org.
If you have any questions or desire additional information pertaining to tax-deductible gifts of stock to Solana Beach Presbyterian Church, please call Christy Ogden at 858-509-2580 x1225
