Project Open Hand accepts gifts of securities, including donated shares of both publicly and privately held corporations, stock options and shares of mutual funds.
To make a stock gift, notify your broker that you wish to transfer securities into the brokerage account for Project Open Hand. Please give your broker the following information:
Bank: Wells Fargo
Name: WFCS Project Open Hand
Donor Name: (if applicable)
WFB Contact: Michael Mohaghegh
Email: [email protected]
Project Open Hand is committed to providing an accurate and timely acknowledgement of your contributed shares for your tax records.
Please notify Project Open Hand of the transaction at the same time you instruct your broker to transfer securities into the WFCS Project Open Hand brokerage account and provide POH with the following:
- A concurrent notification with the donor’s name
- The type and number of shares being transferred
- The name and phone number of the donor’s broker
This notification should be sent to:
A gift of appreciated securities held for more than one year may generate benefits to you as a contributor to Project Open Hand:
- Claim a charitable income tax deduction for the fair market value (FMV) of the donated securities as of the date of the gift.
- Eliminate capital gains tax that would ordinarily become due if you had sold the appreciated securities on the open market and then donated the process from the sale to a charitable organization.
- Claim the charitable deduction against a maximum of 30% of adjusted gross income and any unused deductions can be carried forward over the next five years.
- Achieve your long-term financial objective of reducing income and estate taxes by making a gift of appreciated securities to Project Open Hand.
- If you have in your stock portfolio securities that have declined in value, you may find it more beneficial to sell the securities first and then contribute the cash proceeds to Project Open Hand as opposed to gifting the shares outright. This strategy may allow you to claim a deduction for both the losses from the sale of the securities as well as the charitable gift.
- Donate stock options that have not yet matured for potential tax savings. Project Open Hand will hold the securities until the option becomes effective and then convert the shares to cash.
Questions regarding Project Open Hand’s Stock Gift Program or concerns regarding acknowledgment of your stock gift should be directed to Mary Dunbar, CFRE, Chief Development Officer, at 415.447.2410.