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 Project Open Hand’s brokerage account at Union Bank. You will need to give your broker the following information:
FBO: Project Open Hand/UnionBank Investment Services
Account Number: 0BP484806 (please note, the first digit in our account number is a zero)
DTC Clearing: 0226 (first digit is zero)
National Financial Services Corporation Account Manager Brian Batt
Direct Line: (415) 705-7186
Toll Free Number: (800) 634-1100
Email: [email protected]
It is very important that you notify Project Open Hand about the gift transaction at the same time you instruct your broker to transfer securities into our Union Bank brokerage account.
In order for us to properly receive the gifted shares into our account and to provide an accurate and timely acknowledgement for your tax records, please send us:
- 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 bring about significant benefits to you as a contributor to Project Open Hand:
- You become entitled to a charitable income tax deduction for the fair market value (FMV) of the donated securities as of the date of the gift.
- You can 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.
- Your charitable deduction can be claimed against a maximum of 30% of your adjusted gross income and any unused deductions can be carried forward over the next five years.
- You can achieve your long-term financial objective of reducing your 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.
- Stock options that have not yet matured can also be donated with potential substantial tax savings to Project Open Hand’s donors. Project Open Hand will hold the securities until the option becomes effective and then convert the shares to cash.
- If you have any questions regarding Project Open Hand’s Stock Gift Program or acknowledgment of your stock gift, please contact Mark Ryle, Chief Executive Officer, at 415.447.2321 or m[email protected].