Donate

DONATING STOCKS, BONDS & OTHER ASSETS

Publicly traded securities held for more than one year—such as stocks, bonds, exchange-traded funds (ETFs), and mutual funds—are the non-cash assets most frequently donated to charities. Why is this?

If you itemize deductions on your tax return instead of taking the standard deduction, donating these assets can unlock additional funds for charity in two ways. First, you potentially eliminate the capital gains tax you would incur if you sold the assets yourself and donated the proceeds, which may increase the amount available for charity by up to 20%. Second, you may claim a fair market value charitable deduction for the tax year in which the gift is made and may choose to pass on that savings in the form of more giving.

Contact Alison Studley (astudley@skagitfisheries.org) at Skagit Fisheries Enhancement Group for information on how to make a Stock Donation. You will want to speak with your brokerage firm about the procedure and time frame for giving stock. Most banks and brokerage firms require a letter of instruction or letter of authorization to transfer the shares to charity,  and a mutual fund company may have a special form.

Please let us know if you have initiated this process so we can alert our investment advisor that the stock will arrive in our account. We will then send you a charitable tax receipt for the day it arrives.

Gifts of IRA or other Retirement Plan Distributions

When distributions are made to you or your heirs from your IRA, or other tax-deferred retirement plans, they are taxable. If the IRA or retirement plan is distributed to your heirs, they will pay tax when they inherit it. However, these retirement plan assets can be used to make a charitable gift to Skagit Fisheries, with that transfer being made tax-free. Thus, it might make sense to make Skagit Fisheries a full or partial beneficiary of your plan, leaving other assets to your heirs which do not trigger income taxes.

Please let Alison Studley, (astudley@skagitfisheries.org) know if you have initiated this process so we can direct the donation per your wishes when it arrives. 

The material presented in this website is intended as general educational information on the topics discussed and should not be interpreted as legal, financial or tax advice. Please seek the specific advice of your tax advisor, attorney, and/or financial planner to discuss the application of these topics to your individual situation.