Donate More for Less with a Gift of Stock

Do you own highly appreciated securities and are reluctant to sell them due to high income and capital gains taxes?  By giving a gift of appreciated securities to the Food Bank, you may avoid paying the capital gains tax on the increase in value.  You also receive a tax deduction for the full fair market value of the gift on the date of the sale.

Here is an example of how a larger gift will cost you less by donating stock instead of cash:

Matt has stocks currently valued at $25,000 that he purchased for $5,000 several years ago.  This will result in a $20,000 capital gain if he sells the securities.  He is in a 35 percent income tax bracket.

If Matt donates this stock to the Food Bank, both he and the organization will reap the benefits.

• Matt receives an income tax charitable deduction for the full fair market value of $25,000, saving him $8,750 ($25,000 X 35%) in income taxes.
• Matt bypasses the $20,000 capital gain and in his 15 percent capital gains tax bracket, he saves $3,000 ($20,000 X 15%).
• Matt's total tax savings from both capital gains and income taxes is $11,750!  And, the gift only cost Matt the $5,000 he initially invested.

Your gift of stock can greatly help the Food Bank while providing you with substantial tax savings. The following information enables you to easily transfer securities electronically to the Food Bank. Contact Lisa Roth Blackman at (401) 942-6325 ext. 252 or via email for additional information or to inform her of your intended gift.

Instructions for Stock Gifts to the RI Community Food Bank

• RI Community Food Bank Tax ID#05-0395601
• DTC Participant #955
• DTC Agent #20955 RI Community Food Bank Association/Reserve Account #36-16-100-8517439
• Investment Contact:
  Susana Forster-Castillo
  Assistant Vice President, Philanthropic Management
  Bank of America
  MA5-100-16-06
  100 Federal Street
  Boston, MA 02110
  (617) 434-4645
  
• Rhode Island Community Food Bank Contact:
  Lisa Roth Blackman
  Chief Philanthropy Officer
  Rhode Island Community Food Bank
  200 Niantic Avenue
  Providence, RI 02907
  (401) 942-6325 x 252

Instructions for Transfer of Cash Gifts to the RI Community Food Bank

• Bank of America
  ABA #0260-0959-3
  Credit to FTA 00018-00-1981-0
  Attention: Settlements
  Reference: RI Community Food Bank Association/Reserve Account
  Account No.: 36-16-100-8517439

Click here for a downloadable pdf version of these instructions.