Regarding Stock Gifts

As we approach 2018, I want to make sure you are aware of the tax advantage some parishioners regularly use and you may want to consider in fulfilling your pledge or any other giving to Good Sam.

Under Federal tax code, a stock you own that has appreciated and you have held for at-least one year qualifies as capital gains income.  When you donate that stock to Good Sam, you are permitted to deduct the entire value of the stock and avoid the capital gains tax. 

By way of example, if you bought $10,000 of stock in a company and sold it more than a year later for $15,000, then donated the $15,000 to Good Sam, you would owe up to $1,000 in federal taxes (depending on your other income).  If instead you donated that stock to Good Sam, you would avoid that tax and still be able to deduct the $15,000 as a charitable donation.  

In order to take advantage of this opportunity, notify your broker as follows:

“I (we) would like to make an irrevocable gift of ### (number of shares - spelled out) shares of XYZ Corporation [or shares or the dollar value of a mutual fund] from my (our) account number ##########.  The gift is to the Church of the Good Samaritan, 212 West Lancaster Avenue, Paoli, PA 19301. Shares may be transferred to their account at Vanguard Brokerage Services, account number 57395243. Their DTC number is 0062. Please contact Betsy Wolford, the Parish Accountant if you have any questions. Her phone number is 610-644-4040 x209.”

  • Please make sure you or your broker notify Betsy Wolford of your stock gift since Vanguard does not tell us who made the offering.
  • If you are donating before the end of 2017, please clarify whether the donation is intended for your 2017 or 2018 pledge. 

Thank you for your generosity and your stewardship of Good Sam. 

Peace,

Dwight Wilson, Financial and Human Resources Administrator