Donating stock to charity
Make a bigger impact by donating long-term appreciated securities, including stocks, bonds, and mutual funds, directly to charity. Compared with donating cash, or selling your appreciated securities and contributing the after-tax proceeds, you may be able to automatically increase your gift and your tax deduction.
How does it work?
It’s simple and easy. When you donate stocks to charity, you’ll generally take a tax deduction for the full fair market value. And because you are donating stocks, your contribution and tax deduction may instantly increase over 20%. Would you prefer to donate bonds or mutual funds? The same benefits apply.
A gift of stocks may be right for you if:
1. You are holding stocks that have risen in value. If your stocks are highly appreciated, you may find yourself with a hefty tax bill when it comes time to sell. By using these securities as a gift, you can avoid the capital gains tax on any paper profit.
2. You would like to maximize your deduction while not affecting your liquidity. If you decide to make a gift of stocks, you not only retain your cash assets, but you also receive a charitable tax deduction for the full fair market value of the stocks that you’ve owned for more than one year.
What can you give?
Any stock, any ETF or any shares of a mutual fund (whole shares only) with a stock symbol
Ready to Donate Stocks?
Step 1:
If you have a full-service broker, notify them of your intent to transfer stock as a gift to the Islamic Society of Baltimore. Please indicate to your broker the stock(s) and the number of shares you would like to give.
If you have a self-service brokerage firm, other than Charles Schwab, locate the form (listed below) used for transferring stock, often titled “Transfer Out” or similar. Call / email your brokerage firm’s customer service to confirm the transfer requirements and submit the form.
- Fidelity Investments
- Charles Schwab
- ETrade / Morgan Stanley
Please find the ISB brokerage account information below. The stock transfer will need to be initiated from your brokerage firm. Your brokerage may need the following information to initiate the transfer:
ISB Brokerage: Charles Schwab
DTC # 0164
ISB Account # 3185-2100
Account Holder Name: The Islamic Society of Baltimore MD Inc.
Address: 6631 Johnnycake Rd, Windsor Mill, MD 21244
Step 2:
Let us know to look out for your donation!
Please email ISB Accounts & Billing with your information, including the stocks being donated and the brokerage the transfer will be coming from. Please use the Contact Us form and select “Accounts & Billing”