It is important that you contact us so that we can assist you with transfer instructions. If you own securities in a brokerage account, we can help you set up an electronic transfer of the shares to our brokerage account. If you possess actual stock certificates, we can tell you how to sign the certificates over to us and fill out a stock power form.
Assuming you are giving long-term (owned for 12 months or more) appreciated securities, you will receive a charitable income tax deduction equal to the fair market value of the shares. For common stock this is typically the mean value on the date that we take control of the shares you give. You will pay no capital gains tax. Gifts of stocks are deductible up to 30% of your adjusted gross income the year you make your gift. Any excess amount can be rolled over into the next tax year, for up to five additional tax years if needed.
It is generally our policy to liquidate any donated stock shares immediately after receiving them, so that we can use the cash proceeds for the purpose you designate.
In many cases yes, and considerable tax benefits can result. However, giving closely held stock is more complicated than giving publicly traded securities and may be subject to certain transfer restrictions. We stand ready to assist you with your gift intention. One prerequisite to our acceptance of a gift of closely held stock is that the business or the shares have had a recent qualified appraisal. Please contact us so that we can walk you through the process.
School Ministries of Birmingham is qualified as a charitable organization by the IRS Code section 501(c)(3) and is an Alabama nonprofit corporation. All donations are tax deductible to the full extent allowed by Federal and State law.
A long time ago, children got into trouble for chewing gum or skipping down the hallway—but not now. Today it is much more serious -- drugs, murder, sexual assault and other serious violent felonies. Today children are reaching out—no, screaming out for help. Released Time education pays off in that students have more self respect, better behavior at school and at home, and improved academic performance.
~David Beasley, Former Governor of South Carolina