Gifts of stock can be one of your most strategic ways to make contributions to FMI. You receive the benefit of an ease in your potential tax burden due to the value of appreciated stock, and the ministry of empowering indigenous church planters receives a significant boost.
Your tax deduction for a donation of property to FMI is equal to the fair market value of the donated property. In the case which your donated property is “gain” property (such as appreciated stock which you have held for more than one year), you do not have to recognize the gain on the donated property. In fact, tax rules essentially allow you to receive two distinct tax benefits when donating shares of stock to FMI – a charitable deduction plus avoidance of tax on the appreciation in value of the stock. For more information about current pertinent tax guidelines, consult your accountant or broker.
If shares which are being donated are held at a securities firm or other brokerage account, please instruct the institution where the shares are held to transfer your gift to the Forgotten Missionaries International [FMI] account at: Vanguard, DTC number 0062, account number 60599129. Please instruct your broker to enter your name and other information that will help us identify the gift as yours (e.g., your account number, phone number, address, or broker information), into the Text Comment field of the DTC screen if the transfer is completed electronically.
In order for FMI to honor your intentions with this gift, please advise our office by email if there is a single specific designation or multiple/split designations you intend for your gift; otherwise FMI considers undesignated gifts to be used As Needed. After the transfer is complete, FMI will liquidate the stock so that we may promptly provide you with a tax-deductible receipt for the stocks’ current value.
Your institution may require a written letter of authorization; if so, please see the sample letter below. If the certificates or shares are in your physical possession, please send us the letter of authorization.
SAMPLE LETTER:
To whom it may concern,
I am making a donation of the following securities to FMI. Please transfer the stock to account number 60599129 at Vanguard. List here the quantity of shares and specify the name of company whose stock is being donated. Thank you for your attention to this matter. Please contact me with any questions or problems.
Sincerely,
Your Name
Contact information