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Mailing address United Way of Merrimack County FAX: (603) 228-0395 Email: lizh@unitedwymc.org |
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| Endowment
In 1997, United Way of Merrimack County, in partnership with New Hampshire Charitable Foundation, established a permanent endowment to benefit the greater Concord area. The hope is that this endowment will eventually cover United Way’s administrative costs to enable more donor dollars to go directly to agency programs. For more information on United Way of Merrimack County’s endowment, contact Liz Hager at lizh@unitedwymc.org or Giving Securities to United Way There has been remarkable growth in the value of stocks and other investments over the past decade and donors are taking time to review their investments, especially when they are considering charitable gifts.American taxpayers have long enjoyed the opportunity to make charitable gifts of securities and other investments that have increased in value, thus bypassing capital gains taxes that would be due on the sale. The federal tax laws provide that one can give an appreciated asset and take an immediate income tax deduction for the current fair market value of the asset no matter what was originally paid for it. In essence, donors are allowed to use “paper profits” to help reduce federal taxes.A growing number of United Way donors are making gifts of securities and other investments. This type of gift has a major impact on United Way and our community. The donor benefits from reduced income taxes and avoided capital gains taxes and our community benefits by increased support. Deduct the Market Value of Stock Federal tax law permits taxpayers who itemize to deduct the current market value of contributed stock from their adjusted gross income. The taxpayer must have held the stock for more than one year.For example, Jim and Sally purchased stock more than l8 months ago for $400 and it is now worth $2000.By giving this stock away, Jim and Sally may qualify for a $2000 deduction even though their original cost was $400. Save on Capital Gains Tax Many people benefited from the gain in the stock market over the past few years. However, the gain in market value brings a capital gains tax liability when the stock is soldIn the case of Jim and Sally, assuming their stock experienced a $1600 gain ($2000 market value less $400 original cost = $1600 gain), they would need to pay a $320 capital gain tax ($1600 gain X 20% = $320) were the stock sold.However, by giving the stock to United Way, Jim and Sally would eliminate the need to pay the capital gains tax. Reduce the Cost of Your Gift By obtaining the double savings from income tax deduction and elimination of capital gains tax, Jim and Sally actually cut their “cost” of making a gift. Assume they are in the 31% tax bracket, their gift of cash or stock would result in a $2000 charitable deduction or a $620 “out of pocket” tax saving. But the gift of stock would also generate a $320 capital gains tax savings resulting in a lower “cost” of the gift.If you decide to make a gift through stock this year, you can make the transfer in one of two manners:Transfer to United Way Account If you have an account at a brokerage firm, simply transfer the appropriate amount of stock to the United Way account at UBS PaineWebber. Instruct your firm to transfer the stock to: UBS Please have your broker notify PaineWebber at Send Shares Directly to United Way To send shares directly, please fill out a stock power and mail directly to United Way of Merrimack County. Additionally, send the actual stock certificate(s) that you wish to donate, in a separate envelope, to United Way. Once United Way has received your stock and stock power, we will confirm your gift by letter. If you have any questions regarding transferring stock please contact: Cindy Read View the United Way of Merrimack County 2006 IRS 990
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 The Rumford Society Countess Rumford: $7,500 and Above |
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