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There are many ways to contribute to United Way of Salt Lake that will build your level of investment and commitment to our community. Please read below for more information on the contribution of securities, including stock.
You can transfer appreciated stock to United Way and make a larger contribution while realizing less out-of-pocket expense, because you avoid paying capital gains tax when the stock is liquidated.
CALCULATE the BENEFITS of your contribution of securities.
Contributing stock makes sense.
Deduction for Charitable Contribution. Federal tax law permits taxpayers who itemize to deduct the current value of charitable contributions, up to 30% annually, from their adjusted gross income. Any excess can be carried forward for a period of five years. For federal income tax purposes, you can deduct the value of the securities on the date of the contribution. The value of the contribution is the mean between the high and low quoted selling price on the date the securities pass from your control.
Save on Capital Gains Tax. If the current, fair market value of your securities is worth more than their original cost, you may avoid paying capital gains tax on the difference.
If you would like to see an illustration of how you can benefit from giving through securities, please visit stock.unitedway.org.
How to Contribute Stock
**Please notify Kevin Grimmett, United Way of Salt Lake Chief Financial Officer, at 801.736.7716 before transferring or sending stock.**
If you hold securities in "street name":
If you do not have physical possession of the stock certificate, please notify your broker to initiate a "broker-to-broker" transfer to United Way of Salt Lake's brokerage account at Wachovia Securities. For additional instructions, please contact Kevin Grimmett, United Way Chief Financial Officer, at 801.736.7716. Please contact your accountant or other tax advisor to determine the exact income tax effect of your contribution of stock to United Way.
If you have physical possession of the actual stock certificate You may deliver the stock certificate together with a signed stock power directly to: United Way of Salt Lake Attention: Kevin Grimmett, Chief Financial Officer 175 S. West Temple, Suite 30 Salt Lake City, UT 84101 Or you may transfer the stock directly through your broker. For additional instructions, please contact Kevin Grimmett, United Way Chief Financial Officer, at 801.736.7716. Please contact your accountant or other tax advisor to determine the exact income tax effect of your contribution of stock to United Way.
Frequently asked questions
What if my stock certificate is for more shares than I want to contribute? Your broker can arrange to divide your shares into stock certificates of varying amounts. For additional information, please contact Kevin Grimmett, United Way Chief Financial Officer, at 801.736.7716.
What is my valuation for tax purposes? The date of the contribution is the day the stock passes to the control of United Way. The value, for income tax purposes, is the mean between the high and low quoted selling price on that day. If you itemize deductions on your federal tax forms, contributions of long-term appreciated securities are generally deductible for the full fair market value when contributed to United Way. However, you may be able to avoid capital gains taxes on these investments whether you itemize or not. Please consult your tax advisor regarding limitations that may affect your situation. An acknowledgement will be sent to you from United Way when we receive your stock, including the valuation of your contribution for tax purposes.
For additional instructions, please contact Kevin Grimmett, United Way Chief Financial Officer, at 801.736.7716.
United Way's Federal Tax Identification Number is 87-0227091.
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