A popular benefit of such a gift beyond the charitable income tax deduction is the avoidance, in most cases, of capital gains tax on the appreciation.
You, your broker or bank trust officer should contact the University's Advancement Office to determine the best method for the transfer of your securities to the University.
Instructing the transfer agent to reissue the stock in the University's name often causes delay. This can especially be a problem for year-end gifts, since the delay could result in a different valuation or gift date than intended.
For information about gifts of stock in closely held corporations, also contact the University.
Gifts of property
Many donors contribute real estate such as a residence, vacation home, farm, ranch, commercial property or land to the University.
In addition, certain tangible personal property including artworks, books, equipment, furnishings, automobiles, inventories and other valuables may be appropriate gifts for a particular discipline or a library or museum collection.
These gifts can receive the same tax treatment as gifts of securities: no capital gains tax plus deductibility at fair market value.
Usually, Virginia Wesleyan will accept gifts of real estate if no restrictions are placed on selling the property or if the property can be of direct or indirect use by the University.
Donors can also transfer title of a personal residence or farm to the University and retain the right to live in or use the property for life.
After the death of a surviving spouse, the property comes to the University.
A current gift of a home or farm with retained life possession gives the same tax benefits as a gift by bequest -- plus immediate income tax savings.
Probate costs may be saved as well.
Gifts of property whose value has declined since acquisition should never be transferred directly to the University.
It would be more beneficial to sell the property, take the deductible loss, donate the money, and receive the charitable tax deduction for the amount of the cash gift.
Another charitable property gift mechanism is the bargain sale in which the donor sells property to the University for less than its full fair market value and deducts the difference as a charitable contribution.
Corporate matching gifts
Many corporations encourage employees to participate in philanthropic opportunities by matching, doubling, or even tripling each dollar they contribute to VWU.
Your company's personnel department can provide details and the matching gift form to include with your gift check.