Gifts
of Stock and Securities
Why
Do People Donate Stock and Other Marketable Securities?
When
you donate stock or other securities to Friends of Great Smoky Mountains
National Park, you can take an income tax charitable deduction for
the entire current value of the stock on the date it is donated
(if you itemize). You can deduct the full current value of the stock
that you donate, not the amount you originally paid for it. As an
added bonus, when you donate appreciated securities, you will not
have to pay any capital gains tax on those assets (if they have
been held for more than one year). In effect, you can make a larger
gift at a lower cost. For these reasons, a gift of appreciated securities
may be one of the best ways for you to support Friends of Great
Smoky Mountains National Park.
How
Do You Make a Gift of Securities to Friends of the Smokies?
There
are several possible ways of making a gift of securities to Friends
of Great Smoky Mountains National Park, depending upon whether the
securities are registered in your brokerage account, in your own
name, or in a bank custodian account. The procedures for executing
each of these transactions are outlined below. We have also provided
a sample letter of instruction that may
be used to assist in the transfer of securities to Friends of Great
Smoky Mountains National Park.
For
securities held in a brokerage account: Securities held by a broker
may be delivered by wire through the Depository Trust Company (DTC)
to our brokerage account. This electronic transfer is the most popular
and most efficient way to donate securities to Friends of Great
Smoky Mountains National Park.
To
arrange this transaction, provide your broker with written authorization
of your intention to make a gift of securities to Friends of Great
Smoky Mountains National Park. Be sure to tell them the name of
the stock that you want to transfer and the number of shares. (Please
see the sample letter of instruction.) Also, inform your broker
of the following information about where to send the donated securities:
Brokerage:
Morgan Keegan, Inc.
Attention: Mark Hahn
550 Main Avenue, Suite 825
Knoxville TN 37902
DTC #: 780
Account Name: Friends of Great Smoky Mountains National Park
Account #: 121103341
Tax ID #: 62-1564782
See
Sample Letter of Instruction »
For
securities registered in your name: These securities may be delivered
in person or by registered mail (or equivalent) to the office of
our broker at Morgan Keegan, Inc. As a precaution, if the securities
are sent by mail, do not sign the back of the actual certificates!
Once the certificate is endorsed, it is legal tender and can be
used by anyone. Instead, please sign a stock
power form and mail it separately from the securities. Our broker's
address is as follows:
Morgan
Keegan, Inc.
Attn: Mark Hahn
550 Main Avenue, Suite 825
Knoxville TN 37902
Phone (865) 521-6653 or (800) 598-5880
Fax (865) 523-4065
See
Stock Power »
For
securities held in a bank custodian account: Many banks have a gift
account procedure whereby securities may be removed from your custodian
account and placed in a gift account until instructions have been
received from the charity. If you wish to make a gift of securities
from your bank account, please notify your bank and also inform
us of the name of the bank and the contact person.
For
ALL transactions: Regardless of the method that you choose to deliver
a gift of securities, please notify Friends of Great Smoky Mountains
National Park of your intention to donate securities prior to the
transaction, so that we may alert our broker and ensure that your
generosity is acknowledged accurately and promptly. For auditing
and acknowledgement purposes, please include your name and complete
address and the name and number of shares of the stock that you
are donating. We have provided a sample letter of instruction *
to help you create the necessary documentation.
See
Sample Letter of Instruction »
For
More Information
If
you have any questions, or if you need any additional information,
please contact George Ivey, Director of Development, Friends of
Great Smoky Mountains National Park, (828) 452-0720. Each inquiry
will be handled discreetly and will place you under no obligation.
Also, we recommend that you consult with your tax or financial advisor
to discuss your specific situation.
Thank you for your interest in supporting Friends of the Smokies!
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