FAQ for Stock Transfer Process
1. How do I determine the value of my transferred stock for tax deduction purposes?
Your tax deduction is determined by taking the average of the high and low price per share of the stock (your broker can provide you with this information) on the day it is transferred out of your account multiplied by the number of shares you donated. Your professional advisor should be able to provide you this information. Bethel Woods will provide a letter noting the number of shares of each stock we received to serve as record for tax purposes of the donation. You should consult your financial advisor advice on your specific situation.
2. How long does it take for my account to show the deposit of my transferred stock for my donor advised fund, campaign pledge credit, or supporting family foundation?
Stock received is sold immediately with an open sell order we have with our brokers. Once sold, a check is issued to the Bethel Woods and then deposited into your account or as payment against a pledge you have made. The entire process can take up to 21 business days.
3. Which broker / account should I transfer my stock to?
Firm :DTC# 0188 TD Ameritrade Account# 866404192 Account Holder: Bethel Woods Center for the Arts, Inc.
4. Can Bethel Woods hold onto stock I transfer or must it be sold immediately?
Bethel Woods does not hold onto stock donated for speculative purposes. All donated stock is sold immediately upon receipt.
5. How will I know the stock has been transferred? You can confirm with your professional advisor that the stock was transferred to Bethel Woods. A letter confirming the receipt of your stock will be sent to you by the Bethel Woods.
6. How will I know the stock has been sold?
All stock received into our accounts is sold immediately upon receipt. If stock is transferred at the close of business or after-market trading, it will be sold at the soonest moment thereafter.
7. Who do I contact if I have questions regarding a stock transfer?
Please email [email protected] or to our stock hotline at 845-295-2403.
8. What information does the Bethel Woods need from me about the stock transfer, and how do I communicate that to the Bethel Woods?
Bethel Woods has multiple ways for you to communicate important information about your stock transfer. Bethel Woods needs to know:
- who is transferring the stock
- how many shares and symbol of each stock is being donated
- when it is being transferred
- from which brokerage house and account
- and to whom you would want credited for the donation
You can relay this information via email to [email protected], or to our stock hotline at 845-295-2403.
9. Why should I use stock to fund my donor advised fund, supporting family foundation, or pay a campaign pledge as opposed to a check?
Donating appreciated stock may be more tax advantageous for you as you avoid any capital gains tax you would normally pay upon the sale of a stock. Please consult your professional advisor for information on your specific situation.
10. If I make a stock transfer before December 31, but it does not post in my account until after January 1, do I get to deduct the stock donation for the prior tax year?
Your tax deduction is determined by the day the stock is transferred to Bethel Woodsâ€™ account. If you transfer stock on December 31, but Bethel Woods does not sell it or post it to your account until after January 1, you still receive the tax deduction for the year ending December 31.
Please CLICK HERE to complete our secure stock gift form.
Donations help to support our mission to be a world-class cultural center committed to inspire, educate and empower individuals through the arts and humanities.