Giving Through Stock Transfers to Christ United Methodist Church
If you wish to give stock gifts to CUMC by electronic transfer, please follow the procedures outlined below:
1. Contact your financial institution or brokerage firm and inform them that you wish to give a stock gift to your church. They will most likely ask you to submit the request in writing.
2. Click here for an information sheet to provide to your broker, or Direct your broker to transfer the shares of stock to the CUMC Account at Prospera Financial, Account # 3425-2961 DTC #0141. Our broker is Charles Evans, can be reached at 972-897-1313.
3. Contact Brenda Dunai, CUMC Financial Director, with the following information (you may send an email or your broker may send a letter):
It is important to communicate with Brenda because CUMC will receive a record of the stock receipt and sale from Wells Fargo Advisors, but the record will not state your (the donor’s) name. CUMC will need to know that you donated the stock in order to issue a letter for tax purposes.
1. The letter CUMC sends you will be an acknowledgement of the stock gift received (name of stock, shares given, and date) and can be used as documentation for tax purposes. Since stock is a non-cash donation, the IRS does not allow churches to state the amount the stock was worth.
2. The fair market value of the stock shares for your tax purposes should be calculated as the average price between the highest and lowest quoted selling prices on the valuation date – or the date that Wells Fargo Advisors received the stock.
3. Especially at year-end, it is important to know that the arrival of the stock transfer at Wells Fargo Advisors is the event which determines the date of the gift, not the day you contact your broker with instructions to transfer the stock. Please allow ample time for transactions to be completed.
4. For a number of reasons, it is important to consult your tax advisor when making a non-cash gift. These include limits on deductible amounts, your need to record the fair market value of the stock on the day of transfer for tax purposes, and since you may need to fill out IRS Form 8283 if the gift is valued at more than $500.
If you have any further questions, please call CUMC Financial Director Brenda Dunai at 972-596-4303 x 285.