Gifts of Stocks/Securities
If you own non-cash property such as stocks and mutual funds that have grown in value and have been held more than one year, you can enjoy greater tax savings by donating the security to the Diocese of Palm Beach for use wherever the diocese deems the need is greatest or for use by a specific Parish or Ministry within the diocese, than by donating the equivalent cash amount. By giving a gift of appreciated securities, you can avoid paying capital gains on the stock or security, receive a charitable gift deduction on your tax return and the diocese, parish or diocesan Ministry receives the full value of your security.
For regularly traded stock on a stock exchange, the charitable deduction is determined by using the average between the high and the low prices on the date of the gift. For over-the-counter stock, the average between the closing bid and asked prices on the date of the gift is used.
There are three commonly used methods to deliver securities to the Diocese of Palm Beach or any of its entities. Any of these methods will obtain the appropriate tax benefits of your gift. To expedite the process we highly recommend delivering stock through a broker.
Deliver stock through a broker
Please instruct your broker to transfer the stock to our account; do not instruct your broker to sell the stock, either in your name or in our name. You or your broker should contact the Office of Development at 561-775-9590 for further instructions.
Your charitable gift deduction is calculated on the date the security is transferred into the Diocese of Palm Beach’s brokerage account.
Stock Transfer Forms
Sample Stock Transfer Letters
Deliver stock by hand
You can either endorse the back of the stock certificate(s) in our presence or sign a separate stock assignment form, often called a stock power. If you cannot or do not wish to deliver the stock to us at our offices, we may be able to arrange a meeting with you at your home.
The value of your charitable deduction is calculated on the date of physical delivery to us.
Deliver stock by mail
You may mail stock certificates to the Diocese of Palm Beach. Please send the unendorsed stock certificate(s) and the signed Irrevocable Stock or Bond Power(s) in separate envelopes to:
Diocese of Palm Beach
P.O. Box 109650
Palm Beach Gardens, FL 33410-9650
- It is highly recommended that securities be sent by registered or certified mail, return receipt requested, the Irrevocable Stock or Bond Power(s) may be sent by first class mail.
- Please enclose a brief cover letter including your name, address, telephone number and a description of the security and any designated purpose for which the gift is being made.
- A separate Irrevocable Stock or Bond Power is necessary for each certificate of stock.
- Please be sure to sign the Irrevocable Stock or Bond Power(s) and the cover letter exactly as the name reads on the stock certificate.
- Do not fill in our name on the Irrevocable Stock or Bond Power(s)
The value of your charitable gift deduction is calculated on the postmark date.
For further information please call 561-775-9590 and speak with David Walsh, Associate Director of Development, in the Office of Development at the Diocese of Palm Beach.