White Plains Hospital gratefully accepts gifts of appreciated securities. Although helping the Hospital maintain its high standards of service to the community is likely a donor's primary concern, gifts of appreciated securities offer donors some added tax-related benefits:
- Your charitable tax deduction is based on the appreciated value of your stock as long as you have held the stock for at least 12 months and a day. In addition,
- You pay no capital gains tax on gifts of stock to WPH.
- A gift of closely-held stock will give you the same advantages.
As an example, let's assume you've decided to contribute $500 to the Hospital. You are not certain whether to make a straight cash gift, transfer securities or sell the securities and donate the proceeds. You are considering 10 shares of Anonymous Corporation which you purchased five years ago at $5/share. The mean value (average of high and low on date of effective transfer) is $10/share. The following table highlights the benefits of gifting the shares directly to the Hospital.
| |
Cash Gift |
Sell Shares and Donate Proceeds |
Transfer Shares Directly |
| Capital Gains Taxes Paid |
- |
$ 180 2 |
- |
| Proceeds of Sale |
$ 500 |
$ 320 3 |
$ 500 |
| Actual Cost of Gift |
$ 500 |
$ 500 |
$ 320 1 |
| Charitable Deduction |
$ 500 |
$ 320 |
$ 500 |
1 $500 (Gift to Hospital) - $180 (Capital Gains Taxes Avoided) = $320
2 $450 * .20 (capital gains tax rate) = $180
3 Does not include commissions to be paid by donor
As with virtually any type of gift to the Hospital, you can direct your stock contributions to the purpose you designate. If you want to contribute securities directly to the Hospital, please follow the securities transfer procedures noted below.
Securities Transfer Procedure
WPH Account #: 800-03094-1-2-042
DTC Number: 0418
Tax ID Number: 13-1740130
Firm: Salomon Smith Barney
Stock Broker: Ed Thomasco
Telephone: 800-321-1024
In order to properly process your gift, please also send a letter to White Plains Hospital indicating the following:
1. Your name and address
2. Number of shares donated
3. Date of donation
4. Purpose (unrestricted gift or specific program)
5. Name of securities
To: Tricia Laine, Director of Development and Major Gifts
White Plains Hospital
41 East Post Road
White Plains, NY 10601
Telephone 914-681-2264
To donate stock certificates:
If the physical stock certificate is in individual or joint name, please sign the reverse of the certificate or include a signed stock power. As per IRS regulations, please include a letter stating your intentions to donate the stock to White Plains Hospital.