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Personal Property & Stock

Gifts of personal property may include any form of tangible property including art, books, jewelry, coins, antiques, and other valuable objects.

Generally, if the property is used directly by the Columbus Jewish Foundation for its charitable purposes, the full fair market value of the property is deductible. Gifts of property that are unrelated to the Foundation’s tax-exempt purposes may qualify for a limited charitable tax deduction. In any event, gifts of property are not subject to a tax on the unrealized capital gain and may be used to fund a Charitable Remainder Trust.

Gifts of closely held stock can be particularly advantageous for those who own stock in closely held corporations.

A transfer of closely held stock to the Columbus Jewish Foundation generates an income-tax charitable deduction for the appraised fair market value of that stock. The corporation may thereafter purchase and redeem the stock from the Foundation, thereby converting the stock into cash for the Foundation’s charitable purposes.

When the corporation purchases and retires the donated stock, the cash used is usually not taxable to the donor as a dividend or other income. Charitable Remainder Trusts may be funded with closely held stock, providing lifetime income to the donor from what was previously an unproductive asset.

The procedure for transferring gifts of stock from your brokerage account to the Columbus Jewish Foundation is simple. Just complete the appropriate form and send to your broker. Upon receipt, your broker should immediately call the Foundation’s CFO, Tamra Fitzpatrick, at 338-2365 for further instructions….do not personally authorize your broker to sell the stock or you will be subject to capital gains.  Upon notification, Ms. Fitzpatrick will handle all sales so that your gift will be properly credited and acknowledged.

FORMS:

Use this form if the Foundation has an account at your stock broker’s office:

 stock-transfer-same-broker (pdf 55kb)

Use this form if the Foundation does not have an account at your stock broker’s office.

stock-transfer-different-broker (pdf 155kb)