Lyric Arts gratefully accepts gifts of stock—and you can receive significant tax benefits when you give long-term appreciated stock.
Under current tax laws, you can take a tax deduction for the full fair market value of the stock up to 30% of your adjusted gross income in the year the gift was made, with a five-year carryover for any “excess.” In addition to a charitable gift tax deduction, a gift of stock may also offer the extra benefit of avoiding capital gains tax on the stocks’ unrealized appreciation.
How to donate stock
Contact your broker and determine the stock and the number of shares you would like to contribute. Please contact Managing Director Laura Tahja Johnson (email@example.com or 763-433-2510, ext. 103) with the following information so that we can instruct our broker to accept delivery of your gift and acknowledge it properly for income tax purposes:
- Your name
- Name of stock
- Approximate number of shares
- Approximate value of the gift
- Estimated date of transfer
- Your broker’s name, company and telephone number
Lyric Arts Company of Anoka’s Account Representative is:
Jeff Ziegler, VP Trading
If securities are held with your broker in “street name” form, he or she can transfer your stock with Letter of Authorization (LOA) via DTC directly to:
Delivery to DTC 0750
Lyric Arts account #54268474
Gift values are determined by the mean price on the day it is received by Aegis Investments.
If you have the stock
If you have the physical certificate, Aegis Investments can draft the Letter of Authorization for you and a stock or bond power assignment to safeguard the delivery of your securities to Lyric Arts. For safety reasons, you do not want to endorse the certificate and mail it. When the certificate is endorsed, it is negotiable by whomever has possession. The stock or bond power assignment replaces the signature on the certificate. You should never send the certificate and the power assignment in the same envelope.
Please contact Jeff Zeigler of Aegis Investments (information above) to obtain these forms. As always, we urge you to contact your tax advisor about how these rules apply to you.