Stock & Mutual Funds
What could be better than helping to provide food and resources for those in need, while also making a smart financial decision? By donating appreciated securities (stocks, bonds or mutual funds) that you've owned for more than a year and one month and that has gone up in value you can reap great tax advantages.
If you directly transfer appreciated stock to Food Bank, instead of selling it yourself first, you don't have to pay any capital gains tax. Plus, you may be entitled to a significant tax deduction. Please contact your tax advisor to determine your personal tax benefits.
Food Bank For New York City accepts the following transfer methods for gifts of securities:
To transfer securities to Food Bank, i.e. via Depository Trust Company (DTC), please provide the DTC transfer instructions to your broker. The securities will be transferred directly into our gift account at our broker.
In order to properly credit the gift, it is important that you or your broker notify us of the gift and its intended purpose, and for the broker to reference your name in the DTC transfer instructions.
Mutual Fund Transfer
We recommend that you or your broker contact the mutual fund representative when gifting units of a mutual fund.
The procedure for doing so may vary from one mutual fund to another. In some cases, the units may be transferred directly to our gift account via DTC. In other cases, Food Bank may be required to open an account with the fund and have the gifted units transferred into that account.
Click here for instructions.
For further information, contact Jennifer Joyce, Senior Director, Individual & Major Gifts, at 212.566.7855 ext 2222.