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Gifts of Stocks and Securities
The Secure and Cares Acts Provide a Number of New Charitable Giving
Incentives for Donors
Do you have stocks that have appreciated? Please consider a stock donation to Bay Path University. For more information on transferring appreciated stock, please contact Kathy Cotnoir (kcotnoir@baypath.edu or 413.847.1330) or John S. Ramsburgh (jramsburgh@baypath.edu or 413.565.1019).
The SECURE Act changes the Required Minimum Distribution (RMD) from 70 ½ to 72 years of age. However, with some exceptions, the CARES ACT temporarily suspends distributions from retirement accounts regardless of age for the 2020 tax year. A charitable donation through an IRA Qualified Charitable Deduction (QCD) continues to be a tax-efficient way for donors of 70 ½ or older to give.
Non-itemizers are eligible for a new charitable deduction up to $300 for cash gifts per tax filing through the CARES Act.
Typically, individuals can take a charitable deduction of up to 60% of their adjusted gross income for cash gifts to charities. In 2020, the CARES Act allows individuals to deduct cash gifts up to 100% of their 2020 adjusted gross income, reducing some taxpayer’s taxable income to zero.
Donors should contact their tax advisors to determine if these opportunities are right for them.
To make a gift with stock, you may transfer the shares directly to Bay Path. If you are using appreciated stocks to fund your gift, you will receive a tax deduction for the gift amount and you will save on capital gains tax.
Simply provide your broker with detailed instructions of the gift that you would like to make to Bay Path. Please include the name of the stock and the number of shares to be transferred from your account to Bay Path’s account at:
Charles Schwab
Clearing # 0164
Code 40
Bay Path account: 1884-8491
Please contact Kathy Cotnoir (kcotnoir@baypath.edu or 413.847.1330) or John S. Ramsburgh (jramsburgh@baypath.edu or 413.565.1019) to let us know the name of the stock and the number of shares that you will be transferring to the Bay Path account at Charles Schwab. This information will help us provide you with proper gift acknowledgment on a timely basis.
The value of your stock gift is the mean of the high and the low of the day it is received in Bay Path’s account.