MORE INFORMATION ABOUT STOCKS

Generally speaking, when you make a non-cash donation to a non-profit organization, you are able to itemize your non-cash donation on your tax return at its Fair Market Value on the day you made the donation. But here we have to pause and emphasize that QALC is not in the business of offering tax advice. That’s not part of our ministry. For truly reliable tax advice on non-cash donations you should always consult with your own, personal tax advisor.

Stock is the easiest kind of non-cash donation for the church to accept because it can be easily liquidated. The church maintains a brokerage account with Edward Jones which allows us to accept gifts of stock via electronic transfer. It is a simple process that has been repeated many times now, by several individuals.

What does the church do with the stock after it is received? The answer is simple. We have a standing order with the broker to immediately sell the stock. Not only do we not pretend to offer tax advice, we do not pretend to know what the stock market is going to do. The smartest thing that the church can do is to immediately sell the stock.

Where does the money from the sale of the stock go? Well, just like your Sunday offering envelopes, the proceeds from the sale of your gift of stock will flow into the General Fund. As we all know, it’s our regular Sunday offerings, all flowing into the General Fund together, that pay the staff salaries, the water bill, and all of the other bills that keep the church alive and well. But, if you would prefer that some or all of the proceeds from your gift of stock to be distributed as a benevolence, we are happy to accommodate.

For more information on how to make a gift of stock or other non-cash donation, please contact Myra Dittes, the QALC Treasurer.