By donating directly to Mount Vernon any assets that you have owned for more than one year and that have appreciated in value during that time, you can avoid capital gains taxes and receive an income tax deduction based on their value at the time of your contribution. This means that, from a tax standpoint, using such assets to make a charitable gift can be more efficient than using cash.
Knowing the cost basis (how much you paid) for your stock is necessary to determine how much you will save. If your broker is not able to provide you with your cost basis, we may be able to help you obtain this information.
Please note that we credit your donation based on its value on the day we receive it, which may be later than the day you initiate the gift transaction. In addition, the rules for establishing value depend on the type of security being contributed.
In certain cases, Mount Vernon will also accept the donation of nonliquid assets such as real estate, art, jewelry, and valuable collections. We encourage you to discuss such gifts with us and with your tax advisor before proceeding.
Transferring Your Stock to Mount Vernon Is Easy
You will need this information to transfer securities electronically to our broker:
DTC Number: 0418
Broker: Smith Barney Consulting Group
Account Name: Mount Vernon Ladies’ Association
Stock Donation Account
Account Number: 179-07812-13-402
Contact: Amy Dalton
Smith Barney Consulting Group
1050 Connecticut Ave., NW, Ste. 800
Washington, DC 20036
202-861-5171 or 800-522-3546, ext. 5171
Fax: 202-861-5001
amy.s.dalton@smithbarney.com
Please contact Judy Noren in the Development Department to
let us know in advance what securities are being transferred.
You can reach Judy at: (phone) 703-799-8646, (fax) 703-799-8645,
or (email) jnoren@mountvernon.org.
Letting us know in advance allows us to easily match
the donated stock to the correct donor.
Funding an Annuity with Appreciated Stock or Other Assets Reduces Capital Gains
You can reduce your capital gains significantly when making a donation of appreciated property subject to capital gains tax to fund a Mount Vernon charitable gift annuity (CGA).
For example, Joann, age 76, has appreciated stock now worth $100,000 that her father gave her years ago. The cost basis of the stock is very low: a mere $10,000. If Joann sold this asset, her capital gains would be quite large. Even though Joann would eliminate all of her capital gains if she made an outright donation of the stock to Mount Vernon, she does not feel she can afford to make such a large gift.
She would, however, be willing to use the stock to fund a CGA because she would then receive fixed payments for life. If Joann chose this option, she would not eliminate capital gains completely. Still, such gains would be reduced significantly and then spread over a period of many years, thus not having an impact on her taxable income all in the first year.
By setting up a one-life $100,000 CGA with stock that has a cost basis of $10,000, Joann secures for herself payments of $7,200 each year for life. She also receives a tax deduction of approximately $48,600. Moreover, she reduces her capital gains by almost 50%. If she had sold the stock, her total capital gains would have been $90,000 and she would have had to pay tax on this amount all in a single year. With the gift annuity, however, only about $46,200 of capital gains is taxable, and this amount is spread over a period of almost 12 years at about $3,900 per year.
NOTE: This example is based on rates effective in July 2007.
To learn more about this giving option, see our information about Mount Vernon CGAs or contact us for additional details.
Special Considerations
Please contact us about restricting your stock or asset gift to the specific Mount Vernon programs of your choice.
Unrestricted contributions are preferred; however, we also welcome a conversation if funding a specific program is critical to you. We have many projects – both short-term and ongoing – at Mount Vernon for which we seek support. We can tell you about all the available options today – and tomorrow, when posterity will visit and revere George Washington’s home and legacy.
Gifts to Mount Vernon may be made in memory of any deceased person(s) or in honor of any living person(s). If you give us permission to list your planned gift in our annual report, then we will list your name along with your brief gift dedication.
Join Our Legacy Society with Your Testamentary Gift of Securities
If you plan a bequest of stock or other securities to Mount Vernon CGA through your will or element of your estate plan, you become a member of our legacy group: the Ann Pamela Cunningham Society. Ann Pamela Cunningham founded the Mount Vernon Ladies' Association in 1853 and tirelessly gathered support from across America to rescue George Washington's home, sparking the U.S. historic preservation movement.
Our hope is that you will let us know about your planned gift so we can thank and recognize you.
You will receive these privileges of membership in the Ann Pamela Cunningham Society:
· Personalized certificate of appreciation
· Free subscription to Mount Vernon’s Yesterday, Today, Tomorrow newsletter
· Mount Vernon’s annual report
· Updates on Mount Vernon news
· Invitations to events and special evenings
· Recognition of your planned gift in Mount Vernon publications
(unless you prefer to remain anonymous)
Other Types of Planned Gifts that May Interest and Benefit You
If you are considering an outright gift of appreciated stock, be aware that other gift types – such as an outright donation of real estate, a charitable remainder trust, or a retained life estate arrangement involving a personal residence – may be suitable or preferable, taking into account your goals and needs.
Of course, arranging a gift for Mount Vernon through a will or through some other element of an estate plan – e.g., including our organization as a beneficiary of a financial, retirement, or insurance account or asset – is also an act of considerable generosity that many people can afford even if a large lifetime gift is not realistic.
Our development staff can help you plan the right gift in light of your assets, income, and family and other estate or financial obligations. You may be able to be a greater philanthropist than you realize. Would you consider making the gift of a lifetime to Mount Vernon if we can show you how?
We Invite You to Contact Us
In all of our 150 years of existence, the Mount Vernon Ladies’ Association has neither requested nor accepted government funding. We are a 501(c)(3) charity and our programs and endowment depend on your support. Our tax identification number is 54-0564701.
Direct your confidential inquiries and notifications about legacy gifts for the benefit of Mount Vernon to:
Mount Vernon Gift Planning
P.O. Box 110, Mount Vernon, VA 22121
1-800-780-1799 / specialgifts@mountvernon.org
Information also available at mountvernon.org/specialgifts.
This information provided by Mount Vernon is not financial, tax, or legal advice.
You should consult your advisors before making your charitable giving decisions.
Gifts of securities (e.g., stocks, bonds, mutual fund shares, etc.) are simple alternatives that can benefit both you and