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TRANSFERRING STOCK TO JEWISH FEDERATION

If you are interested in transferring stock to Jewish Federation to pay your Community Campaign pledge, please follow these steps:

1. Please have your broker DTC transfer the stock to our account at Charles Schwab, account number 4751-9896, DTC 0164, FBO Jewish Federation of Greater Kansas City. A DTC transfer electronically accomplishes the transfer of stock ownership, similar to a wire transfer of funds with a bank.

2. You or your broker must notify Federation when the transfer is ordered, so that we can monitor the transfer. We need the name of the stock, number of shares transferred, the donor’s name, and any special instructions for applying the gift, for example to a husband and wife, or if the gift covers multiple pledges. This applies to any transfer, including if Federation has an account at your brokerage firm. It is the policy of Federation to sell all stock gifts immediately upon receipt, however, if we do not know the gift is coming, we cannot issue the order to sell the stock, and the amount credited to your account may not reflect the value at the time of transfer.  

3. Your pledge account will be credited with the net proceeds of the sale of the stock when those proceeds are received. The net proceeds means net of sales commissions. You are entitled to use the average value of the stock on the date of transfer as your donation value for tax deduction purposes, but we credit your pledge account for the net cash received after sales commissions. This policy has been approved by the Operations & Finance Committee of Federation's Board. Federation, like most other non-profits, feels that the stock donor should cover the cost of stock gifts, not other campaign donors.  

4. You will receive a written acknowledgement letter soon after the proceeds are received. Stock gifts are not included in Federation's year-end tax receipts for cash/credit card gifts, which is mailed in January, because the gift is considered a non-cash gift, and tax receipt requirements for non-cash gifts are different than requirements for cash/credit card gifts.  

If you have questions on this process, or on the benefits of using stock to pay your Community Campaign pledge, please contact Mary Stratman, Chief Financial Officer, at marys@jewishkc.org or 913-981-8801.

Thank you for your continued support of Jewish Federation.