Current Gifts

As is the case with many families, there are times each year when Jim and Sharon focus their attention on gift giving. For years, they have created a gift list that includes family members, friends and loved ones. Last year Jim and Sharon decided they also wanted to give to some of their favorite charities. After reviewing their options, they decided to start a donor-advised fund at Akron Community Foundation but weren't sure what assets would make the most sense to use to establish their fund.

Sharon: Years ago, I inherited stock from my grandmother. We held the stock for several years, but decided to sell a portion of it this year. The stock had gone way up in value, and our CPA informed us that we had a capital gain of nearly $120,000. We had always planned on making a charitable gift, and the CPA reminded us that if we were to make a gift of this stock before the end of the calendar year, we would receive a charitable deduction on the gifted shares. This deduction will help offset the capital gains tax on the stock we sold.

Jim: We contacted our financial advisor to discuss the best way to make a gift. He noted some of the most common gifts — a gift by check or by transfer of bonds or real estate — however, he also mentioned that it might be especially beneficial for us to think about giving some of our remaining appreciated stock.

Sharon: We were still holding $80,000 in the same highly appreciated stock and did not intend to sell, primarily because of the substantial capital gains tax we already faced. To sell any more would only increase our tax. The gift planner recommended that we consider an end-of-year gift that would help lower our taxes. He called this a Gift and Sale plan. It meant that part of our stock would be sold and the proceeds would come to us, and part would be used to establish our donor-advised fund.

Jim: Starting our fund with the $80,000 in stock, we received two benefits: First, we avoided a large capital gains tax on that stock, and then we received a charitable deduction. The deduction even offset the capital gains for our prior stock sale of $120,000. We are very pleased with the double benefits of our gift. And, we're delighted that we've been able to start our own named fund, which we can use to make grants to our favorite causes whenever we want.

Is this gift option right for you? Call your advisor or contact us.

*Please note: The name and image above is representative of a typical fundholder and may or may not be an actual donor to our organization. Since your benefits may be different, you may want to click here to view an example of your benefits.