When you choose to make a gift to a charitable organization, you may be considering what assets are best to give. Below is a list of various assets that the Bridge accepts as a donation.
You can deduct the full value of your cash gift up to 50% of your adjusted gross income on your federal income tax return. If you make a contribution of more than 50% of your adjusted gross income in one year, the excess can be carried over and deducted for up to five years following the year of your gift.
It is advantageous to make a gift of appreciated publicly-held securities, such as stocks and bonds, because you can avoid the capital gains tax that would otherwise be imposed if you sold the securities. Generally you can deduct the fair market value of your securities up to 30 percent of your adjusted gross income, with a five year carry-over. However, you should contact your personal tax advisor to discuss the implications before you make gifts of publicly-held securities.
Gifts of stock or securities may be made through your broker. When you transfer ownership of long-term holdings to The Bridge Family Center, you receive a charitable deduction for their full market value and you incur no capital gains tax on the stock's appreciation (subject to IRS deduction limits).
Because electronic transfers are made without identifying the donor, please alert us in advance about the stock and number of shares you plan to give. You can do so by contacting Martha Rennie, Director of Development, at 860.521.8035 ext. 1105.
According to IRS regulations, the date of your gift corresponds to the date it arrives in our possession (for transfers from brokerage account to brokerage account). Following is the information necessary to transfer stock to our account:
Our Account Name: The Bridge Family Center
Our Tax ID Number: 23-7013563
Our Account Number: PG3007737
Broker DTC Number: 0443
Investment Advisor: Pershing, LLC, 1 Pershing Plaza, Jersey City, NJ 07399
The Bridge or our endowment fund can be named as a beneficiary of your life insurance policy. However, if you wish to make a gift of the life insurance policy itself, please contact Martha Rennie at 860.521.8035, ext. 1105 to discuss the gift.
The Bridge can be named as the beneficiary of all or a portion of your retirement plans. Distributions from some retirement accounts to individuals may be subject to both income and estate tax. The distribution to the Bridge will not incur income tax as the Bridge is a 501(c)(3) charity, making it more advantageous to direct your retirement plan assets to the Bridge.
You may be able to make a gift of closely-held stock, partnership interests or limited liability company interests. Please contact us to discuss the gift.
You may be able to make a gift of real property. Please contact us to discuss the gift.
As in the case of any charitable gifts, before you make a gift you should consult with your tax advisor and/or attorney to determine any income tax and estate tax consequences associated with the gift.
Please contact Martha Rennie, Director of Development, at 860.521.8035, ext. 1105 with any questions you may have.