Why Make A Gift of Stock?
Gifts of securities remain a popular option for many of our donors who wish to make a generous gift to Blue Hill Memorial Hospital, while reducing their tax liability. Gifts of appreciated stock can yield tax benefits because they are deductible from your income tax at their fair market value. This kind of gift avoids capital gains tax that would otherwise result from selling the stock and then using the cash to make your gift to the hospital. Gifts of appreciated assets are deductible in amounts up to 30% of adjusted gross income, and any excess deductions may be carried over for use in the future.
How Do I Make A Gift of Stock?
The majority of stock gifts are made through a simple electronic transfer. A Wells Fargo Advisors office, located in Bangor, Maine, processes gifts of stock on behalf of Blue Hill Memorial Hospital. Donors will need the following information when making a gift of stock
- Receiving Firm Name: First Clearing, LLC
- Account Title: Healthcare Charities
- DTC Number: 0141
- Account Number: 2562-3880
You or your designee should note that the sale of the stock is for the benefit of Blue Hill Memorial Hospital at the time that the gift is made. If someone is making the transfer on your behalf, please make sure that they convey the names of the donors. Unless we are told otherwise, we will assume that the gift is an unrestricted gift that we can use to help our patients where it is needed most.
Please let us know when you or your designee are making a gift of stock to benefit Blue Hill Memorial Hospital. We want to make sure that we are able to thank our donors promptly for the generous gifts that benefit our patients.
How Is A Value Placed on Gifts of Stock?
Healthcare Charities processes gifts (including gifts of stock) on behalf of Blue Hill Memorial Hospital. Gift value is determined by the mean value (average of the high and low price) of the stock on the day the stock is transferred into Healthcare Charities' possession. Typically, the transfer refers to the stock being transferred from the donor’s brokerage account to Charities brokerage account.
Gifts of stock are acknowledged just like gifts made with a check or a credit card. You will receive an acknowledgement letter from Blue Hill Memorial Hospital shortly after your gift is processed. While Healthcare Charities processes our gifts, Blue Hill Memorial Hospital benefits from the gift in its entirety.
Who Can I Talk To About A Gift of Stock?
Blue Hill Memorial Hospital:
Christopher J. Haley, Director of Philanthropy
(207) 374-3411
cjhaley@bhmh.org
Wells Fargo Advisors (Bangor, Maine)
Marie Lander, (207) 947-5456, marie.lander@wfadvisors.com or
Lori Argent, (207) 947-5456, lori.argent@wellsfargoadvisors.com
EMHS Foundation (Bangor, Maine)
Katherine Norwood, Chief Operating Officer
(207) 973-5052
kanorwood@emhs.org