GIVING TO PROJECT OCEANOLOGY THROUGH STOCKS, MUTUAL FUNDS, IRA ROLLOVER

Stocks/Mutual Funds

 

Gifts of appreciated stock to a charity can be an important gifting option to consider, especially if you are concerned about the mounting capital gains tax that will be due if you sell it on your own. You can make a positive impact with a gift of stock to Project Oceanology at any time during the year. Our brokerage firm, Merrill Lynch, can assist you with the transfer and gifting of any appreciated securities, including stocks, bonds, and mutual funds. Most common is a wire transfer of stock or mutual fund shares from your brokerage to DTC # 8862 for Project Oceanology's Account # 880-04091 at Merrill Lynch. Please have the transferring firm mention the name of the donor in the comment field on the transfer instructions.

 

CONTACTS AT MERRILL LYNCH

Cathy Alfiero: 860-447-7403, cathy_alfiero@ml.com

Karli Nielsen: 860-447-7410, karli.nielsen@ml.com

James Noonan: 860-447-7423, james_noonan@ml.com 
 

For more information on gifts of securities, call us at (860) 445-9007, x 302. Before you make such a gift, please inform us of the stock or mutual fund's name so we can acknowledge your gift as soon as possible.

 

 

IRA Charitable Rollover

 

If you are age 70 1/2 or older, you can direct a charitable gift of up to $100,000 from your IRA annually and have it count toward your required minimum distribution (RMD), thus reducing your taxable income. An IRA rollover gift does not count towards the 50% annual limitation on charitable gifts and it may prevent you from being bumped into a higher federal and/or state income tax bracket or falling into the Alternative Minimum Tax (AMT). This gift, directed by you from your IRA administrator to Project Oceanology, will not be reported on your income and therefore is not an itemized deduction. This IRA charitable rollover is especially attractive if you do not itemize charitable deductions or have high income.

To make this type of gift, instruct your IRA administrator to issue a check to the Interdistrict Committee for Project Oceanology and have them either send you the check or send the check directly to Project Oceanology at 1084 Shennecossett Road, Groton, CT 06340. You do not want the check made payable to you or it will qualify as personal income and you will have to pay the taxes. 

 

You need to explicitly tell your IRA administrator to include your name with the check so that we know who has directed that gift from their IRA to us. If you do not expressly tell them to do that most will not. If no name is included on the check we do not know who should be credited with your gift. If we are aware of the IRA gift you will be sent an acknowledgement thanking you for directing that gift to us.

 

Gift from a 529 Plan

 

The 529 plans do not allow you to make a gift directly from the plan to a non-profit such as Project Oceanology. However, if your child received a scholarship award or certain tax-free amounts to attend college, or attends a military academy, you can withdraw from the 529 and pay the applicable federal and state income tax on earnings without being subject to the additional 10% federal tax on earnings. Once you have the 529 funds in hand, you can make a tax-deductible gift directly to Project Oceanology. This rule applies nationwide, but please check your state’s 529 College Savings Plan agreements and disclosure statements and consult your tax advisor before making a charitable giving decision. 

Donors should consult their tax advisors concerning the treatment of these and other specialized gift techniques as they may vary depending upon individual circumstances.

 

Questions? Contact our Accounts Manager at (860) 445-9007, ext. 302.

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1084 Shennecossett Road, Groton, Connecticut, 06340 | 860-445-9007 |projecto@oceanology.org

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