The ability to give stock to Atonement may be a good way to maximize your giving and your tax benefits. This was not possible in the past as Atonement had no way to receive the stock. Now however, the WELS Foundation will accept a stock transfer on Atonement’s behalf. They will immediately sell the stock and remit the proceeds to Atonement.
Please don’t accept this as the only source of tax advice, but generally, the following requirements should be met to maximize your benefits:
- The stock should be held for over a year (long term)
- The stock should have appreciated since its purchase
- You will itemize your deductions on your taxes
If you meet these requirements, then the following benefits should apply:
- You will not pay capital gains tax on the appreciation
- You can deduct the full fair market value of the stock when donated
- Atonement will receive the full value of the stock when sold (minus fees)
You are welcome to donate stock even if the above does not apply to you, but note that if the stock is down from the purchase price, the advantage is to sell the stock yourself and donate the proceeds. This allows you to deduct the donation and take a capital loss on your taxes.
If interested, please see below for instructions on transferring stock to the WELS Foundation and having its proceeds remitted to Atonement. It is a great way to support your church and its ministries, whether giving to the general fund or fulfilling your building fund pledge.
The WELS Foundation is happy to accept stock transfers in support of Atonement’s ministry. Judy Ceman is our contact at the WELS Foundation and she has provided the following information needed to transfer securities.
It is suggested that you send her an email first to make sure she is still the proper contact for such a transaction. After confirmation, simply use step 1 information to transfer your securities to the WELS Foundation and step 2 to direct the WELS foundation to remit the sales of the transferred securities to Atonement.
Note that the WELS Foundation will sell the transferred securities as soon as possible. You and Atonement should both receive a letter when the gift is remitted, but it is a good idea to let the financial secretary and treasurer know that the gift is coming, especially if giving to other than the general fund. They can be contacted at email@example.com and firstname.lastname@example.org.
WELS Foundation Contact Information:
Judith (Judy) E. Ceman,
Senior Treasury Assistant
Wisconsin Evangelical Lutheran Synod
N16W23377 Stone Ridge Drive,
Waukesha, WI 53188
Step 1. Transfer of securities to the WELS Foundation
Transfer shares to Scottrade
Account Name: WELS Foundation, Inc.
Account # 84344335
DTC# 0705 Foundation
17000F W Bluemound Rd
Brookfield, WI 53005
Step 2. Email the WELS Foundation your securities detail and remittance instructions
Subject: Stock Transfer for Atonement Lutheran Church of Plano TX
I have just initiated a securities transfer in support of Atonement Lutheran Church of Plano, TX.
Phone: (###) ###-####
Number of shares gifted: ####
Name of Shares: SHARE NAME/SYMBOL
Date Gifted: 00/00/0000
Designation of Gift:
Please remit proceeds to
Atonement Ev. Lutheran Church
4412 Legacy Dr.
Plano, TX 75024
Atonement Lutheran Church
Meets Every Sunday
Worship: 8:00 + 10:30 AM
Bible Class + Sunday School: 9:15 AM
All are welcome!
4412 Legacy Drive
Plano, TX 75024
M-F: 9:00 AM - 3:00 PM
Sundays: 8:00 AM - 12:00 PM