User Support Forum

We had a capital campaign and 3 members donated stock (each over $5000) to our brokerage account. I am getting a lot of different information as to how to provide the individual with a statement.

On June 15 we received 10 shares of say Exxon and the statement from the brokerage firm says that the value was $100.00. We sold that stock 3 days later and received $110.00.

I downloaded a template from YourChurchResources.com and page 2 of the template looks like this...


Gift Receipt for Publicly Traded Securities
Tax Year Ending 12/31/2011

Receipt # 1
Received From:
Date Received:

Securities Received:
Name of Company Number of Shares Per Share Value Total Value

1.

2.

3.

This document is necessary to qualify you for any available federal income tax deduction on your contribution. Please retain it for your records.


One of the individuals is telling me that my statement is incorrect, it should show the high, low, average and close price of the stock. My understanding is that if we received 10 shares at $100 or $10 per share, that is all that I need to show. It is up to their accountant to figure how much is actually deductible for their purposes.

This is really driving me crazy...I had originally (once the stock was sold) put that value under the donors name in the contribution module which I assume is incorrect. Do I take it out completely from that module, allow the statement from the church to show that particular donation and put it back into power church in the Fund Accounting module as a transfer from Broker?

HELP HELP HELP

I spoke to the IRS and they pointed me to Pub 1771 and for written acknowledgement is says to describe the non-cash contribution (not the value) so I took out the value from the receipt.

On the contribution statement I made a contribution for Stock Transfer and gave credit for the value stated on our UBS statement which was the price at close the day it was trensferred.

FWIW ... a search on Stock Donations listed a few threads, but this is the one I've followed:

viewtopic.php?t=2129

I searched before posting but everyone seems to have a different idea.

I settled on writing the acknowledgement letter to state the name of the company and number of shares. For the contribution statement, we created a Stock Transfer contribution and listed the value given on the date of transfer from the UBS statement, which lists the value as of the price at end of day.