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Bequests and Gifts

Long Term Appreciated Securities:

Gifts of appreciated securities are deductible at their fair market value if held longer than 12 months and one day.

The fair market value of donated securities can be deducted up to 30% of the donor's adjusted gross income, and any excess can be carried forward up to 5 tax years.

The donor avoids both Federal and State capital gains taxes and brokerage commissions.

Short Term Appreciated Securities:

If appreciated the securities have been held less than 12 months and one day, your charitable deduction is the cost basis.

Gifts of short term assets are deductible up to 50% of the donor's gross income.

Depreciated Securities:

If your securities have depreciated in value and are worth less than you paid for them, it is usually more advantageous for you to sell the securities, claim the loss on your tax return and contribute the cash proceeds.

Fair Market Value:

The fair market value of donated securities is the average of the high and low price of the security on the date of the gift multiplied by the number of shares.

Net Proceeds:

This the amount realized from the sale of the securities less brokerage commissions and any administrative fees. This is the amount which will be received by St. Irene Parish. The amount could be greater than or less than the fair market value.

Date of the Gift:

For certificates mailed to the Archdiocese the date of the gift is the date of the later of the postmarks on the certificate(s) and the stock power(s).

For certificates mailed to the transfer agent the date of the gift is the date on the new certificate issued in the name of the Roman Catholic Archbishop of Boston.

For securities transferred from your broker to Alex Brown & Sons, the date is the date the securities are received by Alex Brown & Sons, Inc.

Designation of Shares to be Gifted:

If you purchased a security on different dates and you are gifting less than all of the shares you own, it is important that your instructions to your broker be specific as to which shares you are gifting.

To minimize capital gains taxes on the shares remaining after your gift, you should designate the shares with the lowest cost basis to be gifted.

Restricted Securities:

If your certificates have restricted legends on them, you will probably require a legal opinion from the issuers legal counsel in order to transfer the shares. Contact the treasurer’s office of the issuer to determine what is required.

SEC Reporting:

If you are an officer of the entity issuing the security or own more than 5% of the outstanding shares of the issuer you are required to report the transfer on form 4 by the tenth day of the month following the transfer.

If You Have the Certificates:

(A) The number of shares is greater than the number you wish to gift:

1. Make a copy of the certificate(s) for your files.

2. Prepare a letter to the transfer agent directing them to transfer xxx shares to:

Roman Catholic Archbishop of Boston, Corporation Sole ID 04-2106175
Attn: Office of Development
2121 Commonwealth Avenue
Brighton, MA 02135 USA

If the certificate is for more than the shares you wish to gift, instruct the transfer agent to issue the remaining shares in your name.

Instruct the transfer agent to return all certificates to you.

3. Have the letter of instructions with your signature guaranteed by your bank or broker.

4. Send the certificate(s) and letter of transfer instructions by certified mail to the transfer agent.
Do not sign the certificate
.

5. When you receive the certificate back, make a copy of the certificate for your files and send the certificate to the Development Office with a letter of transmittal stating that the gift is for St. Irene Parish. Your letter should mention the name of the security, certificate number, and number of shares.

6. Send a copy of the transmittal letter to St. Irene Parish.

(B) If your certificates are for the number of shares you wish to gift:

1. Make a copy of the certificate(s) for your files.

2. Sign a blank stock power for each certificate which you may obtain from any bank or broker.

3. Prepare a letter to the Archdiocese of Boston stating that you wish to gift xx shares of xxx security to the Archdiocese for the benefit of St. Irene Parish Building Fund. List the certificate numbers and number of shares.

4. Send the letter with the certificates by certified mail to:

Ms. Elena Dumanis
Office of Development
The Archdiocese of Boston
2121 Commonwealth Avenue
Brighton, MA 02135 USA
Telephone: 617-746-5726

5. Send the stock power(s) with a copy of your letter of instructions by regular mail to the same address as in 4. Mail both on the same day which will be the date of your gift.

6. Send a copy of the letter to St. Irene Parish.

If Your Shares are with a Broker, a Bank or Custodian, or a Mutual Fund

1. Do not sell the securities in your own account or you will be liable for capital gains tax.

2. Call your broker, bank, or mutual fund to initiate the transfer. Be specific as to which securities you wish to transfer. Tell him to contact:

John E. Joyce, VP
Alex Brown & Sons, Inc.
101 Federal Street, 15th Floor
Boston, MA 02110 USA
Tel: 617-261-3600
Fax: 617-261-3700

3. You or your broker, bank, or mutual fund should call the Archdiocese Office of Development at 617-746-5726 (fax 617-783-4564) to inform them that the gift of securities has been initiated and that they are for St. Irene Parish.

4. Follow up any oral communications with written communications.

5. Note: If the Archdiocese Office of Development does not receive specific written instructions from you as to the specific purpose of the stock gift (ie St. Irene Parish Building Fund). The stock will be transferred back to your account.


Letter of Instructions to the Transfer Agent
to issue shares in the name of
the Roman Catholic Archbishop of Boston

Your Name
Your Street
Your Town, MA xxxxxx

Month Day, Year

Stock transfer Dept.
Name of Transfer Agent
Address of Transfer Agent
City, State, xxxxx

Gentlemen: By Certified Mail x xxx xxx xxx

Enclosed is certificate(s) xxxxxx for xxx shares of xxxxxx Common Stock. Please transfer xxx share to the tax exempt organization listed blow and issue the remaining xx shares in my name. Please return all certificates to me for forwarding. My daytime telephone is xxx-xxx-xxxx.

Roman Catholic Archbishop of Boston, Corporation Sole ID 04-2106175

Attn: Development Office
2102 Commonwealth Avenue
Brighton, MA 02135 USA

Sincerely,

Your Name

Have bank or broker guarantee signature here.



Transmittal Letter to the Archdiocese of Boston
for Shares Received from Transfer Agent
in the name of the Roman Catholic Archbishop of Boston

Your Name
Your Street
Your Town, MA xxxxx

Month Day, Year

Development Office
Archdiocese of Boston
2102 Commonwealth Avenue
Brighton, MA 02135

Gentlemen:

By Certified Mail x xxx xxx xxx

Enclosed is certificate(s) xxxxx for xxx shares of xxxxxxx Common Stock dated xxxxxxxx. This gift is from ... for the benefit of St. Irene Parish Building Fund.

Sincerely,

Your Name

cc: Fr. Donohoe, St. Irene Parish



Letter of Instructions to your Broker or Mutual Fund

Your Name
Your Street
Your Town, MA xxxxx

Month Day, Year

Your Broker’s Name
The Firm Name
Street Address, Floor
City, State ZIP
By Facsimile and fax #

Dear M Broker,

Please arrange for a gift of xxx shares of (name of security) purchased on month xx, Year from my account #xxxxxxx as a gift from xxxxxxx to the Roman Catholic Archbishop of Boston for the St. Irene Parish Building Fund.

The shares should be transferred to:

c/o Alex Brown & Sons, Inc., DTC #573
101 Federal St., 15th Floor, Boston, MA 02110 USA
Attn: John E. Joyce, VP,
Telephone: 617-261-3600
fax 617-261-3700

FAO The Roman Catholic Archbishop of Boston, Account #210-24734-1-6

Please call or notify the following when the transfer has been initiated or if there are any problems with the transfer:

Ms. Elena Dumanis
Office of Development
The Archdiocese of Boston
2121 Commonwealth Ave.
Brighton, MA 02135
Telephone 617-746-5726
fax 617-783-4564

Thank you.

Sincerely,

Your Name

cc: Ms. Elena Dumanis, The Archdiocese of Boston
Fr. Thomas P. Donohoe, St. Irene Parish


 

Letter of Advice of Transfer to the Office of Development

Your Name
Your Street
Your Town, MA xxxxxx

Month Day, Year

Ms. Elena Dumanis
Office of Development
The Archdiocese of Boston
2121 Commonwealth Avenue
Brighton, MA 02135 USA
By facsimile 617-783-6366

Attached is a copy of the instructions to my broker for a gift of securities for the St. Irene Parish Building Fund.

My broker’s telephone number is xxx-xxx-xxxx and his fax is xxx-xxx-xxxx.

Sincerely,

Your Name