Islamic Social Services of Oregon State (ISOS) has opened a brokerage account at Fidelity Investments to manage stock donations. Stock donations generally have the tax benefit of deduction of full share value without paying the Capital Gain Tax (where applicable).
Please consult your tax advisor for your individual situation first.
How to donate stocks to ISOS:
- If you have a company administered stock account where your stock options/RSUs are deposited, you need to transfer the shares into your own personal brokerage account. If you do not have a personal account, you can easily open one at the brokerage of your choice (e.g.: Fidelity Investments, TD Ameritrade, Scottrade, etc.)
- Check with your brokerage institution on the letter/forms you need to fill to authorize transfer of shares to ISOS. Each brokerage firm may have slightly different procedures.
- Typically the following ISOS specific information will be required by your brokerage firm:
|Institution: ||Fidelity Investments|
|Account Name: || Islamic Social Services of Oregon State|
|Account #: ||Z50-883352|
|DTC #: ||0226|
- Once you fax/email the letter/form to your brokerage institution authorizing transfer of shares to ISOS, it will take 2 days for the share to be deposited into ISOS account.
- ISOS will sell the shares and issue a donation receipt of the full amount.