A gift of appreciated securities that you have held for more than one year is frequently the most economical way to give. You will be eligible to take a federal income tax deduction equal to the fair market value of the stock on the date of the gift for up to 30 percent of your adjusted gross income and will not have to recognize the appreciation as capital gain. See below for information about how to give securities or mutual fund shares to The Indian Cultural Center:
Securities Held by Your Bank or Broker
Please notify your bank or broker that you are making a gift of securities to The Indian Cultural Center and instruct your bank or broker to email Manu Dadhania firstname.lastname@example.org or email@example.com instructions. Please tell your bank or broker not to proceed until speaking with a representative of ICC.
Securities Held by You
Please send unendorsed certificates by mail, along with a letter giving your name, address, and the purpose of your gift to:
"ITACC" C/O Manu Dadhania, 820 Route 73 South, NJ 08053
In a separate envelope, please mail to the same address a stock power for each certificate, along with a copy of your letter. Do not complete any information on the stock power other than your signature and the date. If the certificate represents a greater number of shares than you intend to give to The Indian Cultural Center, please enclose a note requesting the return of a new stock certificate with the non-gift balance.
Your bank or broker can supply you with blank stock powers, or we will be happy to send them to you. For most expedient handling, do not fill in The Indian Cultural Center's name as transferee on either the stock certificate or the stock power, and please do not send stock certificates to a transfer agent for transfer into The Indian Cultural Center's name.
Mutual Fund Shares
Please contact Manu Dadhania with information about your mutual fund shares. The procedure for transferring shares is established by the mutual fund company, and Manu will be able to assist you with the appropriate letters of instruction.