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Make your check out to SUNY Maritime Foundation, indicate your desired area of support in the comment line and mail to:
SUNY Maritime Foundation, Inc.
6 Pennyfield Ave
Throggs Neck, NY 10465
As a tax-wise donor you may be considering a gift of highly appreciated stock because of the significant tax benefits. In most cases, when you donate appreciated stock you can deduct the full, fair-market value of the asset donated (not the cost basis) and avoid paying all capital gains tax on the sale. Three things you should consider when donating securities are: how to provide your stock gift, how to determine the date of your gift, and how the value of your gift is established.
If you are interested in making a gift of securities to Maritime College, please contact Senior Director of Development, Jeanne Murphy, at jmurphy@sunymaritime.edu or (347) 842-1691.
How to Provide Your Stock Gift
Depository Trust Company (DTC) - This method is used when shares are held with your broker or in a trust account at a bank. DTC transfers should be coordinated through SUNY Maritime College so there is adequate follow-up and review every step of the way. Generally, the process involves writing a letter of authorization to your broker or bank outlining your intent so that your investment representative knows what stock, and how many shares of it, you are interested in donating.
Mail - If you are the owner of a stock certificate you wish to donate and have the stock certificate in your possession, you may donate it by mail. To donate the stock certificate to Maritime you must mail, in separate envelopes, the actual certificate (unsigned) and a completed Irrevocable Stock/Bond Power form with a medallion guarantee seal. The Irrevocable Stock/Bond Power form may be printed here or you may obtain one from your broker. The medallion guarantee can be obtained from your bank or broker. Send each document in a separate envelope by certified mail to:
SUNY Maritime Foundation, Inc.
6 Pennyfield Avenue
Throggs Neck, NY 10465
We will notify you immediately upon the receipt of your certificate.
Hand Delivery - If you are the owner of a stock certificate you wish to donate and have the stock certificate in your possession, you may deliver the certificate to Maritime College in person. We are located in the administration wing of Fort Schuyler. Bring with you the actual certificate (unsigned) and a completed Irrevocable Stock/Bond Power form with a medallion guarantee seal. The Stock/Bond Power form may be printed here or you may obtain one from your broker. The medallion guarantee can be obtained from your bank or broker.
Registration through Transfer Agent - You may also donate a stock certificate by re-registering the certificate in the name of SUNY Maritime Foundation, Inc. This process is simple but usually takes longer. Please notify Director of Annual Giving & Alumni Relations, Lexy Rivera, at arivera@sunymaritime.edu or (718) 409-4001. We will need to provide you with a tax identification number and obtain some information from you so we are able to match the certificate with the correct donor when it arrives. The certificate should be re-registered as follows:
SUNY Maritime Foundation, Inc.
6 Pennyfield Avenue
Throggs Neck, NY 10465
How to Determine the Date of Your Gift
DTC transfer - The date of your gift is determined by the date the securities are deposited into a SUNY Maritime Foundation, Inc. account. Please note that this date MAY NOT coincide with the date you gave instructions to make the gift.
Mail - When you mail the certificate and Irrevocable Stock/Bond Power in separate envelopes, the date of your gift is determined by the postmark on the envelope the Foundation receives last. It is the responsibility of the donor to document the date of the gift for tax purposes. We recommend that you obtain proof of mailing for your records.
Hand Delivery - The date of your gift is the date both the certificate and the Irrevocable Stock/Bond Power are received by the College or Foundation staff.
How to Establish the Value of Your Gift
For publicly traded securities, your gift value is determined by the average of the high and low market prices on the date of your gift.
More Helpful References
IRS Publication 526 - Charitable Contributions
IRS Publication 561 - Determining the Value of Donated Property
Both publications may be obtained by calling the IRS at 1-800-829-1040 or through the IRS Web site.
Be sure to consult your legal or tax counsel on the deductibility of all charitable contributions.
A gift of personal property includes equipment, inventory, books, works of art, or other tangible property. Gifts of personal property are accepted by Maritime College. Gifts-in-kind will be used to benefit the unit, college, or department of Maritime as designated by the donor.
Acceptance of the gift is based on whether the College can use the gift in furtherance of its mission. Consideration will be given to the cost of accepting and maintaining the gift as well as costs associated with potential re-sale of the gift.
Depending upon the donor's tax circumstances, a charitable deduction may be claimed if the gift is accepted for the College's exempt purposes. If a donor is going to claim a deduction of more than $5,000, IRS Form 8283 is required.
If you are interested in pursuing this type of gift further, please contact Senior Director of Development, Jeanne Murphy, at jmurphy@sunymaritime.edu or (347) 842-1691.
You should always consult your legal or tax counsel on the deductibility of your charitable contributions.
For wire instructions, please contact Lexy Rivera, Director of Annual Giving & Alumni Relations, at 718-409-4001 or arivera@sunymaritime.edu.
For many individuals aged 73 or older, an IRA Charitable Rollover is a tax-wise way to support Fort Schuyler’s students. For those 73 and older who are required to make annual minimum withdrawals from an IRA account, these otherwise taxable distributions can satisfy your annual Required Minimum Distribution and thus reduce your taxable income.
The process is simple. In lieu of receiving a Required Minimum Distribution, you direct your financial administrator to make a “Charitable Minimum Distribution” to SUNY Maritime Foundation – You can give any amount up to $105,000 per year from your IRA directly to a qualified charity such as ours without having to pay income taxes on the money.
To Qualify
- You must be 73 or older at the time of the gift.
- The transfer must be made directly to SUNY Maritime Foundation by your IRA administrator from a traditional IRA account. If the distribution is sent to you it will be taxable income.
- Gifts must be outright, and may not be directed to life income planned gift vehicles.
- Gifts from 401k, 403b, SEP, and other plans do not qualify.
The Benefits
- Tax-free gift transfers can total up to $105,000 annually.
- The gift can be applied to your annual Required Minimum Distribution (RMD) for the year in which it is made.
- The gift is made using “pre-tax dollars” – the transfers are excluded from your gross income for federal income tax purposes.
- Example:
Mike is 71 and wants to make a leadership gift to the 50th Class Reunion Scholarship Fund at Fort Schuyler. He wants to make a contribution of $20,000.- He contacts the administrator of his IRA and authorizes a charitable gift distribution paid directly to “SUNY Maritime Foundation”, and the remaining RMD to himself.
- The IRA charitable transfer is excluded from his federal gross income. Avoiding this income may have kept him from moving into a higher tax bracket.
- The gift is not deductible since it wasn’t income, but he still qualifies for tax savings with the new, higher standard deduction.
- His gift is used to directly impact the education of today’s Maritime College students, and places him in the ‘President’s Circle’ level of the “Admiral’s Council.”
To initiate the transfer, contact your IRA administrator.