It has been 12 years since I’ve invested in a single stock. The Great Recession of 2008-09 cured me of this. Ever since, my investments have been in mutual funds which greatly reduces risk. I’ve donated stock before (2009 in fact), but I never thought about if you could donate shares of a mutual fund. How would that work?
After visiting with Diane Weller of the Dakotas-Minnesota Methodist Foundation, I found out that it’s about the same as donating stock. There is one important difference which relates to what is called the BIN number. Not sure what a BIN number is, but it’s important in completing the donation. In the video, I share the details…including how to account for the gift.
Useful Links
- Dakotas UMF Stock Gift Instructions: https://www.dakotasumc.org/media/files/FOUNDATION/StockTransferForm_2021.pdf
- Minnesota UMF Stock Gift Instructions: https://www.mnumf.org/files/mnumf/mn_stock_transfer_forms_21.pdf
- Forbes Article on Stock Giving: https://www.forbes.com/sites/brucebrumberg/2020/12/01/stock-donations-7-essentials-to-maximize-your-charitable-giving–tax-deduction/?sh=656d669b53c0
JCT Accounting Co 