We’ve partnered with Overflow.co to provide you a quick and easy way to donate stock. Donating stock is one of the most tax-efficient ways to give, making sure that more of your gift goes directly toward EOI’s work building a more just economy. Overflow makes it easy to donate online in less than 5 minutes, and you don’t have to go through your broker.
Why give stock?
- Giving stock doesn’t impact your day-to-day budget because it does not come out of your cash flow.
- Most wealth is not held in cash, so by giving stock you can increase your giving potential and your impact on the progressive movement.
- Your values may have shifted over time, and you no longer want to own holdings in certain companies that don’t align with your values.
- Giving stock that you’ve owned for more than a year saves federal income and capital gains taxes, thus directing more of your gift to EOI.
Frequently Asked Questions
Who is Overflow?
Overflow is a digital solution for donating non-cash assets, enabling donors to give in the most tax-efficient way. Donors can experience the ease of giving via stock or crypto in less than 5 minutes from their mobile device. Overflow also provides givers access to a private Donor Portal which enables visibility into gift history, transaction statuses, and the ability to update connected financial accounts.
Is giving through Overflow safe and secure?
Overflow’s Information Security Program follows the criteria set forth by the SOC 2 Framework, a widely respected information security auditing procedure. Overflow does not have access to nor stores any brokerage account usernames or passwords. They use Yodlee, a third-party provider, that handles the brokerage login process. Over 600 companies including PayPal, Mint, and Amazon use Yodlee to connect their clients’ accounts.
What is the tax benefit of donating appreciated stock?
Donating appreciated stock that you’ve held for over a year can allow you to save up to 20% in capital gains taxes and up to 37% in federal income taxes on the charitable donation value of your gift based on your tax bracket when itemizing deductions.
To understand the full tax benefits of giving appreciated stock, including potential state tax savings, please consult with your tax professional for information about your personal tax implications.
What specific stock could I donate?
You can give any publicly traded stock through Overflow. By donating assets that have appreciated in value for more than one year, you are more likely to get the highest tax benefits.
Can I give through my 401K or IRA?
Overflow can process all whole shares of publicly traded stock, including 401Ks and IRAs. However, because donors often incur penalties for withdrawing these assets before a certain date, we highly recommend consulting your tax professional before donating these types of assets. Donating 401Ks or IRA could result in major tax penalties or even fewer tax benefits than donating cash.
Can I give stock a different way?
Certainly! You can give stock by contacting your broker and providing them the following information:
Recipient name: Economic Opportunity Institute
Receiving account #: 4335-8627
Firm name: Seattle First Asset Management, LLC
Brokerage firm DTC #: 0075
Have more questions? Reach out to Melanie Mazza, Development Director at email@example.com or (206) 529-6350.
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