HomeContibution of Stock or Mutual Fund Shares
If the Shares are held in a Brokerage Account
This is the preferred method for making a stock contribution to Good Shepherd. Have your broker transfer stock to our account with Scottrade, Inc as follows:
- Account: Good Shepherd Lutheran Church #356-37126
- DTC#: 0705
- Broker: Scottrade; 277 Kentlands Blvd, Gaithersburg, MD 20878-5446
Please inform Vicki Schmidt, Good Shepherd’s Business Manager, of your transaction in writing. Please also note which offering fund you would like your stock contribution to be applied to.
Once the shares of stock are transferred into our account, we will sell them at market value.
Stock contributions are recorded as a non-cash or gift-in-kind contribution. This means the net proceeds that the church receives from the sale of the stock will not appear as an offering on the contributor’s monthly statement. Instead, Good Shepherd will provide a Receipt of Stock Contribution which acknowledges receipt of the shares of stock, the date of the stock gift, and the number and name of the shares that are given. For tax reporting purposes, the value of the shares is the value as of the date you transferred the shares to Good Shepherd, not the actual proceeds Good Shepherd receives when the shares are sold. It is your responsibility to track this information.
Giving a Physical Stock Certificate
If you plan to give a physical certificate of stock to Good Shepherd, please do not sign over the certificate to the church. You and any other individuals named on the certificate must endorse the certificate, but do not put the name of Good Shepherd anywhere on the certificate (this makes it very costly to sell). Once the certificate is endorsed, please send it with a cover letter to Scottrade, Inc., containing the names and signatures of all parties shown on the certificate, and direct them to apply the certificate of stock to Good Shepherd’s account. A copy of your letter should also be provided to Vicki Schmidt, Good Shepherd’s Business Manager, for our records.
Donating US Savings Bonds
Good Shepherd is unable to accept US Savings Bonds which are made payable to another individual due to changes in tax and privacy laws and because of the fees associated with cashing the bonds. Our banking institution recommends that individuals who wish to contribute US Savings Bonds must cash them through their own private banking institution and then make a contribution to Good Shepherd in the form of cash or a personal check.
