Stock and IRA Gifts

IRA Giving

Donors 70.5 or older with a traditional IRA are eligible to make a gift to the the OLIVE FREE LIBRARY directly from their IRA. These gifts are tax-free, regardless of whether or not you itemize deductions on your tax return, and can help you avoid tax penalties by fulfilling your Required Minimum Distribution (RMD).

For up-to-date information and guidance on IRA giving, please explore the below resources from the Internal Revenue Service (IRS):

– IRA FAQs
– Reminder to IRA owners age 70½ or over: Qualified charitable distributions are great options for making tax-free gifts to charity

Stocks

Many donors prefer to make gifts of appreciated stocks, bonds, mutual funds, or exchange traded funds because it can have a large impact on the OLIVE FREE LIBRARY’S mission while also maximizing potential tax benefits for the donor by avoiding capital gains tax.

To make a stock gift to the OLIVE FREE LIBRARY, you will need to provide your brokerage or mutual fund company with the following information:

• Your name and account number
• The name and number of shares you want to transfer
• The name and address of the recipient (Olive Free Library 4033 Rt 28A, West Shokan, NY 12494)
• The brokerage firm – the library’s holdings are with Fidelity Investments
• Our contact department at Fidelity is Investment Solutions Team at 800-544-5315
• Our DTC number is 0226
• Our account number is Z40047122
• Our tax-exempt ID number is 23-7209065
• Please Note: A “gifting letter” should be sent to the Library for all gifts of stock. This letter establishes the charitable nature of the transfer for the donor’s tax records and provides the Library with a record for the gift’s purchase, as well as alerting us of the stock transfer. The “gifting letter” should be sent to plannedgiving@olivefreelibrary.org and need only state:

I/we hereby give (number) shares of (name) stock to Olive Free Library for (purpose/fund).

For more information, please email plannedgiving@olivefreelibrary.org or call 845-657-2482.