Gifts of Stock
Giving long-term appreciated stock offers you a two-fold tax saving. First, you receive a tax deduction for the full fair market value of the stock on the date of the gift. In addition, you avoid paying any capital gains tax on the increase in value of your stock. A gift of stock is considered complete, and thus deductible, when the stock is electronically transferred to MMA or a physical stock certificate is delivered to the Academy.
The easiest and most expedient way for MMA to receive a gift of stock is electronically. Depository Trust Company, or DTC, is the clearinghouse for our electronic security transfers. In order to complete an electronic gift of stock your broker or trust officer would need the following information:
Account # 11238 – Acadia Trust, N.A.
66 Main Street,
Ellsworth, ME 04605
For further credit to: Maine Maritime Academy A/C #649-45-3146
From Donor: ________________________________________
Please alert the MMA Development Office at 207-326-2223 before the transfer so that we can make arrangements with our bank to receive the stock. The Academy cannot sell an unidentified security. At the same time, please indicate the purpose of the contribution, such as annual gift, a campaign contribution or pledge payment, or funds for a planned gift.
Stock Certificates and Stock Powers
If you send a stock certificate that is in your name, a letter of intent must be included. The Academy does not recommend sending signed certificates. Instead, under separate cover, please send a signed stock power. Stock powers are available from any broker or bank. On the stock power, your signature is the only item that is needed. Your signature must be guaranteed by a bank or broker. If the certificate is in the MMA’s name, no stock power is needed. The process for reregistering stock certificates (transferring the certificate into the Academy’s name) can take from two to four weeks. Stock certificates should be sent to:
Maine Maritime Academy
Castine, ME 04420
If you have questions, please call Leah Bishop at 207-326-2223 or email at email@example.com.