Did you know that by donating appreciated stock instead of cash, more money goes to charity? If you're not sure how to do that, good news! We make it super easy. As a Daffy member, you can contribute nearly any publicly traded stock to your Daffy fund. We'll sell the asset and make the cash available in your Daffy account to donate to nearly any charity. That way, in just a couple of clicks, you can give to the causes you care most about. But if you're not sure which organizations you want to support just yet, you can invest the cash in one of our portfolios to grow tax-free for future donations. Like contributions to any donor-advised fund, contributions to your Daffy fund are for the sole purpose of charitable giving.
So once you contribute, you can take that money out. And for good reason. It benefits you because, one, you can take an immediate tax deduction. Two, rather than feel pressure to donate your money right away, all at once, you'll have time to decide how to distribute the money once you're inspired to give. Three, at the end of the year, you'll receive a single yearly tax receipt.
So how do you do this? It's simple. Just go to your Daffy account and select add funds. Now, when the screen prompts you to make a contribution, you will select stock. Now choose your broker from the list. Next, you will fill out the following information. The name on the account, the symbol for the stock you'd like to contribute, and the quantity of stock you'd like to contribute.
Remember, the minimum stock contribution you can make is $1,000. You can always come back later and contribute more. Next, be sure to review the information you provided from your stock contribution. And if everything is correct, select confirm. Now that you've let us know that your stock is coming, you'll see the following account information so you can initiate the stock transfer directly from your brokerage. If possible, be sure to put your name in the for benefit of or memo field. Next, once we receive your stock, which may take up to seven to 10 days from the time you scheduled the transfer with your brokerage, it is liquidated and added to the balance of your fund. And that's it. So if you're looking to lower your tax bill and maximize your generosity, come join us.
Please note that the information contained on this page is for educational purposes only and should not be considered tax advice. Any calculations are intended to be illustrative and do not reflect all of the potential complexities of individual tax returns. To assess your specific tax situation, please consult with a tax professional.