Contributing stock from your Vanguard account to Daffy is a straightforward process. Here are the steps you need to follow:
1. First, create a Daffy stock contribution intent. You can do this by going to the Daffy app or website and selecting “Stock” in the “Add Funds” section. Answer the prompts to let us know your stock is coming.
2. Log into your Vanguard account and click on "Forms".
3. Click on "Add or remove owners, inherit accounts, gift shares".
4. Click "Gift assets to individual/organization".
5. Click "Other financial institutions" and fill in the DTC: 0158.
6. Select the number of holdings.
7. Select Yes for "Would you like to reveal your identity to the charity?" (We need your name to attribute this transfer to your Daffy fund.)
8. Fill in receiving brokerage firm's information. The type is "Brokerage firm", the name of the receiving brokerage firm is "Apex Clearing", the name of the individual trust or organization is "Daffy Charitable Fund", and the account number is 9SC05050.
Please note that it is important to record the cost basis of an asset you are donating before transferring the asset to charity as most brokerages do not keep a record of the cost basis once the asset has left your account. You may need this information to fill out tax forms at the end of the year. Daffy does not have access to cost basis information for contributions so we will not be able to provide this information at a future date.
Daffy is a great option for a Donor-Advised Fund (DAF). As a Daffy member, you can make irrevocable contributions of nearly all publicly traded stock. All stock is liquidated when we receive it and the balance is added to your Daffy account as soon as it is available. This makes managing your charitable giving simple and efficient.
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.