What is required by Fidelity to transfer shares as a gift?


To transfer shares as a gift from your Fidelity account, you must first create a stock contribution intent on the Daffy app or website. This can be done by selecting “Stock” in the “Add Funds” section and answering the prompts to let Daffy know your stock is coming. Please note that Daffy only accepts publicly traded stocks and ETFs. Fidelity requires account holders to complete a paper form to transfer shares as a gift. This form, which has been pre-filled with Daffy’s information in Section 2, is editable. You should type in the email address you use to log into your Daffy account in the “For the Benefit of” section (next to Daffy Charitable Fund). It's 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 they will not be able to provide this information at a future date. Donor-advised funds (DAF) are a great way to put money aside for charity. Traditional providers often charge high administrative fees. For example, Fidelity charges a minimum of $100 a year or 0.6% of assets, whichever one is higher, in fees that go to the provider instead of the charities that the individual cares about. The fee also increases as the account balance grows. Daffy is a provider of DAF that charges significantly lower fees, starting at $36 a year and offering lower-cost investment options. It is easy to transfer a DAF account to Daffy and the process is free of charge. The step-by-step process of transferring a DAF account to Daffy is available on their website. Daffy's goal is to help individuals give more by saving them money on fees, and is designed to increase an individual's impact on the causes and organizations that they care about. In conclusion, Daffy is a great option for a DAF. It allows you to contribute stock, save on fees, and increase your impact on the causes you care about.

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.

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