Stock

FIT welcomes gifts of stock and securities.

Making a gift of securities offers the following advantages:

• You are entitled to a federal income tax charitable deduction if you file an itemized return. Many state income tax laws also allow for a charitable deduction.
• If the donated items have been held long term (twelve months or longer), you may claim a deduction for their full fair market value.
• When appreciated securities are donated, you avoid paying tax on the capital gain.

Making a gift of stock:

• Broker to Broker Transfer: Please advise us of the transfer by a letter of intent or memo that includes the donor's name, brokerage firm, stock name, number of shares, transfer date, and purpose of gift so that the donor can be assured of receiving credit for the gift.

Mail to:
Fashion Institute of Technology Foundation
227 West 27th Street
Room C907
New York, NY 10001-5992

• Ownership can be transferred electronically to:

JPMorgan Chase Bank
DTC Number: 902
Account Name: Private Bank Credit Account
Account Number: P72500
FFC: W57930005
FFC AC Name: FASHION INSTITUTE OF TECHNOLOGY FOUNDATION INC- ENDOWMENT DONATION

 

Tax reporting for your gift of stock:

• For all gifts of stock, you may be asked for EFFI's tax ID #: 13-5675757.

The IRS may require that Form 8283 Section A be submitted with the donor's Federal tax return to report gifts of stock for more than $500. Acknowledgments for gifts of stock include this reminder. Donors should consult their tax advisor to confirm this for their personal situation.