Donation of Securities to LYTE INC

Overview

Gifts of securities are an intelligent way to support the LYTE. In many cases, a donor can deduct the full fair market value of the stock at the time of transfer. For highly-appreciated stock, a donor can avoid tax on the capital gains and also make a generous gift to the LYTE. Donors should consult their tax professional for more information about the tax benefits of a gift of securities.

To ensure proper recognition and application of the gift, LYTE encourages donors to notify us of the transfer of securities and which LYTE program(s) the donor wishes to benefit from the gift. The following is information about the transfer of securities:

  1. Transfer to Brokerage Account - Stock may be transferred directly to the Leading Youth Through Empowerment’ brokerage account via Depository Trust Company (DTC). The Leading Youth Through Empowerment Inc has a brokerage account with TD Ameritrade. TD Ameritrade’s DTC transfer number is 0188. Instructions should be given to place the securities in the Leading Youth Through Empowerment Inc’s account #495773534. Questions to facilitate the transfer of stock can be directed to TD Ameritrade transfer representative. The phone number is 888-723-8504.
  2. Delivery of Stock Certificates - While not the preferred method, if you feel more comfortable sending stock certificates in the name of the LYTE in the mail, no stock power is required. If a stock certificate is held in the name of the donor, please contact the LYTE or the brokers listed above to comply with the securities laws regarding signatures and authorization to transfer the stock.
  3. Gifts of Mutual Fund Shares - If giving mutual fund shares, you should work with your broker and LYTE to have shares reregistered in the Leading Youth Through Empowerment’s name through the mutual funds.

If you have any questions or concerns about a gift of securities, please contact Sean Boyd, Director of Development, Sean.boyd@LYTESCHOLARS.ORG , 302-383-4665.

PLEASE NOTE: It is the policy of the LYTE to convert all gifts of securities to cash as soon as the organization is aware of a receipt of a gift of securities.

Neighborhood Assistance Act (NAA) Program

LYTE is an approved Neighborhood Assistance Act program. The Neighborhood Assistance Act (NAA) encourages organizations and individuals who pay State of Delaware income taxes to invest in programs serving low- and moderate-income families. In exchange for a qualified contribution, the NAA provides state tax credits equal to 50% of the investment.

Create a lasting legacy for you and your family and impact Delaware students for years to come

  • Minimum investment amounts are $10,000 for businesses and $2,500 for individuals
  • Participating taxpayers are eligible for a tax credit of up to 50% of the value of their contribution. The maximum contribution is $100,000, and up to $200,000 by any taxpayer

Sponsor a student or donate $2,500 or more anytime and especially during Do More 24 (see above) and we will help process your tax credit application immediately.

  1. Make a donation of $2,500 or more to LYTE.
    • Send a check and we will deposit it ASAP.
    • If you pay by check, you will have to send a copy of the canceled check.
    • Donate stock- See our stock donation page. We can gather the donation information
    • Donate via card on our secure donation page.
    • Sign up to be a sponsor and pay by check, card, or through a stock donation.
  2. Complete the top half of the NAA Tax Credit Application.
  3. Complete the DE Division form 2001AC-0809

Documentation of the donation/contribution which can include the following:

  • Copies of cancelled checks (front and back showing bank processing)
  • ATM receipts with proof of tax payer, amount, and date
  • Credit card receipts/statements with proof of tax payer, amount, and date and payee (non-profit
  • Paypal deposit with proof of tax payer, amount, and date
  • Stock statements showing transfer out of donor account and to non-profit account & stock price at time of transfer with calculation of total donation;

Send required forms and documentation via mail to:

Hardcopies:

LYTE
1313 North Market Street
Suite 110 A
Wilmington, DE 19801

or

Electronic copies as attatchments:
sean.boyd@lytescholars.org

Creating a Lasting Legacy

A planned gift allows you to create a legacy for Delaware students for years to come. By making a planned gift, you maximize tax benefits for you and your loved ones and leave a lasting impact.

  • Add LYTE to your will or trust
  • Name LYTE as a beneficiary to your:
    • Life insurance policy
    • Retirement Plan
    • Deferred Gift Annuity
    • Charitable Lead Trust

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