Tax Benefits of a Current Gift
Virgil Fassio worked in the newspaper business for three decades. During that time, he accumulated stock in his paper's parent company; stock which had appreciated quite a bit over the years.
Virgil: I had made some smaller stock gifts to SU over the years because my accountant had advised me that I could avoid capital gains tax on that stock and also receive a charitable deduction.
An SU Regent since 1981, Virgil joined the Sullivan Scholarship Committee this year to help raise funds for the Sullivan Leadership Endowment.
Virgil: Father Sullivan has meant so much to this university, and honoring him through this scholarship endowment will preserve his legacy at SU. I felt it was the right time to make a larger gift to this campaign, and giving stock made the most sense to me.
Virgil has transferred 500 shares of his appreciated stock as a lead gift to the Sullivan Leadership Endowment. Not only will his gift benefit SU students for many years to come, it will also provide him with a sizeable tax deduction. He also avoids any capital gains tax he would have paid if he had sold the same stock.
For more information on how to make a stock gift, please contact Seattle University Planned Giving Office at phone number 206-296-6974 or email the office at email@example.com.