Stocks / Bonds

A Great Way to Give!

Gifting stocks and bonds to Converge may provide you with substantial tax benefits. For stocks, click on the “Assets” icon below in order to determine the estimated value and tax savings you may experience.

If the estimated value of your stock gift is $2,000 or less, you may complete your entire gifting process online. However if the estimated value of your stock gift exceeds $2,000, please contact Steve Schultz in our Arlington Heights office; Steve and our Converge accounting team will be glad to process your gift of stocks or bonds to Converge.

Timing Your Gift

The Internal Revenue Services recognizes the “date of gift” as the date a person(s) “relinquishes control” of securities.

Relinquish Control

To “relinquish control” includes any one of the following:

  1. DTC transfer of the securities from a brokerage account to Converge (see below). DTC is an electronic delivery system available to nearly all securities brokers.
  2. Mailing both a stock certificate and a properly executed stock power in separate envelopes to Charles Schwab. The signature(s) on the stock power must be medallion guaranteed, which can be done at most banks. It is recommended to sign a stock power, rather than signing the actually stock certificate. Sign and send the completed stock power in a separate envelope from the stock certificate adds a level of security to a gift. If a stock power form is needed, please contact Steve Schultz at the Converge office.

The date of gift is the earliest postmark on either of the two envelopes. Also, a Letter of Authorization should be sent to Charles Schwab, stating name and number of shares being gifted to Converge. This letter of authorization should also be medallion guaranteed by any and all persons whose name(s) appear on the stock certificate. Include Converge's Securities Account No. #4702-1705 in this letter. The Letter of Authorization can either be sent with the stock certificate or stock power to:

Charles Schwab
PO Box 52114
Phoenix, AZ 85072
1-888-294-7281 ext. 30174

When Control Is Not Relinquished

The IRS does not define “relinquish control” to mean the following:

  1. A letter to a broker authorizing the gift to Converge. The transfer must actually take place (via DTC or mail) before control is relinquished.
  2. Mailing an original stock certificate without a properly executed stock power.

DTC Transfer Instructions

The donor must request the broker, in writing, for transfer of the securities to Converge. The broker may require this letter to be notarized or medallion guaranteed. Transfer instructions to be included in this letter are as follows:

Charles Schwab
Phone No. 1-888-294-7281 ext. 30174

DTC 0164
Converge Worldwide
Securities Account #4702-1705

The broker should be aware of the exact date for the transfer to occur, since the value on that date is used by the IRS and Converge as the gift date.

Notifying Converge

It is also extremely important to notify Steve Schultz at Converge of your gift.

Please call 847.879.3256 before the transaction occurs. DO NOT ask the broker to issue physical certificates as this results in a significant delay in the date of the gift.

Also, the donor should send a letter to Converge giving stock information (name, number of shares), and designation information. Converge needs to have this information in written form in each donor's file. If both husband and wife are transferring shares, they should both sign this letter. The letter need not be notarized.  This letter can be mailed to:

attn: Accounting Dept (Steve Schultz)
2002 Arlington Heights Rd
Arlington Heights, IL 60005 

Need Help?

Call Steve Schultz at 1-800-323-4215 (ext. 3256) or email Steve now.

IMPORTANT! After exploring stock, real estate or business interests options within the "Assets" button, please contact Steve Schultz or Lisa Johnson prior to completing your gift online, in order to assure maximum net proceeds given to Converge.

    Point - September 2018

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