Depository Information

Drs. John & Jackie Ruthman

By depositing appreciated stock, the depositor can earn a tax deduction at the full market value of the securities given to the Depository without ever having to pay capital gains on the appreciation in value of the securities. You have, therefore, increased your charitable giving over what would have been available if you had sold the stock yourself and distributed the after-tax proceeds directly to your charities.

Control

Utilization of the Depository not only saves you the capital gains tax, but it allows you to time your deduction so that you gain the maximum write-off immediately while retaining control of when the specific donations are made out of your Depository “bank account.” That is because you can “park” the funds in the Depository for years, if you'd like. Distributions to the charities selected by you do not have to be made in the same year that your tax deduction is earned.

The Depository is an exceptional vehicle for most types of charitable giving – whether that giving is a once per year contribution or many donations to multiple charities throughout the year or over several years.

While distributions from the Depository are appropriate for most types of charitable giving, Depository distributions may not be used to pay for charitable promotions or events that include the exchange of goods or services (such as raffle tickets, charity golf events or benefit banquets) and may not be used to satisfy pledges made prior to your deposit of securities or funds.

You will no longer have to worry about retaining the letters of confirmation from the charities to which you direct distribution by the Depository. All you will need is the one letter from the Depository confirming your deposits. You and your tax preparer will love it.

Each quarter you will receive a “bank statement” from the Depository that tells you the deposits you made during the quarter, your specific gifts for the quarter from your Depository account, the current balance in the account, and a list of the donations you have made year-to-date.

By utilizing the services of the Depository you are supporting the Community Foundation of Central Illinois. You will pay no fees for the Depository’s services. The Depository invests its funds very conservatively, and the interest income earned is then used to pay the expenses of the program and to assist in supporting the operations of the Community Foundation of Central Illinois.

Opening a Depository account is easier than opening a bank account. It can be done in a matter of minutes in person or over the phone. Just follow these simple steps:

• Complete the Depository donor enrollment form
• Work with the stock broker of your choice to facilitate your gift of stock or mutual fund to the Depository
• To make a stock donation in certificate form, please follow these steps:

1. To donate stock certificates, you must visit the Commerce Brokerage Services office at 416 Main Street in downtown Peoria. For more information, please call Commerce at (309) 999-3363.
2. Notify them that you wish to make a donation of stock for deposit into your Depository account.
3. Bring along your stock certificate(s) and photo ID for verification purposes.
4. Notify us of your gift of stock or mutual fund to the Depository.

For further information about the Depository, please contact the Community Foundation of Central Illinois office by calling (309) 674-8730, or email us at depository@communityfoundationci.org.

Click Here to Download the Depository Enrollment Form