In the November issue of this Newsletter, an article by Arthur Drache noted the value to smaller charities of programs to facilitate gifts of securities and to familiarize such charities with the opportunities that exist for gifts of this nature. The article suggested that such programs did not exist.
At least one organization offers such a program to enable smaller charities and their donors to receive the benefit of gifts of securities, without the need for the charity to establish a brokerage account or address issues surrounding the valuation and sale of the securities. CanadaHelps is a registered Canadian charity that provides, among other things, online fundraising support for registered charities in Canada. Charities can establish accounts with CanadaHelps whereby CanadaHelps receives donations from the public on behalf of the charity – including gifts in kind of securities – and handles the processing, valuation and receipting of these gifts. It then forwards the cash value of the gift to the charity. This program enables donors to make gifts of securities – and to receive the tax benefits associated with such gifts – for the benefit of smaller charities that may not have the administrative capabilities to receive such gifts directly. This expands both the options for giving on the part of donors, as well as the ability of smaller charities to benefit from a wider range of charitable donations.
Charities interested in this program should visit CanadaHelps’ website for more information.