Agapé Christian Church has formalized the process for our church to receive gifts of shares of company stock and shares of mutual fund holdings to make it easier and less confusing for both the donor and the church. Bright Financial Management, Inc. has volunteered its services at no cost to the church to handle and process gifts of this kind. Jeff Bright, longtime friend of Agapé is committed to a strict non-solicitation policy, which means that he will not attempt to solicit stock and equity donors to become his clients. Since we have brokers and financial advisors as members, Jeff wanted to make sure that these members were comfortable that he would not use his position as the custodian of the gifts of stock or equities received by Agapé for personal gain.
An equity instrument or equity as used here refers to stock, a mutual fund, or a commodity that is traded daily in an established exchange. The most common exchanges are the New York Stock Exchange (NYSE), NASDAQ, and the American Stock Exchange (AMEX). Mutual funds also provide the capability of buying or selling daily, though the transaction is between the mutual fund administrator and the mutual fund share holder (or his/her broker). It is the policy of Agapé Christian Church not to speculate in the equity markets. In rare instances, we will hold a position in a conservative and undervalued equity position, on the advice of either our financial advisor or on the advice of the Church’s Elder Board. For the most part, however, we will liquidate the equity gift immediately and deposit the cash into an appropriate no-risk fund or account.
The value of your equity gift, for which you will receive a letter of confirmation from Agapé that can be used for tax purposes, will equal the average of the highest price and the lowest price that the equity traded at on the day ownership was officially transferred to the church from the donor. This may be a couple of days after the donor actually endorsed the equity to the church, due to clearing time. For example, if you endorsed 100 shares of Pfizer stock to the church on November 10, 2007, and the endorsed certificates were sent via overnight mail to a person or entity authorized to officially process the transfer of ownership, and that person or entity completed the process on November 12, 2007 then the value of this stock gift would equal the average of the high and low price for which Pfizer stock traded on November 12, 2007 multiplied by 100 shares.
If you desire to transfer stock certificates that are physically in your possession and you do not have a broker or financial adviser, you can call Jeff at (269) 373-2300, and he will set up a time to meet with you. Jeff will make sure that you properly endorse your certificates to the benefit of Agapé and will redeem the endorsed certificates. Jeff will then deposit the proceeds from the endorsed certificates into a clearing account, and have a check for the total amount deposited into Agapé’s fund.
If you desire to transfer stock certificates, mutual fund shares or any other equity that are in the possession of your broker or fund manager, you can call your broker or fund manager and describe the gift that you want to make to the church and then have him/her contact Jeff at (269) 373-2300. Jeff and your broker/fund manager will execute the transfer of your gift to the church. We will provide you with a statement confirming your gift, which you can use for tax preparation purposes.
If you have any questions about the information on this page or how to do any of the options on this page, please talk to Pastor Roger Monsma for help.