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Annual Stock Gift Says, 'Thank you, Sisters!'

Annual Stock Gift Says, 'Thank you, Sisters!'
Dick Schimpf and his late wife, Betsi, raised their three children in partnership with the Sisters of St. Joseph who served as their educators. The Schimpf's first contact with the sisters developed in 1972, when their three children began attending elementary school at Immaculate Heart of Mary School in Cincinnati. The Sisters of St. Joseph operated the school. Their children attended the school over a time span of approximately 15 years. After graduating from elementary school, two of their three children attended McNicholas High School in Cincinnati, which was also operated by the Sisters of St. Joseph.

Dick stated their relationship with the sisters grew beyond parents of children in the school. "My late wife Betsi and I were very involved in activities at both schools, such as being officers on the school board, serving on parish council, joining the boosters' club, and volunteering for teaching programs such as art, etc. I have also served on several councils for the Sisters of St. Joseph, including the Financial Advisory Board," Dick concluded.

In 1997, the Schimpfs decided to start making annual contributions of stock to several charities instead of responding to the monthly/quarterly request for donations. The Sisters of St. Joseph were included in this decision. When asked why he feels it's important to support the sisters financially, Dick stated, "The sisters have had a major impact on our family due to the important role which they played in the education of our children. As we are all aware, the small stipend which they received as teachers made it possible in our era to attend private parochial schools at a minimal cost. Since most of the sisters are now of retirement age, I feel that it is important to support the sisters so they can have an enjoyable life in their later years."

Dick feels the gifting of stock is an excellent way to make charitable contributions under the income tax code. "By gifting appreciated stock, we are entitled to a charitable income tax deduction for the market value of the stock without paying a capital gains tax on the increase of the value of the stock from the date of purchase. On the other hand, if I sell the stock and then donate the proceeds of the sale to the charity, I must pay income tax on the capital gains," he stated.

Stock gifting is a win-win situation for Dick and the sisters. "Our annual gifting of stock to charities has now continued for more than 15 years. It makes me feel good since I am contributing to the health and well-being of the retired sisters who contributed so much to our family with minimal remuneration." Dick feels executing the gift is simple. "I send a letter of instruction to my broker. He then makes the necessary transfer of stock in kind to the charity. In my opinion, the gifting of appreciated stock is the best way for me to fulfill my philanthropic desires, and the sisters benefit by receiving appreciated stock for their ministries and care of the retired sisters," he continued. In Dick's opinion, giving the gift of stock is the best way to go. "Appreciated stock provides the best income tax benefit for charitable giving. I strongly recommend it as the vehicle to use to continue to contribute to your favorite charity, especially to the Sisters of St. Joseph. I think it expresses my appreciation for all the benefits the sisters have provided to my family," Dick concluded.

To learn more about giving appreciated assets, please click Gift of Stocks and Bonds.

If you are ready to make a stock gift today, please contact us for delivery instructions to make a transfer from your brokerage account to the Congregation of St. Joseph. Or call Gary W. Mulhern, our Gift Planning Specialist, at 304.232.8160, ext. 148.


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