If you are contemplating contributing shares of publicly traded stock to St. Barnabas, the Church has changed brokers to handle these transactions. In the past, the Church used UBS to sell contributed stock, initially at no cost to the Church. However, this is no longer the case, and the brokerage fees are reasonably steep in an era when stock transactions are becoming less and less costly.
Many know that St. Barnabas has a recently established Endowment Fund that is managed by PNC Bank. The Fund is comingled with a very large endowment fund of the Diocese of Southern Ohio, along with other endowment funds of several parishes in the diocese. Because of its overall size, one of the privileges of the comingled fund is complimentary stock sales. As a result, by routing stock contributions through St. Barnabas’ Endowment Fund account, the Church realizes the full value of these contributions. If you are planning to contribute stock to St. Barnabas, you will find the detailed transmittal instructions to provide to your account manager or stock broker behind the member portal on the Forms & Documents page. Once you’re logged in, scroll down to the section on church finance.
When you contribute stock, you should advise the Church’s Finance Administrator (email@example.com, 513-984-8401), Mary Beth Dauner, of the purpose of your contribution, e.g., fulfilling a pledge, making a designated gift, contributing to the Endowment Fund, etc., to assure that the resulting funds are deposited in the correct account of the Church. After the stock sale is complete, you will receive a report with all the transaction details, for your records.
As always, Mary Beth or the Church’s Treasurer are available to answer any questions about donations of stock to St. Barnabas.