Closely Held Stock

If you own stock in a closely held business, you may be able to transform that asset into a powerful gift that supports the future of University of the Cumberlands.

Most often, closely held stock is used to make an outright gift. As long as your company’s governing documents allow for additional owners—and the stock is debt-free—you can donate it to the University. The process begins with determining the fair market value of your business interest.

Why Consider This Option

  • It may provide significant tax advantages.

  • It allows you to turn a business asset into lasting impact.

  • It can be part of a strategic estate or retirement plan.

We recommend reviewing our checklist below to see if this approach could benefit you, then consulting with your legal and tax advisors to structure the gift for maximum benefit—for you and for the students who will be impacted for years to come.

Checklist:

  • You are a majority shareholder in a closely held corporation.
  • You would like to remove retained earnings from the corporation, without having them taxed again.
  • You would like to maintain a controlling position in the corporation's outstanding stock.
  • You would like to avoid capital gains taxes on the shares you donate to University of the Cumberlands.
  • You would like to receive a federal income tax deduction for the full appraised value of the gift.
  • You would like to support our mission.

Click on the links below to see the additional ways to fund your gift with closely held stock:

* A gift of closely held stock requires special handling, so you should always consult with your legal or tax advisor first.

Location

6191 College Station Drive Williamsburg, KY 40769

Phone Number

606-539-3571

Email address

[email protected]

Next Steps

  • Contact Tyler Smith at 606-539-3571 or [email protected] for additional information on giving a gift of closely held stock.
  • Seek the advice of your financial or legal advisor.
  • If you include Cumberlands in your plans, please use our legal name and federal tax ID.

Legal Name: University of the Cumberlands, Inc.
Address: 6191 College Station Drive, Williamsburg, KY 40769
Federal Tax ID Number: 61-0470593

Bequest of Specific Dollar Amount or Percentage of an Estate 
“I hereby, give, devise, and bequeath $ DOLLARS, or ___% PERCENTAGE of my estate to University of the Cumberlands,  a nonprofit organization located at 6191 College Station Drive, Williamsburg, KY,  40769 Federal Tax ID #61-04710593, for its general use and purpose.” 
 
 
 
Bequest of Specific Personal Property 
“I hereby, give, devise, and bequeath (DESCRIPTION OF PROPERTY) to University of the Cumberlands, a nonprofit organization located at 6191 College Station Drive, Williamsburg, KY,  40769 Federal Tax ID #61-04710593, for its general use and purpose.”