WHO IS OVERFLOW?
Overflow is a digital solution for donating non-cash assets, enabling donors to give in a
tax-efficient way. Donors can experience the ease of giving via stock or crypto in less
than five minutes from their mobile device. Overflow also provides givers access to a
private Donor Portal which enables visibility into transaction history, transaction statuses,
and the ability to update connected financial accounts.
IS GIVING THROUGH OVERFLOW SAFE AND SECURE?
Overflow’s Information Security Program is SOC 2 compliant, a widely respected
information security auditing procedure. Overflow does not have access to nor stores
any brokerage account usernames or passwords. They use Yodlee, a third-party
provider, that handles the brokerage login process. Over 600 companies including
PayPal, Mint, and Amazon use Yodlee to connect their clients’ accounts.
WHAT IS THE TAX BENEFIT OF DONATING APPRECIATED STOCK?
Donating appreciated stock that you’ve held for over a year could allow you to save
up to 20% in capital gains taxes and potentially up to 37% in federal income taxes
on the charitable donation value of your gift based on your tax bracket when
itemizing deductions. To understand the full tax benefits of giving appreciated
stock, including potential state tax savings, please consult with your tax
professional for information about your personal tax implications.
WHAT SPECIFIC STOCK COULD I DONATE?
You can give any publicly traded stock through Overflow. By donating assets that have
appreciated in value for more than one year, you are more likely to maximize the
potential tax benefits.
CAN I GIVE THROUGH MY 401K OR IRA?
Overflow can process all whole shares of publicly traded stock, including 401Ks and
IRAs. However, because donors often incur penalties for withdrawing these assets
before a certain date, we highly recommend consulting your tax professional before
donating these types of assets. Donating 401Ks or IRA could result in major tax penalties
or even fewer tax benefits than donating cash.
CAN I GIVE COMPANY STOCK OUTSIDE OF THE TRADING WINDOW?
If you received company-distributed stock as an employee and the trading window
is not open, your brokerage will likely reject the transfer request. We highly advise
you ask your company for the trading windows and give during those time periods,
which typically are open quarterly for 3 to 4 weeks at a time.
DOES OVERFLOW SUPPORT GIFTS FROM MY BROKERAGE ACCOUNT?
Overflow currently supports over 10 brokerages via their self-guided platform
including the most popular brokers such as Charles Schwab, Fidelity, and E*Trade.
If Overflow doesn’t have a direct connection to your brokerage account, your gift
can still be fulfilled through their off-platform concierge service. If you are in
Overflow’s donor experience and your brokerage account is not one of the 10+
currently supported with a direct connection, you’ll be taken to a form to contact
Overflow’s transaction operations team. You can also choose to opt into Overflow’s
fully-guided concierge service by emailing [email protected].