Closely Held Business Stock

A business owner who contributes closely held stock to Chum will be allowed a charitable deduction for the fair-market value of the stock. An additional benefit is that the donor will escape the potential capital-gain tax on any appreciation in the value of the stock.

Subsequent to the gift, the corporation could purchase the stock from Chum for cash. This not only enables the donor to retain complete control over the company but also makes cash available to Chum for its current needs. As long as Chum is not obligated to sell the stock to the corporation, the transaction should produce no adverse tax results.

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Contact Us

Gracia Swensen
Development Director
218-720-6521
gswensen@chumduluth.org

  

Chum
102 West Second Street
Duluth, MN 55802

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Chum is “People of faith working together to provide basic necessities, foster stable lives, and organize for a just and compassionate community.” We provide emergency shelter, food and street outreach throughout Duluth.

Chum is a 501(c)(3) nonprofit human services agency in Duluth, MN sponsored and governed by an interfaith coalition of 44 faith communities. Chum was founded in 1973 when 10 churches located in Duluth’s Central Hillside neighborhood pooled their resources to meet the needs of the neighborhood’s many low-income residents more effectively. Chum now offers emergency food, shelter, advocacy, support, and outreach throughout Duluth.

Chum is Duluth’s primary safety-net organization where people who are homeless or who have very low incomes can come for assistance and a welcoming, safe community. Chum operates Duluth’s largest food shelf and provides emergency shelter and supportive services for homeless individuals and families. We help people find housing and employment, access public benefits, and receive basic medical care. At Chum’s Drop-In Center (day shelter) people can pick up mail (both physical and e-mail), do their laundry, have a hot meal, socialize over games or conversations, and perhaps most importantly, find a warm and welcoming community where they can be safe, heard, and respected.

Chum is an equal opportunity provider and employer.

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