Gifting appreciated stocks makes sense
Carol Loughrey, O.C., MBA, FCA, (Ont.) BBA’70, established the Marion Thomas Ashfield Memorial Bursary in Education for a student in UNB Fredericton’s Bachelor of Education program.
We talked to Carol about why she set up this award and how it’s funded.
UNB: Why did you create this bursary?
Carol: First of all, I wanted to honour my mother. It was more difficult for her to receive an education because she lived in a very rural part of New Brunswick. Like so many of her generation she had to board “in town” to go to high school and coming to Fredericton for Normal School was even more financially challenging. There are still extra financial burdens for rural New Brunswickers.
I knew there was matching money from the New Brunswick University Opportunities Fund so I thought it was a good thing to do.
UNB: How have you built up the fund?
Carol: In addition to my immediate family donating regularly I have suggested it to other relatives. There are occasions when people may want to give me a gift, but at this stage of life I really don’t want more “stuff”, so I suggest they support the bursary instead. I have also had other opportunities to direct funding to this bursary.
UNB: You support the fund by transferring stocks—why?
Carol: It makes sense for anyone who has stocks that have done well because you can give more than with cash. Since it became a part of the federal budget in 2006, if I give $1000 worth of stocks that only cost me $600 to buy, I don’t have to pay capital gains tax and I get a receipt for the full $1000. I just look and see where I made the most gain and tell my stockbroker what I want to transfer; they fill out the form.
UNB: What’s it like to meet the students that have received the bursary?
That is the real unexpected bonus that UNB has provided me. These are exceptional people with a real commitment to their education, to their province and to making the world a better place. It is a very good feeling to be able to provide a bit of help on their journey. I look forward to seeing what they do with their lives.
