Mary Lynne Poole Knows the Importance of Giving
At the invitation of her son and daughter-in-law, Mary Lynne Poole moved to Bellevue from Rhode Island in 2001. As the owner of a small database development firm, she needed to establish a reputation in Bellevue, and she learned about YES from her daughter-in-law, Janet Levinger, who continues to be a supporter.
From 2001 to 2014, Mary Lynne volunteered her time, beginning with the development of a YES database to managing daily operations and records. Initially a member of the YES tech team of staff and volunteers, she was soon leading the group, which also included several members from Social Venture Partners – retired Microsoft techies also wanting to give back.
“I was very pleased and honored to be trusted with working on the tools that run the YES business and to be a part of the YES team for so many years.”
Mary Lynne also brought her creative talents to design the 42-foot-long “Yes Parade” art that proudly hangs high on the wall of the Bellevue office building. When she saw the beautiful architecture of YES’s new building, she wanted to help enhance the space to make it more child-friendly. Inspired by a book titled “Big Art,” and with the support of eight volunteers, Mary Lynne led this two-year project to make the modular pieces in her home studio before the installation in 2011.
In addition to giving her time and talent, Mary Lynne also knows the importance of giving her treasure.
“I think it is important to help people when they are young so they can get healthy as they grow up. I was happy to give my services to YES as well as make financial gifts. I am grateful to have received gifts of stock from my grandparents when I was younger, which I can now give to YES. Giving low basis stock that is valued at a much higher value allows me to make larger gifts and avoid paying capital gains taxes.”
Be like Mary Lynne, donate your appreciated stocks
By giving to charity appreciated stock that you have held for over one year, you will never have to pay long-term capital gains taxes on the increase in value of your stock.
Here’s an example:
- You purchased shares of stock for $100/share in 2020, and that share is now worth $1,000/share;
- If you sell the stock and give the proceeds to YES, you will owe income tax on the $900 increase of every share you sell;
- For every share of stock that you give to YES, you will never be required to pay tax on the $900 increase in value; and
- You will also be entitled to an income tax charitable deduction of $1,000 when you give the stock to YES.