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Stocks/Securities Gifts of Marketable Securities (Stocks) Charitable gifts of securities are especially beneficial for many people due to important incentives present in our tax system. Many securities may be worth much more then what you paid for them. As appreciated property, they can be very attractive charitable gifts. Publicly traded securities are usually the simplest to give, due to the ease of transferring them and determining their value for deduction purposes. Closely held stocks may also be given, but special rules apply. More information is available on this option. Many people have discovered that transferring marketable securities is an easy way to make a charitable gift to the LCSC Foundation. Please notify the College Advancement Office at (208) 792-2458 of your intended gift. If Your Stock is Held at a Brokerage If your stock is held at a brokerage, the easiest way to transfer securities to the LCSC Foundation is by electronic transfer. Please follow these steps: 1. Notify your broker that you wish to make a gift of securities to the LCSC Foundation. Your broker will need written authorization from you before the transfer can be made. Your broker will need to know the name of the stock you want to transfer and the number of shares. 2. Either you or your broker should contact the College Advancement Office at (208) 792-2458 for complete transfer instructions and to let us know the designation for your gift. The College Advancement Office will issue a LCSC Foundation gift receipt for tax purposes. The market value of your gift will be calculated by averaging the high and low values of the stock on the date of the gift. The date of gift is the date the securities are credited to our brokerage account. NOTE: Even if you have donated securities in the past, be sure to contact us before the transfer is made. Transfer instructions may change from year to year. If Your Stock is in Certificate Form Following are the steps you should follow to transfer securities that are in certificate form: 1. DO NOT sign the back of the certificate(s). Instead of signing the back of the certificate(s), sign a stock power form (one for each certificate). The stock power(s) must be signed exactly as the certificate is registered. If the certificate is registered in more than one name, all registered owners must sign. 2. The signature on the stock power must be "Medallion Signature Guaranteed" by a broker who is with a member firm of the New York Stock Exchange, or by an officer of a bank (not a savings and loan). 3. The certificate and letter should be mailed via certified mail, and the stock power form should be mailed in a separate envelope, to: College Advancement Office Lewis-Clark State College 500 8th Ave. Lewiston, ID 83501 Along with the stock certificate and stock power, send a letter stating you are making a gift of marketable securities. The letter must refer to the name of the security (corporation), the number of shares and the certificate number being transferred. If you know how your gift is to be designated, state your wishes in the letter. NOTE: It is strongly recommended that certificates not be sent to a transfer agent for re-registering in the Foundation's name. This procedure is unnecessary and may result in needless delays. The College Advancement Office will issue a LCSC Foundation gift receipt for your tax purposes. The market value of your gift will be calculated by averaging the high and low values of the stock on the date of the gift. The date of gift is the date the securities and stock power were mailed (postmark date) or the date the securities were hand delivered to LCSC.
For more information please
call the College Advancement Office at (208)
792-2458 or, e-mail collegeadvancement@lcsc.edu. |