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From outright gifts of appreciated securities, to donations of restricted stock, all gifts of securities have one thing in common: they add muscle to Wellesley's endowment—and offer special tax benefits for donors too.
Tax uncertainty for 2013 makes 2012 a good time for those who have been considering a gift of securities. As the prospect of higher taxes looms for 2013, please review the information below today in order to learn more about this giving opportunity.
On this page, you will find information on the following:
- Outright Gifts of Appreciated Securities
- Shares Held in an Account
- Shares in Certificate Form
- Over delivery of Stock Shares
- Mutual Fund Shares
- Closely Held or Restricted Stock
Outright gifts of appreciated securities (stocks, bonds, mutual fund shares) are tax deductible at full fair-market value if you have owned the asset for at least 12 months. To avoid capital gains taxes, you must donate the actual securities, not the proceeds of their sale. For details on how to make a gift, please contact Debbie Mulno, Securities Administrator, at 781.283.3791 or firstname.lastname@example.org.
Please follow the steps below to assure timely and accurate transfer of stocks:
1. Send your broker or banker a letter of authorization stating your wish to transfer securities to Wellesley College. Specify your account number, the type and number of shares being transferred, whether your gift is unrestricted or for a specific purpose, and the date by which the gift should be transferred (two to three business days is normal). Note: If you are making a life income gift, please contact the Office of Planned Giving directly at 800.253.8916 as this transfer process differs.
In order to transfer securities, your broker will need the following information:
RBC Wealth Management
DTC #: 235
Account Name: Wellesley College
Account #: 30086727
Contact: Patrick Kilcoyne, (617) 725-2000
Tax ID #: 04-2103637
2. Send a copy of the letter to Debbie Mulno, Securities Administrator, Office for Resources, Wellesley College, 106 Central Street, Wellesley, MA 02481, or have the individual performing the transfer call our officer directly at 781.283.3791. You may also fax a copy of the letter to the Securities Administrator at 781 .283.3706.
NOTE: Wellesley's Securities Administrator must be notified of the transfer details by telephone or letter in order to properly credit your gift. Because DTC information often does not include the name of the owner of the assets, stocks sent without advance notice cannot be matched to the transfers, and we must return them electronically with a request for the identity of the donor.
In accordance with IRS guidelines, the date of your gift will be the date that Wellesley assumes ownership of the shares. For crediting purposes, the value is determined as the average of the high and low listings (for the stock) on that date.
If the stock or bond is in certificate form, mail the unendorsed certificate(s) to the College with a letter that specifies Wellesley as the recipient and outlines the details of the contribution. The letter should be signed by the registered owner of the certificate.
Under a separate cover, send a copy of the letter and a signed stock power form (available at your local bank). Sign one stock power form for each security, making sure the signature corresponds exactly with the name as it appears on the stock certificate. Leave the other sections of the form blank. Mail the documents to:
Office for Resources
106 Central Street
Wellesley, MA 02481
Note: The date of the gift will be determined by the latter postmark of the two envelopes.
If you have a certificate for more shares than you wish to donate to Wellesley College, send it in the manner described above, with a stock power under separate cover, and include instructions on the number of shares you wish to donate. Wellesley College will return the remaining shares in the form of a newly registered certificate. To re-register, we will need the social security number for the name on the face of the original certificate. Please include this information in your letter of instruction. It will take approximately six weeks to receive your newly re-registered certificate.
Specify to your fund's transfer agent that the shares not be sold or redeemed from your personal account, but be transferred in kind to an account set up in the name of Wellesley College. Many mutual funds require that letters be signature-guaranteed by a bank official. Our securities administrator can assist your transfer agent with paperwork necessary for opening and/or liquidating such an account.
The College may accept closely held and restricted stock under certain circumstances. For unlisted securities, the value of the gift must be determined through an independent appraisal provided by the donor. Our securities administrator can advise you on the best way to effect the acceptance and transfer of the gift.
For more information, please contact Debbie Mulno, Security Administrator, at email@example.com or 781.283.3791.