Gifts of appreciated long-term securities, including stocks, bonds, and mutual fund shares, may generate very favorable tax benefits for the donor. At the time the gift is made, the donor may receive a tax deduction for the fair market value of such securities if owned for more than 12 months.
To make a gift of securities, contact Kerry Stokes, Securities Administrator, at firstname.lastname@example.org or 781.283.3349. Also, to assure a timely and accurate transfer, please find below the transfer instructions to provide to your broker.
Shares Held in an Account
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 Gift Planning directly as this transfer process differs.
In order to transfer securities, your broker will need the following information:
RBC Wealth Management
57 River Street, Suite 102
Wellesley, MA 02481
DTC #: 0235
Account Name: Wellesley College
Account #: 30086727
Contact: Patrick Kilcoyne, 781.263.1003
Tax ID #: 04-2103637
2. Send a copy of the letter to Kerry Stokes, Securities Administrator, Office for Resources, Wellesley College, 106 Central Street, Wellesley, MA 02481, or have the individual performing the transfer call her directly at 781.283.3349. You may also fax a copy of the letter to 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 on that date.
Shares in Certificate Form
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.
Over-delivery of Stock Shares
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.
Mutual Fund Shares
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 the paperwork necessary for opening and/or liquidating such an account.
Closely Held or Restricted Stock
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 affect the acceptance and transfer of the gift.