Giving
and Receiving Gifts of Securities
| Effective Date: |
09.22.1976 |
Revision Date: |
|
| Chapter Name: |
University
Development |
Policy Number: |
5.5 |
| Policy Name: |
Giving
and Receiving Gifts of Securities |
| A
PDF version of this policy is available
via this link. |
Alumni or friends
wishing to donate appreciated
securities to Eastern Michigan University
should use one of the following two methods to do
so:
Send the unendorsed certificates and executed
stock powers in separate envelopes
to:
Vice President for Business and Finance
Eastern
Michigan University
Ypsilanti, Michigan
48197
Stock certificates should be sent by registered
mail or delivered by hand, especially if they are
already endorsed or in "street" name.
Stock powers may be obtained from a
bank or broker.
Deliver the unendorsed certificates
and executed stock powers to a bank
or broker for the account of "Board
of Regents of Eastern Michigan University" and
request them to telephone or wire
immediately the vice-president for
business and finance at Eastern Michigan
University for instructions. This
office will advise the bank or broker
as to the disposition of the securities.
Gift Value
If a donor unconditionally delivers or mails a
properly endorsed stock certificate to Eastern Michigan
University, the gift is completed on the date of
delivery or if such certificate is received in the
ordinary course of the mails, on the date of mailing.
If the donor delivers the stock certificate to his
or her bank or broker as the donor’s agent,
or to the issuing corporation or its agent, for
transfer into the name of the donee, the gift is
completed on the date the stock is transferred on
the books of the corporation.
Transferring Securities
In transferring securities to Eastern Michigan
University, it is recommended that donors do not
indicate Eastern Michigan University as transferee
on the assignment form on the back of the stock
certificate or on the stock power and that donors
do not send the stock to a transfer agent for registering
in Eastern Michigan University’s name. The
procedures are unnecessary and usually result in
needless delay and expense.
Purpose of Gift
A letter of transmittal should accompany stock
certificates being transferred to the University
stating the purpose and terms of the gift. If
the gift purpose is at all unusual, it should be
discussed in advance with an officer of the University.
Donative Sale Intention
If the donor intends to make a gift by donative
sale, the donor should write the vice-president
for business and finance of Eastern Michigan University
to this effect and advise the vice-president of
the price at which the stock is to be offered to
the University. This should be
done before or at the same time as the certificates
and stock powers are mailed to the University or
delivered to the broker or bank.
Administrative Procedure
The Office of the Vice President for Business and
Finance will alert the Office of Development of
gifts of securities, giving the name and address
of the donor, the gift purpose, and the gift value
of those securities on the day the securities are
transferred to our control. The gift value
must be the value of the securities before any broker
fee is deducted.
Questions on the handling of gifts of securities
to Eastern Michigan University should be directed
to the director of development at Eastern Michigan
University.
| Authority
for Creation or Revision: |
| Minutes
of the Board of Regents, September 22, 1976;
para. .1692M. |
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