Whether part of an existing gift acceptance policy or a separate written document, your organization should prepare a written description of the procedures for handling a gift of securities.
- Where is the organization’s brokerage account?
- Who is the organization’s broker?
- Who pays the broker’s commission?
- Who is responsible for overseeing the transfer of securities?
- How do the finance department and the development department interact with regard to the transfer of securities?
- What is the mechanism for tracking securities that have been transferred to the organization’s brokerage account without a donor’s name?
- Is the information that the donor needs to transfer securities (name of the organization’s broker, federal ID number, and account number) easily accessible?
Have these items already determined, before you get a telephone call with a gift of stock!