Gifts of Stock or Securities
How to Make Gifts of Stock or Securities
A gift of appreciated stock is a great way to support the College. In
order to save taxes, it is necessary to transfer the appreciated securities
directly to the Foundation, rather than selling the securities and giving
the proceeds to the Foundation. By following the steps below, you will
ensure that your gift is handled properly.
It is important to notify Westchester Community College Foundation when
you intend to make a gift of securities.
Before making your gift, please notify
Westchester Community College Foundation that your gift will be coming by
calling 914-606-6670.
Electronic Transfer (preferred method for stock held in a brokerage
account):
Electronic transfer allows you to easily make a gift of stock you hold in a
brokerage account. First, notify your broker that you wish to make the gift
to Westchester Community College Foundation.
Your broker's instructions should
include:
- Your name as the donor;
- The name of the security and
the number of shares; and,
- The purpose of the gift.
The Westchester Community College Foundation’s account at Smith Barney is
set up for accepting the electronic transfer of securities. To transfer
securities to the Foundation, please contact Smith Barney at the phone
number below.
Financial Institution:
Morgan Stanley Smith Barney
Contacts:
John Dosher, phone: 914-701-7526
Marten Van der Werff, phone: 914-701-7511
Name of Account:
Westchester Community College Foundation
Account Number:
233-20100-1-2-564
DTC Number: 0418
For further information about the transfer of stock, please contact:
Robert A. Schlesinger, Executive Director
Westchester Community College Foundation
914-606-6670
Certificate Transfer (for shares that you hold as paper certificates in
your name):
- Complete a separate stock transfer power (not the back of the
certificate) signed exactly as your name appears on the UNENDORSED
CERTIFICATE, with your signature guaranteed by a bank officer. Stock
powers can be obtained from your broker, banker, or the Westchester
Community College Foundation.
- Send the UNENDORSED certificate by certified or registered mail to:
Lisa Mitzner
Hartford Hall
Westchester Community College Foundation
75 Grasslands Road
Valhalla, NY 10595
- By SEPARATE first class mail (for security purposes),
send the signed stock power to Lisa Mitzner using the same contact
information listed in Step 2. Include a letter with your instructions
for the gift.
If you prefer, you may call to make arrangements to hand deliver the stock
certificate and stock transfer power to the Foundation.
Tax Reporting for Gifts of Securities:
Please consult your tax advisor regarding all aspects of a charitable
gift of appreciated securities. The IRS may require you to complete Form
8283 for a gift of securities.
WCC Foundation Federal ID# 23-7050397
Westchester Community College Foundation will issue a gift receipt with
the amount of the average of the high and low trading prices on the
effective date of gift, per IRS regulations.
The effective date of the gift for your deduction is the date of transfer
to Westchester Community College Foundation:
- For electronic transfers, this is the date your broker transfers shares
- For certificates sent by U.S. mail, this is the
postmark date of the mailed certificates
- For certificates hand-delivered, this is the date
of delivery to Westchester Community College Foundation
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