Giving securities (stocks and bonds) to Mary Baldwin University provides a double tax savings: You can deduct the average of the high/low value of the securities on the date of the gift and avoid capital gains tax on the appreciation.
A gift of appreciated securities, held for more than one year, entitles you to a charitable income tax deduction in the year you complete the gift. You can use the deduction to offset up to 30% of your adjusted gross income. Any deduction exceeding the 30% limit is carried forward for up to five additional years. You may also donate securities you have held for less than one year, but your deduction will typically be based on what you paid for the securities. In accordance with the IRS regulations, the date of the gift will be the date that Mary Baldwin University 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. For advice and assistance in specific cases, the services of an attorney or other professional advisor should be obtained.
Securities can support everything from annual fund gifts to life income gifts. For assistance with transferring securities, please call the Office of University Advancement at 800-622-4255.
- Contact your broker or banker to advise them that you wish to give securities to Mary Baldwin University.
- You need to specify type of stock, number of shares you are donating, whether your gift is to be unrestricted or for a specific purpose, and the date by which the gift should be transferred.
- To transfer the securities electronically, your broker or banker will need the
Scott & Stringfellow (Mary Baldwin’s broker)
DTC Number: 702
Account Name: Mary Baldwin University
Account Number: 55779473
Send to the attention of W. Stuart Farmer, Jr.
Phone Number: 804-643-1811
College’s Tax ID Number: 54-0506-319
- Call the Office of University Advancement at 800-622-4255 to notify the university of the transfer details 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 notification cannot be matched to the transfers, and we must return them electronically with a request for the identity of the donor.
- Mail the unendorsed certificate(s) to the university with a letter specifying Mary Baldwin University as the recipient and outlining whether your gift is to be unrestricted or for a specific purpose along.
- The letter must be signed by the registered owner of the certificate. In a separate envelope, send a copy of the letter and signed Stock Power form, which you can get from your local bank.
- Sign one Stock Power for each security, making sure the signature corresponds
exactly with the name as it appears on the face of the stock certificate. Leave all other sections of the Stock Power form blank, and mail all documents to:
Mary Baldwin University
Office of University Advancement
PO Box 1500
Staunton, VA 24402
- The date of the gift will be determined by the later postmark of the two envelopes.
- If you have a certificate for more shares than you wish to donate to Mary Baldwin University, send it in the manner described above in Shares in Certificate Form.
- Send a Stock Power in a separate envelope with instructions on the number of
shares you wish to donate.
- The university will return the remaining shares, those not being donated, in the form of a newly registered certificate. To do this re-registration, we will need the social security number for the person who is named on the face of the original certificate. Please include this information in your letter of instruction.
- When giving mutual fund shares, tell your fund’s transfer agent that the shares you wish to donate should not be sold or redeemed from your personal account, but transferred to an account set up in the name of Mary Baldwin University.
- Notify the Office of University Advancement, at 800-622-4255 and your fund transfer agent so they can work on any paperwork necessary for opening and/or liquidating such an account.
- Many mutual funds will require that your letter be signature-guaranteed by a bank official.
- Closely held and restricted stock may be accepted by the university under certain circumstances. The Office of University Advancement can advise you about the best way to accept and transfer the gift. Please call 800 622-4255 if you have any questions.
- For unlisted securities, the value of the gift must be determined through an independent appraisal provided by the donor.