FundSvcs Community

Of course, this is for your own INTERNAL valuation. As for the donor's valuation, they will need to talk to their tax advisor. This happened a few times when I was at Duke and the policy was always the same - value the stock on the date the shares were irrevocably donated TO US. The rationale being that we cannot manufacture money. Whatever we valued stock at is what we gave the fund the donor was giving to. So if we gave them more credit we'd have to give them more cash. Now, if the "incorrect account" still belonged to UGA then we'd use the original gift date. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Wed, Mar 20, 2019 at 8:56 AM Jason Burdette <burdette@uga.edu> wrote: > Hello! > > > > We have a donor who inadvertently transferred a stock gift to the > incorrect account at our broker. It took several weeks to correct. The > value on the original date of gift was greater than the value on the date > the gift actually hit our account. He would like gift credit for the > original gift date/higher average. > > > > Which date would you use for stock valuation? Any wisdom is appreciated. > > > > Many thanks, > Jason > > > > *Jason R. Burdette* > Gift Accounting > > UGA Foundation | 394 S Milledge Ave | Athens, GA 30602 > 706-542-8160 <7065428160> | burdette@uga.edu | dar.uga.edu > > [image: University of Georgia] > > > > >

My paper on stock valuation is at the download site. We would calculate the value as close to "legal" as possible and give the donor credit for that amount and send that same amount to the fund they gave to. All gains and losses were absorbed in a stock clearing account which routinely ran a positive balance. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Wed, Mar 20, 2019 at 9:32 AM Jason Burdette <burdette@uga.edu> wrote: > *Whatever we valued stock at is what we gave the fund the donor was giving > to. So if we gave them more credit we'd have to give them more cash. *Just > so I understand, does this mean you factored gain/loss/fees into your > internal valuation? We frequently give credit for stock that sells at a > loss—meaning that there is less cash than credit. > > > > *From:* Advancement Services Discussion List < > FUNDSVCS@LISTSERV.FUNDSVCS.ORG> *On Behalf Of *John Taylor > *Sent:* Wednesday, March 20, 2019 9:02 AM > *To:* FUNDSVCS@LISTSERV.FUNDSVCS.ORG > *Subject:* Re: [FUNDSVCS] Stock date > > > > Of course, this is for your own INTERNAL valuation. As for the donor's > valuation, they will need to talk to their tax advisor. > > > > This happened a few times when I was at Duke and the policy was always the > same - value the stock on the date the shares were irrevocably donated TO > US. The rationale being that we cannot manufacture money. Whatever we > valued stock at is what we gave the fund the donor was giving to. So if we > gave them more credit we'd have to give them more cash. > > > > Now, if the "incorrect account" still belonged to UGA then we'd use the > original gift date. > > > > John > > > > John H. Taylor > > Principal, John H. Taylor Consulting > > 2604 Sevier St. > > Durham, NC 27705 > > johntaylorconsulting@gmail.com > > 919.816.5903 (cell/text) > > > > Serving the Advancement Community Since 1987 > > > > > > On Wed, Mar 20, 2019 at 8:56 AM Jason Burdette <burdette@uga.edu> wrote: > > Hello! > > > > We have a donor who inadvertently transferred a stock gift to the > incorrect account at our broker. It took several weeks to correct. The > value on the original date of gift was greater than the value on the date > the gift actually hit our account. He would like gift credit for the > original gift date/higher average. > > > > Which date would you use for stock valuation? Any wisdom is appreciated. > > > > Many thanks, > Jason > > > > *Jason R. Burdette* > Gift Accounting > > UGA Foundation | 394 S Milledge Ave | Athens, GA 30602 > 706-542-8160 <7065428160> | burdette@uga.edu | dar.uga.edu > > [image: University of Georgia] > > > > > >

Hi John, I'd love to read your paper on stock valuation. When I go to the download site, is there way to search for that paper? I'm not finding a search field when in downloads, and sorting alphabetically for "stock valuation" or "securities" didn't work for me. Thanks! Gwen On Wed, Mar 20, 2019 at 8:37 AM John Taylor <johntaylorconsulting@gmail.com> wrote: > My paper on stock valuation is at the download site. We would calculate > the value as close to "legal" as possible and give the donor credit for > that amount and send that same amount to the fund they gave to. All gains > and losses were absorbed in a stock clearing account which routinely ran a > positive balance. > > John > > John H. Taylor > Principal, John H. Taylor Consulting > 2604 Sevier St. > Durham, NC 27705 > johntaylorconsulting@gmail.com > 919.816.5903 (cell/text) > > Serving the Advancement Community Since 1987 > > > On Wed, Mar 20, 2019 at 9:32 AM Jason Burdette <burdette@uga.edu> wrote: > >> *Whatever we valued stock at is what we gave the fund the donor was >> giving to. So if we gave them more credit we'd have to give them more >> cash. *Just so I understand, does this mean you factored gain/loss/fees >> into your internal valuation? We frequently give credit for stock that >> sells at a loss—meaning that there is less cash than credit. >> >> >> >> *From:* Advancement Services Discussion List < >> FUNDSVCS@LISTSERV.FUNDSVCS.ORG> *On Behalf Of *John Taylor >> *Sent:* Wednesday, March 20, 2019 9:02 AM >> *To:* FUNDSVCS@LISTSERV.FUNDSVCS.ORG >> *Subject:* Re: [FUNDSVCS] Stock date >> >> >> >> Of course, this is for your own INTERNAL valuation. As for the donor's >> valuation, they will need to talk to their tax advisor. >> >> >> >> This happened a few times when I was at Duke and the policy was always >> the same - value the stock on the date the shares were irrevocably donated >> TO US. The rationale being that we cannot manufacture money. Whatever we >> valued stock at is what we gave the fund the donor was giving to. So if we >> gave them more credit we'd have to give them more cash. >> >> >> >> Now, if the "incorrect account" still belonged to UGA then we'd use the >> original gift date. >> >> >> >> John >> >> >> >> John H. Taylor >> >> Principal, John H. Taylor Consulting >> >> 2604 Sevier St. >> >> Durham, NC 27705 >> >> johntaylorconsulting@gmail.com >> >> 919.816.5903 (cell/text) >> >> >> >> Serving the Advancement Community Since 1987 >> >> >> >> >> >> On Wed, Mar 20, 2019 at 8:56 AM Jason Burdette <burdette@uga.edu> wrote: >> >> Hello! >> >> >> >> We have a donor who inadvertently transferred a stock gift to the >> incorrect account at our broker. It took several weeks to correct. The >> value on the original date of gift was greater than the value on the date >> the gift actually hit our account. He would like gift credit for the >> original gift date/higher average. >> >> >> >> Which date would you use for stock valuation? Any wisdom is appreciated. >> >> >> >> Many thanks, >> Jason >> >> >> >> *Jason R. Burdette* >> Gift Accounting >> >> UGA Foundation | 394 S Milledge Ave | Athens, GA 30602 >> 706-542-8160 <7065428160> | burdette@uga.edu | dar.uga.edu >> >> [image: University of Georgia] >> >> >> >> >> >> -- *Gwen Donev* Director of Advancement Services Gustavus Adolphus College 800 West College Avenue Saint Peter, Minnesota 56082 Email: gwendonev@gustavus.edu Office: 507.933.6515

You can use the search box at FundSvcs.org. But you can also just go to the Presentations and Papers category of the download site and go through those. The paper in question is the last one on the first page. John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Wed, Mar 20, 2019 at 11:50 AM Gwen Donev <gwendonev@gustavus.edu> wrote: > Hi John, > I'd love to read your paper on stock valuation. When I go to the download > site, is there way to search for that paper? I'm not finding a search field > when in downloads, and sorting alphabetically for "stock valuation" or > "securities" didn't work for me. > > Thanks! > Gwen > > On Wed, Mar 20, 2019 at 8:37 AM John Taylor < > johntaylorconsulting@gmail.com> wrote: > >> My paper on stock valuation is at the download site. We would calculate >> the value as close to "legal" as possible and give the donor credit for >> that amount and send that same amount to the fund they gave to. All gains >> and losses were absorbed in a stock clearing account which routinely ran a >> positive balance. >> >> John >> >> John H. Taylor >> Principal, John H. Taylor Consulting >> 2604 Sevier St. >> Durham, NC 27705 >> johntaylorconsulting@gmail.com >> 919.816.5903 (cell/text) >> >> Serving the Advancement Community Since 1987 >> >> >> On Wed, Mar 20, 2019 at 9:32 AM Jason Burdette <burdette@uga.edu> wrote: >> >>> *Whatever we valued stock at is what we gave the fund the donor was >>> giving to. So if we gave them more credit we'd have to give them more >>> cash. *Just so I understand, does this mean you factored gain/loss/fees >>> into your internal valuation? We frequently give credit for stock that >>> sells at a loss—meaning that there is less cash than credit. >>> >>> >>> >>> *From:* Advancement Services Discussion List < >>> FUNDSVCS@LISTSERV.FUNDSVCS.ORG> *On Behalf Of *John Taylor >>> *Sent:* Wednesday, March 20, 2019 9:02 AM >>> *To:* FUNDSVCS@LISTSERV.FUNDSVCS.ORG >>> *Subject:* Re: [FUNDSVCS] Stock date >>> >>> >>> >>> Of course, this is for your own INTERNAL valuation. As for the donor's >>> valuation, they will need to talk to their tax advisor. >>> >>> >>> >>> This happened a few times when I was at Duke and the policy was always >>> the same - value the stock on the date the shares were irrevocably donated >>> TO US. The rationale being that we cannot manufacture money. Whatever we >>> valued stock at is what we gave the fund the donor was giving to. So if we >>> gave them more credit we'd have to give them more cash. >>> >>> >>> >>> Now, if the "incorrect account" still belonged to UGA then we'd use the >>> original gift date. >>> >>> >>> >>> John >>> >>> >>> >>> John H. Taylor >>> >>> Principal, John H. Taylor Consulting >>> >>> 2604 Sevier St. >>> >>> Durham, NC 27705 >>> >>> johntaylorconsulting@gmail.com >>> >>> 919.816.5903 (cell/text) >>> >>> >>> >>> Serving the Advancement Community Since 1987 >>> >>> >>> >>> >>> >>> On Wed, Mar 20, 2019 at 8:56 AM Jason Burdette <burdette@uga.edu> wrote: >>> >>> Hello! >>> >>> >>> >>> We have a donor who inadvertently transferred a stock gift to the >>> incorrect account at our broker. It took several weeks to correct. The >>> value on the original date of gift was greater than the value on the date >>> the gift actually hit our account. He would like gift credit for the >>> original gift date/higher average. >>> >>> >>> >>> Which date would you use for stock valuation? Any wisdom is appreciated. >>> >>> >>> >>> Many thanks, >>> Jason >>> >>> >>> >>> *Jason R. Burdette* >>> Gift Accounting >>> >>> UGA Foundation | 394 S Milledge Ave | Athens, GA 30602 >>> 706-542-8160 <7065428160> | burdette@uga.edu | dar.uga.edu >>> >>> [image: University of Georgia] >>> >>> >>> >>> >>> >>> > > -- > *Gwen Donev* > > Director of Advancement Services > > Gustavus Adolphus College > > 800 West College Avenue > > Saint Peter, Minnesota 56082 > > > > Email: gwendonev@gustavus.edu > > Office: 507.933.6515 >

So, the link below is from Vanguard Charitable on how they value electronic stock transfers. https://cdn.vcapps.org/sites/default/files/upload/HVYCW_How%20to%20value%20your%20contribution_12018_12.pdf Since the donor can show the date he/she lost control of the asset, for good stewardship, I would internally credit my donor for that value and not the date I have it in my account.” The donor can fight it out (substantiate it) with the IRS. There is often a lag time between the time it leaves the donor’s account and is credited to the nonprofit. I abide by donor intent...with proof. My 2 cents. “ Date on which the donor loses control of the shares. Donors may use the date that Vanguard Charitable receives the asset, the date the asset leaves the donating account (available on an account statement), or the date Vanguard Charitable receives the irrevocable transfer request in good order. A donor’s instruction to a broker to transfer shares does not qualify as a completed contribution for tax purposes.” Sent from my iPhone Please excuse brevity and misspelling. Donna Rex 904.910.9140 donnafund@gmail.com > On Mar 20, 2019, at 9:02 AM, John Taylor <johntaylorconsulting@gmail.com> wrote: > > Of course, this is for your own INTERNAL valuation. As for the donor's valuation, they will need to talk to their tax advisor. > > This happened a few times when I was at Duke and the policy was always the same - value the stock on the date the shares were irrevocably donated TO US. The rationale being that we cannot manufacture money. Whatever we valued stock at is what we gave the fund the donor was giving to. So if we gave them more credit we'd have to give them more cash. > > Now, if the "incorrect account" still belonged to UGA then we'd use the original gift date. > > John > > John H. Taylor > Principal, John H. Taylor Consulting > 2604 Sevier St. > Durham, NC 27705 > johntaylorconsulting@gmail.com > 919.816.5903 (cell/text) > > Serving the Advancement Community Since 1987 > > >> On Wed, Mar 20, 2019 at 8:56 AM Jason Burdette <burdette@uga.edu> wrote: >> Hello! >> >> >> >> We have a donor who inadvertently transferred a stock gift to the incorrect account at our broker. It took several weeks to correct. The value on the original date of gift was greater than the value on the date the gift actually hit our account. He would like gift credit for the original gift date/higher average. >> >> >> >> Which date would you use for stock valuation? Any wisdom is appreciated. >> >> >> >> Many thanks, >> Jason >> >> >> >> Jason R. Burdette >> Gift Accounting >> >> UGA Foundation | 394 S Milledge Ave | Athens, GA 30602 >> 706-542-8160 | burdette@uga.edu | dar.uga.edu >> >> <image001.png> >> >> >> >>

Hello! We have a donor who inadvertently transferred a stock gift to the incorrect account at our broker. It took several weeks to correct. The value on the original date of gift was greater than the value on the date the gift actually hit our account. He would like gift credit for the original gift date/higher average. Which date would you use for stock valuation? Any wisdom is appreciated. Many thanks, Jason Jason R. Burdette Gift Accounting UGA Foundation | 394 S Milledge Ave | Athens, GA 30602 706-542-8160<tel:7065428160> | burdette@uga.edu<mailto:burdette@uga.edu> | dar.uga.edu<http://dar.uga.edu/> [University of Georgia]

Whatever we valued stock at is what we gave the fund the donor was giving to. So if we gave them more credit we'd have to give them more cash. Just so I understand, does this mean you factored gain/loss/fees into your internal valuation? We frequently give credit for stock that sells at a loss—meaning that there is less cash than credit. From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG> On Behalf Of John Taylor Sent: Wednesday, March 20, 2019 9:02 AM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: Re: [FUNDSVCS] Stock date Of course, this is for your own INTERNAL valuation. As for the donor's valuation, they will need to talk to their tax advisor. This happened a few times when I was at Duke and the policy was always the same - value the stock on the date the shares were irrevocably donated TO US. The rationale being that we cannot manufacture money. Whatever we valued stock at is what we gave the fund the donor was giving to. So if we gave them more credit we'd have to give them more cash. Now, if the "incorrect account" still belonged to UGA then we'd use the original gift date. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Wed, Mar 20, 2019 at 8:56 AM Jason Burdette <burdette@uga.edu<mailto:burdette@uga.edu>> wrote: Hello! We have a donor who inadvertently transferred a stock gift to the incorrect account at our broker. It took several weeks to correct. The value on the original date of gift was greater than the value on the date the gift actually hit our account. He would like gift credit for the original gift date/higher average. Which date would you use for stock valuation? Any wisdom is appreciated. Many thanks, Jason Jason R. Burdette Gift Accounting UGA Foundation | 394 S Milledge Ave | Athens, GA 30602 706-542-8160<tel:7065428160> | burdette@uga.edu<mailto:burdette@uga.edu> | dar.uga.edu<http://dar.uga.edu/> [University of Georgia]

I have read the information below and read the paper in the download section and have two question for the group. What date do you use for gift date on a stock? Gift Date Sale Date Email notification that stock has been received in your bank account Our business office is telling me I should date the gift as the date I receive the information (email date) because that is when we were notified of the transfer. I understand the ideal situation would be Gift Date, Sale Date, and Notification date are all the same, but that does not always happen. The previous person in my position had instructed our gift processing secretary to always use the “Gift Date” as the official date for Banner. I am thinking about discussing a change with my supervisor to match the recommendations from the Business office, but want to make sure that I am within IRS rules and following the best practices in the business. Second question: What do you use as the gift amount? After reading all of the information it is my understanding that the Gift Date amount is the amount we use for the gift. Please confirm that I understand this correctly. Thank you. Corie Pryor Coordinator of Operations Advancement Office Truman State University Kirksville MO 63501 cpryor@truman.edu<mailto:cpryor@truman.edu> 660-785-4125 This message (including any attachments) may contain confidential, proprietary and privileged information, and unauthorized disclosure or use is prohibited. If you received this message in error, please notify the sender and delete this message from your system. From: Advancement Services Discussion List [mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG] On Behalf Of John Taylor Sent: Wednesday, March 20, 2019 10:57 AM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: Re: [FUNDSVCS] Stock date You can use the search box at FundSvcs.org. But you can also just go to the Presentations and Papers category of the download site and go through those. The paper in question is the last one on the first page. John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Wed, Mar 20, 2019 at 11:50 AM Gwen Donev <gwendonev@gustavus.edu<mailto:gwendonev@gustavus.edu>> wrote: Hi John, I'd love to read your paper on stock valuation. When I go to the download site, is there way to search for that paper? I'm not finding a search field when in downloads, and sorting alphabetically for "stock valuation" or "securities" didn't work for me. Thanks! Gwen On Wed, Mar 20, 2019 at 8:37 AM John Taylor <johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com>> wrote: My paper on stock valuation is at the download site. We would calculate the value as close to "legal" as possible and give the donor credit for that amount and send that same amount to the fund they gave to. All gains and losses were absorbed in a stock clearing account which routinely ran a positive balance. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Wed, Mar 20, 2019 at 9:32 AM Jason Burdette <burdette@uga.edu<mailto:burdette@uga.edu>> wrote: Whatever we valued stock at is what we gave the fund the donor was giving to. So if we gave them more credit we'd have to give them more cash. Just so I understand, does this mean you factored gain/loss/fees into your internal valuation? We frequently give credit for stock that sells at a loss—meaning that there is less cash than credit. From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG>> On Behalf Of John Taylor Sent: Wednesday, March 20, 2019 9:02 AM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG> Subject: Re: [FUNDSVCS] Stock date Of course, this is for your own INTERNAL valuation. As for the donor's valuation, they will need to talk to their tax advisor. This happened a few times when I was at Duke and the policy was always the same - value the stock on the date the shares were irrevocably donated TO US. The rationale being that we cannot manufacture money. Whatever we valued stock at is what we gave the fund the donor was giving to. So if we gave them more credit we'd have to give them more cash. Now, if the "incorrect account" still belonged to UGA then we'd use the original gift date. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Wed, Mar 20, 2019 at 8:56 AM Jason Burdette <burdette@uga.edu<mailto:burdette@uga.edu>> wrote: Hello! We have a donor who inadvertently transferred a stock gift to the incorrect account at our broker. It took several weeks to correct. The value on the original date of gift was greater than the value on the date the gift actually hit our account. He would like gift credit for the original gift date/higher average. Which date would you use for stock valuation? Any wisdom is appreciated. Many thanks, Jason Jason R. Burdette Gift Accounting UGA Foundation | 394 S Milledge Ave | Athens, GA 30602 706-542-8160<tel:7065428160> | burdette@uga.edu<mailto:burdette@uga.edu> | dar.uga.edu<http://dar.uga.edu/> [University of Georgia] -- Gwen Donev Director of Advancement Services Gustavus Adolphus College 800 West College Avenue Saint Peter, Minnesota 56082 Email: gwendonev@gustavus.edu<mailto:gwendonev@gustavus.edu> Office: 507.933.6515

I have read the information below and read the paper in the download section and have two question for the group. What date do you use for gift date on a stock? Gift Date Sale Date Email notification that stock has been received in your bank account Our business office is telling me I should date the gift as the date I receive the information (email date) because that is when we were notified of the transfer. I understand the ideal situation would be Gift Date, Sale Date, and Notification date are all the same, but that does not always happen. The previous person in my position had instructed our gift processing secretary to always use the “Gift Date” as the official date for Banner. I am thinking about discussing a change with my supervisor to match the recommendations from the Business office, but want to make sure that I am within IRS rules and following the best practices in the business. Second question: What do you use as the gift amount? After reading all of the information it is my understanding that the Gift Date amount is the amount we use for the gift. Please confirm that I understand this correctly. Thank you. Corie Pryor Coordinator of Operations Advancement Office Truman State University Kirksville MO 63501 cpryor@truman.edu<mailto:cpryor@truman.edu> 660-785-4125 This message (including any attachments) may contain confidential, proprietary and privileged information, and unauthorized disclosure or use is prohibited. If you received this message in error, please notify the sender and delete this message from your system. From: Advancement Services Discussion List [mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG] On Behalf Of John Taylor Sent: Wednesday, March 20, 2019 10:57 AM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: Re: [FUNDSVCS] Stock date You can use the search box at FundSvcs.org. But you can also just go to the Presentations and Papers category of the download site and go through those. The paper in question is the last one on the first page. John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Wed, Mar 20, 2019 at 11:50 AM Gwen Donev <gwendonev@gustavus.edu<mailto:gwendonev@gustavus.edu>> wrote: Hi John, I'd love to read your paper on stock valuation. When I go to the download site, is there way to search for that paper? I'm not finding a search field when in downloads, and sorting alphabetically for "stock valuation" or "securities" didn't work for me. Thanks! Gwen On Wed, Mar 20, 2019 at 8:37 AM John Taylor <johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com>> wrote: My paper on stock valuation is at the download site. We would calculate the value as close to "legal" as possible and give the donor credit for that amount and send that same amount to the fund they gave to. All gains and losses were absorbed in a stock clearing account which routinely ran a positive balance. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Wed, Mar 20, 2019 at 9:32 AM Jason Burdette <burdette@uga.edu<mailto:burdette@uga.edu>> wrote: Whatever we valued stock at is what we gave the fund the donor was giving to. So if we gave them more credit we'd have to give them more cash. Just so I understand, does this mean you factored gain/loss/fees into your internal valuation? We frequently give credit for stock that sells at a loss—meaning that there is less cash than credit. From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG>> On Behalf Of John Taylor Sent: Wednesday, March 20, 2019 9:02 AM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG> Subject: Re: [FUNDSVCS] Stock date Of course, this is for your own INTERNAL valuation. As for the donor's valuation, they will need to talk to their tax advisor. This happened a few times when I was at Duke and the policy was always the same - value the stock on the date the shares were irrevocably donated TO US. The rationale being that we cannot manufacture money. Whatever we valued stock at is what we gave the fund the donor was giving to. So if we gave them more credit we'd have to give them more cash. Now, if the "incorrect account" still belonged to UGA then we'd use the original gift date. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Wed, Mar 20, 2019 at 8:56 AM Jason Burdette <burdette@uga.edu<mailto:burdette@uga.edu>> wrote: Hello! We have a donor who inadvertently transferred a stock gift to the incorrect account at our broker. It took several weeks to correct. The value on the original date of gift was greater than the value on the date the gift actually hit our account. He would like gift credit for the original gift date/higher average. Which date would you use for stock valuation? Any wisdom is appreciated. Many thanks, Jason Jason R. Burdette Gift Accounting UGA Foundation | 394 S Milledge Ave | Athens, GA 30602 706-542-8160<tel:7065428160> | burdette@uga.edu<mailto:burdette@uga.edu> | dar.uga.edu<http://dar.uga.edu/> [University of Georgia] -- Gwen Donev Director of Advancement Services Gustavus Adolphus College 800 West College Avenue Saint Peter, Minnesota 56082 Email: gwendonev@gustavus.edu<mailto:gwendonev@gustavus.edu> Office: 507.933.6515

For gift date we use the date we took possession (ownership) of the stock, meaning the date on which the securities hit our account, which seems as though it equates to your email notification date in your list below. Gift amount is the mean value of high and low price per share of the stock on the date which we took possession of it times the number of shares received. Jess Jessica German Director, Advancement Information Services Trinity College 300 Summit Street Hartford, CT 06106 Phone: (860) 297-2495 E-mail: jessica.german@trincoll.edu<mailto:jessica.german@trincoll.edu> Pronouns: She, Her, Hers From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG> On Behalf Of Pryor, Corie Sent: Tuesday, July 2, 2019 12:14 PM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: Re: [FUNDSVCS] Stock date I have read the information below and read the paper in the download section and have two question for the group. What date do you use for gift date on a stock? Gift Date Sale Date Email notification that stock has been received in your bank account Our business office is telling me I should date the gift as the date I receive the information (email date) because that is when we were notified of the transfer. I understand the ideal situation would be Gift Date, Sale Date, and Notification date are all the same, but that does not always happen. The previous person in my position had instructed our gift processing secretary to always use the “Gift Date” as the official date for Banner. I am thinking about discussing a change with my supervisor to match the recommendations from the Business office, but want to make sure that I am within IRS rules and following the best practices in the business. Second question: What do you use as the gift amount? After reading all of the information it is my understanding that the Gift Date amount is the amount we use for the gift. Please confirm that I understand this correctly. Thank you. Corie Pryor Coordinator of Operations Advancement Office Truman State University Kirksville MO 63501 cpryor@truman.edu<mailto:cpryor@truman.edu> 660-785-4125 This message (including any attachments) may contain confidential, proprietary and privileged information, and unauthorized disclosure or use is prohibited. If you received this message in error, please notify the sender and delete this message from your system. From: Advancement Services Discussion List [mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG] On Behalf Of John Taylor Sent: Wednesday, March 20, 2019 10:57 AM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG> Subject: Re: [FUNDSVCS] Stock date You can use the search box at FundSvcs.org. But you can also just go to the Presentations and Papers category of the download site and go through those. The paper in question is the last one on the first page. John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Wed, Mar 20, 2019 at 11:50 AM Gwen Donev <gwendonev@gustavus.edu<mailto:gwendonev@gustavus.edu>> wrote: Hi John, I'd love to read your paper on stock valuation. When I go to the download site, is there way to search for that paper? I'm not finding a search field when in downloads, and sorting alphabetically for "stock valuation" or "securities" didn't work for me. Thanks! Gwen On Wed, Mar 20, 2019 at 8:37 AM John Taylor <johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com>> wrote: My paper on stock valuation is at the download site. We would calculate the value as close to "legal" as possible and give the donor credit for that amount and send that same amount to the fund they gave to. All gains and losses were absorbed in a stock clearing account which routinely ran a positive balance. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Wed, Mar 20, 2019 at 9:32 AM Jason Burdette <burdette@uga.edu<mailto:burdette@uga.edu>> wrote: Whatever we valued stock at is what we gave the fund the donor was giving to. So if we gave them more credit we'd have to give them more cash. Just so I understand, does this mean you factored gain/loss/fees into your internal valuation? We frequently give credit for stock that sells at a loss—meaning that there is less cash than credit. From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG>> On Behalf Of John Taylor Sent: Wednesday, March 20, 2019 9:02 AM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG> Subject: Re: [FUNDSVCS] Stock date Of course, this is for your own INTERNAL valuation. As for the donor's valuation, they will need to talk to their tax advisor. This happened a few times when I was at Duke and the policy was always the same - value the stock on the date the shares were irrevocably donated TO US. The rationale being that we cannot manufacture money. Whatever we valued stock at is what we gave the fund the donor was giving to. So if we gave them more credit we'd have to give them more cash. Now, if the "incorrect account" still belonged to UGA then we'd use the original gift date. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Wed, Mar 20, 2019 at 8:56 AM Jason Burdette <burdette@uga.edu<mailto:burdette@uga.edu>> wrote: Hello! We have a donor who inadvertently transferred a stock gift to the incorrect account at our broker. It took several weeks to correct. The value on the original date of gift was greater than the value on the date the gift actually hit our account. He would like gift credit for the original gift date/higher average. Which date would you use for stock valuation? Any wisdom is appreciated. Many thanks, Jason Jason R. Burdette Gift Accounting UGA Foundation | 394 S Milledge Ave | Athens, GA 30602 706-542-8160<tel:7065428160> | burdette@uga.edu<mailto:burdette@uga.edu> | dar.uga.edu<https://nam02.safelinks.protection.outlook.com/?url=http%3A%2F%2Fdar.uga.edu%2F&data=02%7C01%7Cjessica.german%40TRINCOLL.EDU%7C91b65e3f9df24df5a2b108d6ff085568%7Ca6cda06a52d94672ae1ff6f9c9f14e37%7C0%7C0%7C636976808599197181&sdata=bjCbTdGQ0MK%2BwA%2FwKUF239dcdrMkaEkQSP%2Fv2D9vrS8%3D&reserved=0> [University of Georgia] -- Gwen Donev Director of Advancement Services Gustavus Adolphus College 800 West College Avenue Saint Peter, Minnesota 56082 Email: gwendonev@gustavus.edu<mailto:gwendonev@gustavus.edu> Office: 507.933.6515

For gift date we use the date we took possession (ownership) of the stock, meaning the date on which the securities hit our account, which seems as though it equates to your email notification date in your list below. Gift amount is the mean value of high and low price per share of the stock on the date which we took possession of it times the number of shares received. Jess Jessica German Director, Advancement Information Services Trinity College 300 Summit Street Hartford, CT 06106 Phone: (860) 297-2495 E-mail: jessica.german@trincoll.edu<mailto:jessica.german@trincoll.edu> Pronouns: She, Her, Hers From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG> On Behalf Of Pryor, Corie Sent: Tuesday, July 2, 2019 12:14 PM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: Re: [FUNDSVCS] Stock date I have read the information below and read the paper in the download section and have two question for the group. What date do you use for gift date on a stock? Gift Date Sale Date Email notification that stock has been received in your bank account Our business office is telling me I should date the gift as the date I receive the information (email date) because that is when we were notified of the transfer. I understand the ideal situation would be Gift Date, Sale Date, and Notification date are all the same, but that does not always happen. The previous person in my position had instructed our gift processing secretary to always use the “Gift Date” as the official date for Banner. I am thinking about discussing a change with my supervisor to match the recommendations from the Business office, but want to make sure that I am within IRS rules and following the best practices in the business. Second question: What do you use as the gift amount? After reading all of the information it is my understanding that the Gift Date amount is the amount we use for the gift. Please confirm that I understand this correctly. Thank you. Corie Pryor Coordinator of Operations Advancement Office Truman State University Kirksville MO 63501 cpryor@truman.edu<mailto:cpryor@truman.edu> 660-785-4125 This message (including any attachments) may contain confidential, proprietary and privileged information, and unauthorized disclosure or use is prohibited. If you received this message in error, please notify the sender and delete this message from your system. From: Advancement Services Discussion List [mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG] On Behalf Of John Taylor Sent: Wednesday, March 20, 2019 10:57 AM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG> Subject: Re: [FUNDSVCS] Stock date You can use the search box at FundSvcs.org. But you can also just go to the Presentations and Papers category of the download site and go through those. The paper in question is the last one on the first page. John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Wed, Mar 20, 2019 at 11:50 AM Gwen Donev <gwendonev@gustavus.edu<mailto:gwendonev@gustavus.edu>> wrote: Hi John, I'd love to read your paper on stock valuation. When I go to the download site, is there way to search for that paper? I'm not finding a search field when in downloads, and sorting alphabetically for "stock valuation" or "securities" didn't work for me. Thanks! Gwen On Wed, Mar 20, 2019 at 8:37 AM John Taylor <johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com>> wrote: My paper on stock valuation is at the download site. We would calculate the value as close to "legal" as possible and give the donor credit for that amount and send that same amount to the fund they gave to. All gains and losses were absorbed in a stock clearing account which routinely ran a positive balance. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Wed, Mar 20, 2019 at 9:32 AM Jason Burdette <burdette@uga.edu<mailto:burdette@uga.edu>> wrote: Whatever we valued stock at is what we gave the fund the donor was giving to. So if we gave them more credit we'd have to give them more cash. Just so I understand, does this mean you factored gain/loss/fees into your internal valuation? We frequently give credit for stock that sells at a loss—meaning that there is less cash than credit. From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG>> On Behalf Of John Taylor Sent: Wednesday, March 20, 2019 9:02 AM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG> Subject: Re: [FUNDSVCS] Stock date Of course, this is for your own INTERNAL valuation. As for the donor's valuation, they will need to talk to their tax advisor. This happened a few times when I was at Duke and the policy was always the same - value the stock on the date the shares were irrevocably donated TO US. The rationale being that we cannot manufacture money. Whatever we valued stock at is what we gave the fund the donor was giving to. So if we gave them more credit we'd have to give them more cash. Now, if the "incorrect account" still belonged to UGA then we'd use the original gift date. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Wed, Mar 20, 2019 at 8:56 AM Jason Burdette <burdette@uga.edu<mailto:burdette@uga.edu>> wrote: Hello! We have a donor who inadvertently transferred a stock gift to the incorrect account at our broker. It took several weeks to correct. The value on the original date of gift was greater than the value on the date the gift actually hit our account. He would like gift credit for the original gift date/higher average. Which date would you use for stock valuation? Any wisdom is appreciated. Many thanks, Jason Jason R. Burdette Gift Accounting UGA Foundation | 394 S Milledge Ave | Athens, GA 30602 706-542-8160<tel:7065428160> | burdette@uga.edu<mailto:burdette@uga.edu> | dar.uga.edu<https://nam02.safelinks.protection.outlook.com/?url=http%3A%2F%2Fdar.uga.edu%2F&data=02%7C01%7Cjessica.german%40TRINCOLL.EDU%7C91b65e3f9df24df5a2b108d6ff085568%7Ca6cda06a52d94672ae1ff6f9c9f14e37%7C0%7C0%7C636976808599197181&sdata=bjCbTdGQ0MK%2BwA%2FwKUF239dcdrMkaEkQSP%2Fv2D9vrS8%3D&reserved=0> [University of Georgia] -- Gwen Donev Director of Advancement Services Gustavus Adolphus College 800 West College Avenue Saint Peter, Minnesota 56082 Email: gwendonev@gustavus.edu<mailto:gwendonev@gustavus.edu> Office: 507.933.6515

Unhelpfully, the only specific IRS guidance related to the date of gift for gifts of securities only addresses transfer by paper certificates (!). Accordingly, the analysis falls back on the general rules for transfer of gifts of property, which is that a gift is complete at the time of its unconditional delivery to the recipient. A gift of securities by electronic transfer, therefore, is complete when it arrives in an account owned by the recipient. It’s not complete at the time that the donor gives her broker instructions, because the stock has not at that point been unconditionally delivered (which makes sense, because the donor could at that point change her mind and not make the gift). One brokerage used to have a bad habit of not completing the transfer but holding the stock in one of their accounts and asking for instructions, delaying the time when the stock was unconditionally delivered. They seem to have gotten smarter about that, though. Similarly, one hopes that the broker for your account will notify you in a timely manner, but it’s not the notice that counts, it’s the unconditional delivery. Before the rules tightened up after 911, it was actually possible for a donor’s broker to create an account for the charitable recipient—sometimes without bothering to notify the recipient—and transfer the gift into that account. Really bad practice. But, nonetheless, if the stock is in an account owned by the recipient, the gift is complete. Happily, that doesn’t happen anymore either, as far as I can tell. The date of gift—the date of the stock’s unconditional delivery—determines the valuation for the donor and the value that you would enter for the gift in your system. So your system should record that date, to substantiate the transaction. The details may vary based on your systems and policies. There may be a separate “processing date” when you actually enter the transaction, for instances. My US$0.02 worth; the usual disclaimers apply. Good luck! Alan Alan S. Hejnal Data Quality Manager Smithsonian Institution - Office of Advancement 600 Maryland Avenue SW, Suite 600E P.O. Box 37012, MRC 527 Washington, DC 20013-7012 •: 202-633-8754 | •: HejnalA@si.edu<mailto:HejnalA@si.edu> [SNAGHTML5cbfa34]<https://www.si.edu/> [AASP_FundSvcs_LOGO-01(040pct)(mark)] From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG> On Behalf Of Pryor, Corie Sent: Tuesday, July 2, 2019 12:14 PM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: Re: [FUNDSVCS] Stock date I have read the information below and read the paper in the download section and have two question for the group. What date do you use for gift date on a stock? Gift Date Sale Date Email notification that stock has been received in your bank account Our business office is telling me I should date the gift as the date I receive the information (email date) because that is when we were notified of the transfer. I understand the ideal situation would be Gift Date, Sale Date, and Notification date are all the same, but that does not always happen. The previous person in my position had instructed our gift processing secretary to always use the “Gift Date” as the official date for Banner. I am thinking about discussing a change with my supervisor to match the recommendations from the Business office, but want to make sure that I am within IRS rules and following the best practices in the business. Second question: What do you use as the gift amount? After reading all of the information it is my understanding that the Gift Date amount is the amount we use for the gift. Please confirm that I understand this correctly. Thank you. Corie Pryor Coordinator of Operations Advancement Office Truman State University Kirksville MO 63501 cpryor@truman.edu<mailto:cpryor@truman.edu> 660-785-4125 This message (including any attachments) may contain confidential, proprietary and privileged information, and unauthorized disclosure or use is prohibited. If you received this message in error, please notify the sender and delete this message from your system. From: Advancement Services Discussion List [mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG] On Behalf Of John Taylor Sent: Wednesday, March 20, 2019 10:57 AM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG> Subject: Re: [FUNDSVCS] Stock date You can use the search box at FundSvcs.org. But you can also just go to the Presentations and Papers category of the download site and go through those. The paper in question is the last one on the first page. John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Wed, Mar 20, 2019 at 11:50 AM Gwen Donev <gwendonev@gustavus.edu<mailto:gwendonev@gustavus.edu>> wrote: Hi John, I'd love to read your paper on stock valuation. When I go to the download site, is there way to search for that paper? I'm not finding a search field when in downloads, and sorting alphabetically for "stock valuation" or "securities" didn't work for me. Thanks! Gwen On Wed, Mar 20, 2019 at 8:37 AM John Taylor <johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com>> wrote: My paper on stock valuation is at the download site. We would calculate the value as close to "legal" as possible and give the donor credit for that amount and send that same amount to the fund they gave to. All gains and losses were absorbed in a stock clearing account which routinely ran a positive balance. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Wed, Mar 20, 2019 at 9:32 AM Jason Burdette <burdette@uga.edu<mailto:burdette@uga.edu>> wrote: Whatever we valued stock at is what we gave the fund the donor was giving to. So if we gave them more credit we'd have to give them more cash. Just so I understand, does this mean you factored gain/loss/fees into your internal valuation? We frequently give credit for stock that sells at a loss—meaning that there is less cash than credit. From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG>> On Behalf Of John Taylor Sent: Wednesday, March 20, 2019 9:02 AM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG> Subject: Re: [FUNDSVCS] Stock date Of course, this is for your own INTERNAL valuation. As for the donor's valuation, they will need to talk to their tax advisor. This happened a few times when I was at Duke and the policy was always the same - value the stock on the date the shares were irrevocably donated TO US. The rationale being that we cannot manufacture money. Whatever we valued stock at is what we gave the fund the donor was giving to. So if we gave them more credit we'd have to give them more cash. Now, if the "incorrect account" still belonged to UGA then we'd use the original gift date. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Wed, Mar 20, 2019 at 8:56 AM Jason Burdette <burdette@uga.edu<mailto:burdette@uga.edu>> wrote: Hello! We have a donor who inadvertently transferred a stock gift to the incorrect account at our broker. It took several weeks to correct. The value on the original date of gift was greater than the value on the date the gift actually hit our account. He would like gift credit for the original gift date/higher average. Which date would you use for stock valuation? Any wisdom is appreciated. Many thanks, Jason Jason R. Burdette Gift Accounting UGA Foundation | 394 S Milledge Ave | Athens, GA 30602 706-542-8160<tel:7065428160> | burdette@uga.edu<mailto:burdette@uga.edu> | dar.uga.edu<https://nam02.safelinks.protection.outlook.com/?url=http%3A%2F%2Fdar.uga.edu%2F&data=02%7C01%7CHejnalA%40SI.EDU%7C0feb01e0b792472b478c08d6ff0856aa%7C989b5e2a14e44efe93b78cdd5fc5d11c%7C0%7C0%7C636976808627162705&sdata=M%2FzuRrok7qXpdl6U66Rup1GqCi0BfudRbckfF35%2B8R0%3D&reserved=0> [University of Georgia] -- Gwen Donev Director of Advancement Services Gustavus Adolphus College 800 West College Avenue Saint Peter, Minnesota 56082 Email: gwendonev@gustavus.edu<mailto:gwendonev@gustavus.edu> Office: 507.933.6515

Unhelpfully, the only specific IRS guidance related to the date of gift for gifts of securities only addresses transfer by paper certificates (!). Accordingly, the analysis falls back on the general rules for transfer of gifts of property, which is that a gift is complete at the time of its unconditional delivery to the recipient. A gift of securities by electronic transfer, therefore, is complete when it arrives in an account owned by the recipient. It’s not complete at the time that the donor gives her broker instructions, because the stock has not at that point been unconditionally delivered (which makes sense, because the donor could at that point change her mind and not make the gift). One brokerage used to have a bad habit of not completing the transfer but holding the stock in one of their accounts and asking for instructions, delaying the time when the stock was unconditionally delivered. They seem to have gotten smarter about that, though. Similarly, one hopes that the broker for your account will notify you in a timely manner, but it’s not the notice that counts, it’s the unconditional delivery. Before the rules tightened up after 911, it was actually possible for a donor’s broker to create an account for the charitable recipient—sometimes without bothering to notify the recipient—and transfer the gift into that account. Really bad practice. But, nonetheless, if the stock is in an account owned by the recipient, the gift is complete. Happily, that doesn’t happen anymore either, as far as I can tell. The date of gift—the date of the stock’s unconditional delivery—determines the valuation for the donor and the value that you would enter for the gift in your system. So your system should record that date, to substantiate the transaction. The details may vary based on your systems and policies. There may be a separate “processing date” when you actually enter the transaction, for instances. My US$0.02 worth; the usual disclaimers apply. Good luck! Alan Alan S. Hejnal Data Quality Manager Smithsonian Institution - Office of Advancement 600 Maryland Avenue SW, Suite 600E P.O. Box 37012, MRC 527 Washington, DC 20013-7012 •: 202-633-8754 | •: HejnalA@si.edu<mailto:HejnalA@si.edu> [SNAGHTML5cbfa34]<https://www.si.edu/> [AASP_FundSvcs_LOGO-01(040pct)(mark)] From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG> On Behalf Of Pryor, Corie Sent: Tuesday, July 2, 2019 12:14 PM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: Re: [FUNDSVCS] Stock date I have read the information below and read the paper in the download section and have two question for the group. What date do you use for gift date on a stock? Gift Date Sale Date Email notification that stock has been received in your bank account Our business office is telling me I should date the gift as the date I receive the information (email date) because that is when we were notified of the transfer. I understand the ideal situation would be Gift Date, Sale Date, and Notification date are all the same, but that does not always happen. The previous person in my position had instructed our gift processing secretary to always use the “Gift Date” as the official date for Banner. I am thinking about discussing a change with my supervisor to match the recommendations from the Business office, but want to make sure that I am within IRS rules and following the best practices in the business. Second question: What do you use as the gift amount? After reading all of the information it is my understanding that the Gift Date amount is the amount we use for the gift. Please confirm that I understand this correctly. Thank you. Corie Pryor Coordinator of Operations Advancement Office Truman State University Kirksville MO 63501 cpryor@truman.edu<mailto:cpryor@truman.edu> 660-785-4125 This message (including any attachments) may contain confidential, proprietary and privileged information, and unauthorized disclosure or use is prohibited. If you received this message in error, please notify the sender and delete this message from your system. From: Advancement Services Discussion List [mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG] On Behalf Of John Taylor Sent: Wednesday, March 20, 2019 10:57 AM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG> Subject: Re: [FUNDSVCS] Stock date You can use the search box at FundSvcs.org. But you can also just go to the Presentations and Papers category of the download site and go through those. The paper in question is the last one on the first page. John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Wed, Mar 20, 2019 at 11:50 AM Gwen Donev <gwendonev@gustavus.edu<mailto:gwendonev@gustavus.edu>> wrote: Hi John, I'd love to read your paper on stock valuation. When I go to the download site, is there way to search for that paper? I'm not finding a search field when in downloads, and sorting alphabetically for "stock valuation" or "securities" didn't work for me. Thanks! Gwen On Wed, Mar 20, 2019 at 8:37 AM John Taylor <johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com>> wrote: My paper on stock valuation is at the download site. We would calculate the value as close to "legal" as possible and give the donor credit for that amount and send that same amount to the fund they gave to. All gains and losses were absorbed in a stock clearing account which routinely ran a positive balance. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Wed, Mar 20, 2019 at 9:32 AM Jason Burdette <burdette@uga.edu<mailto:burdette@uga.edu>> wrote: Whatever we valued stock at is what we gave the fund the donor was giving to. So if we gave them more credit we'd have to give them more cash. Just so I understand, does this mean you factored gain/loss/fees into your internal valuation? We frequently give credit for stock that sells at a loss—meaning that there is less cash than credit. From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG>> On Behalf Of John Taylor Sent: Wednesday, March 20, 2019 9:02 AM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG> Subject: Re: [FUNDSVCS] Stock date Of course, this is for your own INTERNAL valuation. As for the donor's valuation, they will need to talk to their tax advisor. This happened a few times when I was at Duke and the policy was always the same - value the stock on the date the shares were irrevocably donated TO US. The rationale being that we cannot manufacture money. Whatever we valued stock at is what we gave the fund the donor was giving to. So if we gave them more credit we'd have to give them more cash. Now, if the "incorrect account" still belonged to UGA then we'd use the original gift date. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Wed, Mar 20, 2019 at 8:56 AM Jason Burdette <burdette@uga.edu<mailto:burdette@uga.edu>> wrote: Hello! We have a donor who inadvertently transferred a stock gift to the incorrect account at our broker. It took several weeks to correct. The value on the original date of gift was greater than the value on the date the gift actually hit our account. He would like gift credit for the original gift date/higher average. Which date would you use for stock valuation? Any wisdom is appreciated. Many thanks, Jason Jason R. Burdette Gift Accounting UGA Foundation | 394 S Milledge Ave | Athens, GA 30602 706-542-8160<tel:7065428160> | burdette@uga.edu<mailto:burdette@uga.edu> | dar.uga.edu<https://nam02.safelinks.protection.outlook.com/?url=http%3A%2F%2Fdar.uga.edu%2F&data=02%7C01%7CHejnalA%40SI.EDU%7C0feb01e0b792472b478c08d6ff0856aa%7C989b5e2a14e44efe93b78cdd5fc5d11c%7C0%7C0%7C636976808627162705&sdata=M%2FzuRrok7qXpdl6U66Rup1GqCi0BfudRbckfF35%2B8R0%3D&reserved=0> [University of Georgia] -- Gwen Donev Director of Advancement Services Gustavus Adolphus College 800 West College Avenue Saint Peter, Minnesota 56082 Email: gwendonev@gustavus.edu<mailto:gwendonev@gustavus.edu> Office: 507.933.6515