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  • 1.  Stock Contribution - Source of Funds

    Posted 11-19-2024 03:03 PM

    Hi...

    I've recently been getting push back from my finance department on stock contributions because they want additional information. Specifically, they want to know "Source of funds - earnings, inheritance, investments." I've been doing this for quite a while and I've never had to request that additional info from the donor. I don't want to ask this of the donor and it seems bordering on inappropriate. Is this common or a new requirement? Wondering if I've had my head in the sand all these years.

    Had a great time at my first AASP Summit last week. Thanks all for making it a great week!

    Peter



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    Peter Szumlas
    Los Angeles Philharmonic Association
    pszumlas@laphil.org
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  • 2.  RE: Stock Contribution - Source of Funds

    Posted 11-19-2024 03:07 PM
    I have not heard of any client requiring this information. While I am not on top of accounting rules, as I am IRS, this level of detail seems unnecessary-especially when most charities immediately sell stock upon receipt.

    I'd push back-or at least require evidence supporting the need for this information. If there is a reasonable explanation, Finance should require their broker to obtain the information.

    John

    John H. Taylor, Principal
    John H. Taylor Consulting, LLC
    2604 Sevier Street
    Durham, NC     27705

    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987




    Original Message


  • 3.  RE: Stock Contribution - Source of Funds

    Posted 11-19-2024 03:10 PM

    Thanks for the quick response John. Very helpful!



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    Peter Szumlas
    Los Angeles Philharmonic Association
    pszumlas@laphil.org
    ------------------------------

    Original Message


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