FundSvcs Community

 View Only

  • 1.  stock gifts

    Posted 01-04-2024 06:46 PM

    Hi everyone! Who sells your stock gifts to convert to cash? Our finance team notifies our CEO when a stock gift comes in, then our CEO sells the stock. It's a bit scary to me because if our CEO is on vacation then we would hold the stock until she returns and can sell it. Is this normal? Is it typically the CEO/president who does this? Thank you!

     

    KAYHAN AZADI (he/him)
    Director of Philanthropy and Community Affairs
    (323) 640-1124
    Path Logo
    www.epath.org
    Path Facebook Path Instagram Path Twitter Path YoutTube

    HELP SOMEONE MAKE IT HOME TODAY! 

     



  • 2.  RE: stock gifts

    Posted 01-04-2024 07:16 PM
    At most of the organizations I work with, the broker has a standing order to liquidate the security immediately upon receipt. However, if the originating donor cannot be identified the stock is held for 1-2 days before being asked if a donor cannot be identified.

    John



    Original Message


  • 3.  RE: stock gifts

    Posted 01-04-2024 07:25 PM
    That last sentence (before autocorrect ) should have read:

    "before being DKed if a donor cannot be identified."

    John

    John H. Taylor 
    919.816.5903 (Cell/Text)

    Big Ideas; Small Keyboard



    Original Message


  • 4.  RE: stock gifts

    Posted 01-05-2024 09:58 AM

    Hi, Kayhan –   

     

    I've previously seen instances in which a broker will require affirmative confirmation from the institution to sell for each transfer (i.e. even if the institution always intends to sell the stocks upon receipt).  In those cases, there are multiple people identified who can approve that sale so the process is not held up by a single person being unavailable. 

     

    Michael Halverson

    Cell: 320-363-4987

    Office: 305-284-1608

     




    Original Message


Related Content