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Instructions
for Giving a Gift of Stock
Bangor Theological Seminary gratefully accepts gifts of stock in publicly
traded companies. It will be most helpful if you will call the Development
Office to notify us of a gift of stock: 1-800-287-6781 (1-207-942-6781)
The most beneficial way for you to make this
gift is through transferring the stock to the Seminary. If the stock has
appreciated in value, you will not wish to sell it as you may incur a tax
liability.* A transfer to the Seminary may be done in two ways:
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Wire transfer -
If
your securities are held in electronic form, ask your broker or banker to
transfer the shares you wish to give to the Seminary's brokerage account
Paine Webber account number BP4468456
Depository Trust Company #221
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Physical transfer
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If you physically hold the stock certificates, you may bring them to the
development office or send them through the mail. If you are planning to
send the certificates through the mail, please do not sign them. Sign a
stock power for each certificate and include a cover letter indicating
that you are making a gift of ____ # shares of XYZ Corporation to Bangor
Theological Seminary. Send the stock powers in a separate envelope from
the certificates. Please send both via registered mail to Elaine Keenan in the
Development office.
If you are planning to bring them to the
development office, you may sign the back of the stock certificate,
exactly as it appears on the certificate, or you may bring stock powers
and the stock certificates.
Value and date of gift
The value of the gift is the average of the high and low market values (mean
value) on the date the donor relinquishes control of the assets to the
Seminary, as determined by IRS regulations. In the case of an electronic
transfer, it is the date that the stocks are actually delivered to the
Seminary's account. In the case of a mail transfer, it is the date of the
postmark. If you personally deliver the stock, it is the date of the
delivery.
If you have owned the stock for less than one
year and one day, it will be considered held for the short-term and your
deduction will be limited to the cost basis.
* If you wish to donate stock that has
decreased in value, your financial advisor may advise you to sell the stock,
deduct the capital loss according to IRS regulations, and contribute the
cash proceeds to the Seminary.
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