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Truth in
Fund Raising... I Don't Know Anything About Stocks
Since that's true - I
don't know anything about stocks - after I managed to pull the column at left together, I
asked for more information. Glenda Rider - who knows anything you'd care to ask about
stocks - wrote back. Her letter is reproduced below. And, if you have more questions,
maybe know, with Glenda's invaluable help, I really can answer them. One thing you may
want (see the end of Glenda's letter) is the tax ID Number of the LA&M. That number,
called also FEIN is 36-3841874. Hope this Helps - JWB
Hi Joseph,
It's very easy for people to make donations to the LAM of stocks, bonds and mutual funds.
It requires a gift letter addressed to their current broker or mutual fund company making
the gift to the LAM relinquishing all rights to the securities. The LAM should be
mentioned by name in the letter with the tax ID number of the organization included. A few
firms, such as Charles Schwabb, have form letters for their clients to use so the donor
should check that out.
The assets get to the LAM account one of several ways: by having the donor's current
custodian (i.e., broker or fund company or bank) utilize the DTC system, by having their
current custodian "register and ship" the securities to the LAM in certificate
form or by having the donor endorse certificates they currently have in their possession
over to the archives. Since most people don't hold their paper certificates anymore and
many firms charge a fee to register and ship securities, the first option, the DTC system
is usually the best one to use.
To DTC an asset: provide a letter of instruction to the current custodian requesting them
to "transfer via DTC to DTC #0443 Pershing/DLJ for benefit of account # 5DK 038351
The Leather Archives and Museum, Inc." The client may specify in the letter a
specific effective date of the gift and closing or opening price if they so choose after
consulting with their accountant. I also recommend that the tax ID#'s be included in the
letter - both of the donor and the LAM.
It's really that easy.
- Glenda Rider
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