Did you know? Otterbein Accepts Gifts of Stock
For years, you have carefully invested and watched your savings grow. What took a lifetime to build can quickly change through capital gains tax when you sell. But it doesn’t have to be that way. Rather than selling, consider a gift of appreciated stock. Consult your tax advisor to learn more about all the benefits of gifting stock before the end of the year.
For Certificates Held by a Bank or Broker
Certificates held by a bank or broker can be transferred to Otterbein electronically by following these steps:
Step One: Contact your bank or broker and authorize them to transfer the securities to Otterbein through the University’s account at.
RBC Wealth Management
Two Portland Square, 5th Floor
PO Box 17600
Portland, ME 04112
Attn: Darci Petrov
DTC Number: 0235
Account Number: 30957776 (Otterbein University)
Otterbein’s Tax Identification Number: 31-4379532
Further Reference: Otterbein University and Donor’s Name
Step Two: Contact Christine Neubauer, Gift Administration and Bio Records Specialist at 614.823. 1428 or email@example.com and provide: your name and address, the specific name of the securities to be transferred, the number of shares to be transferred, any special restrictions on the securities to be transferred, the designation of the gift (The Otterbein FUND, special project, etc.), and the name, address and telephone number of your broker.
For Certificates Held by You
If you hold the securities, you may send them to directly to RBC Wealth Management at the above address or to Otterbein at the address below by ordinary first-class mail using these steps:
: In one envelope, place:
- the securities certificates, unsigned
- a letter stating the purpose of the gift (be sure to include your name and address)
: In a second envelope, send:
- a stock power form, which you should sign but otherwise leave blank and obtain a medallion signature guarantee from your bank or broker. Stock power forms are available from Otterbein or from your bank or broker.
- a copy of the letter sent with the certificates
Address and mail both envelopes to:
1 South Grove Street
Westerville, OH 43081
The certificates will not be negotiable until joined with the stock power, so using two separate envelopes will safeguard your gift.
Note: There are important reasons to use the procedures outlined above. For example, do NOT instruct your banker or broker to sell your securities and forward the proceeds; this would represent a cash contribution and you would be liable for the capital gains tax.
Valuing and Acknowledging Your Gift
The value of your gift of securities is the mean between the high and low prices on the day the securities officially pass from your control to Otterbein’s. Otterbein will send you a receipt stating the number of shares and the date on which they are officially received.