Q. What’s the easiest way to make a gift of stock to Lyme Academy College of Fine Arts?
A. If your broker holds the stock, ask him or her to send the stock “DTC” to our account using the following information:
- Pershing LLC
- DTC# 0443
- FTA: Lyme Academy College of Fine Arts
- Acct # 5Y9-019069
If you prefer, you may send a letter of instruction to your broker rather than contact us directly.
Q. Are there other methods of giving stock to the College?
A. There are two other procedures you may use to donate stock. The one you choose is dependent upon whether your bank holds the stock, or if the securities are in your possession. If a bank holds your stock, the trust officer may set up a temporary account in the name of Lyme Academy College of Fine Arts, sell the stock on our instructions and send the proceeds to the College. If the stock is in your possession, send the stock certificate to Lyme Academy College, along with a notarized letter stating that you are making a gift of the stock to the College. The letter should be signed by all persons listed on the stock certificate. We also require that you send a “Stock Power” form (available from your broker) signed by each person listed on the stock certificate.
Q. How are the date and value of my stock gift determined?
A. Your gift of stock is effective on the date the stock irrevocably leaves your control. If your bank or broker holds the stock, the gift date is the date of transfer. If you mail the stock to us, the gift date is the same as the postmark. If you hand-deliver the stock, the gift date is the date the College takes physical possession of the stock. The value of your gift for tax purposes is the fair market value of the stock on the gift date. In the case of publicly-traded stock, the fair market value is the average between the high and low (or bid and asked) prices for the stock on the gift date, multiplied by the number of shares.