DTC (Depository Trust Company) transfer is the easiest method when a third party (not the donor) holds the Certificate. Upon receipt of the Stock Gift Notification Form the USM Foundation Business Office will contact the donor with specific information and instructions on using this method.
NOTE: IF A DTC TRANSFER IS INITIATED AND THE USM FOUNDATION HAS NO INFORMATION, THE STOCK/BOND MAY BE RETURNED.
When a DTC transfer of a stock/bond Certificate is received:
- The USM Foundation Senior Accountant informs the institution of the $ value of the stock/bond; (the dollar value of the gift is the average of the high and low value of the security on the day the gift is given times the number of shares)
- OIA enters the gift information in Advance for stock gifts to USM Foundation campuses (UMBC, UMUC, UMES, UMB, UMCP)
- The USM Foundation enters the gift information in Advance if the stock gift is to benefit the USM Foundation or UMCES
- The USM Foundation adjusts the batch posting report to record any gains or losses on the sale of the stock along with any fees associated with the transfer and sale