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What Others Say:
My objective is to make a difference in the life of a few students and their families. Working with the scholarship fund, the Community Foundation, and the fund's scholarship selection committee has been a rewarding experience, the best part of which is knowing that the program will continue in perpetuity.
-- Bill Greenly, Legacy Society Member
» See all our testimonials
-- Bill Greenly, Legacy Society Member
» See all our testimonials
How To Give Stock
The Community Foundation of the Eastern Shore currently has an account with Morgan Stanley and Scottrade to receive all stock for immediate liquidation. If your stock is held at another financial institution, you need to authorize your financial institution to transfer that stock to Morgan Stanley or Scottrade. Here's how:
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Write a short "authorization letter" addressed to your financial institution or stockbroker that is holding your stock. Your financial institution will not transfer stock without your written authorization. The letter needs to contain the following:
- A list of the names and numbers of the specific stocks you want to transfer
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Where you want the stocks transferred to:
Morgan Stanley, DTC #0015 or
Scottrade
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What account at Morgan Stanley or Scottrade you want credited: Morgan Stanley account #505-028906-042 or
Scottrade account # 22283744
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Your signature
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Fax or mail letter to your financial institution, and confirm that they have received the letter.
- Contact the Community Foundation at 410-742-9911 (phone) or 410-742-6638 (fax) to let them know that your stock is being transferred.
Morgan Stanley and Scottrade will notify the Community Foundation when the stock has been transferred. The Community Foundation will authorize the broker to sell the stock, and the proceeds from the sale minus the commission will be placed in your fund at the Community Foundation. You will receive a gift acknowledgement from the Community Foundation confirming this stock gift.
Example
Penny Jones decides to give 500 shares of her Microsoft stock to the Community Foundation to start up her Jones Scholarship Fund. She writes the following letter to her brokerage house:
Dear Bob's Brokerage House:Please transfer 500 shares of my Microsoft stock #1200 to #1699 to Morgan Stanley DTC #0015 and credit the Community Foundation of the Eastern Shore's account #505-028906-042. Thank you.(Signed) Penny Jones
Penny faxes her letter to her financial institution, and then calls them to make sure they will do the transfer as she requested. She then calls the Community Foundation to tell them that her stock is being transferred. A week or two later, Penny receives a gift acknowledgement letter letting her know the value of the stock on the day of transfer for IRS purposes and how much money was deposited in her fund at the Community Foundation.
