| Frequently Asked Questions |
|
Contents:
How Does Columbia value my gift of Securities?
How long does it take for my valuation letter?
What do I do if I want to give gifts of Restricted/Closely Held Stock?
What if I would like to give Mutual Funds?
What is Columbia's Tax ID?
Is there a minimum value for a gift of Securities?
What is the cutoff date for a gift of Securities by calendar year end?
How do I contact you?
How does Columbia value my gift of Securities?
If the security is transferred electronically through DTC:
The average of the High and Low prices on the Date of Gift, which is the day the security is received into our brokerage account.
If the physical certificate is sent by US Mail:
The average of the High and Low prices on the Date of Gift, which is the postmark. If the Certificate and the Stock Power are sent on different dates, the later date will be used. If the certificate is hand delivered:
The average of the High and Low prices on the Date of Gift, which is the date the University takes physical possession of either the certificate or the stock power, whichever is later.
For Restricted or Closely Held stock:
An appraisal based on the Fair Market Value for the restricted shares on the Date of Gift, which is dependent on the form of delivery.
Please remember that Columbia University sends this valuation as a courtesy only and is not required by the IRS to do so.
How long will it take for me to receive my valuation letter?
During most of the year you can expect to receive your valuation letter from this office within two weeks of us receiving your gift.
However, during peak times (December, January and June) of gift receipts, this can take up to four to six weeks.
It should also be noted that if securities are sent electronically without previous notification to this office, it can take several months for a gift to be traced to its original donor. Please remember that your broker does not necessarily pass on to this office your instructions verbally or in writing.
What do I do if I want to give gifts of Restricted/Closely Held Stock?
You will need to contact our Office of Gift Planning at:
Office of Gift Planning
Columbia University
475 Riverside Drive, MC7718
New York, NY 10027
(800) 338-3294
E-mail: gift.planning@columbia.edu
What if I would like to give Mutual Funds?
The University accepts some Mutual Funds for gift purposes. The procedure for transferring Mutual Funds is different for each fund, including different funds at the same company. You will need to contact the Treasury Operations team before beginning any transfer. Please use the following link:
Columbia University's Tax ID is 13-5598093
Is there a minimum value for a gift of Securities?
Yes. The University recommends that gifts of securities be valued at $1,000 or more, whether sent by DTC or in certificate form.
What is the cutoff date for a gift of Securities by calendar year end?
Gifts that are transferred via DTC must be received in the University?s account at Merrill Lynch on or by the final business day of the calendar year. Since many brokers are busy and/or vacationing at this time, we suggest you give delivery instructions to your broker early in December to meet a year-end cutoff for tax purposes. Gifts sent by U.S. mail must be postmarked by December 31; all other gifts must be delivered by December 31.
__________________________
Cash Management & Operations
Office of the Treasurer
COLUMBIA UNIVERSITY
615 W. 131 Street, Floor 3
New York, NY 10027
