Thank you for your interest in donating securities to the Governor’s School Foundation Annual Fund. We have set up a process with our brokerage to accept such donations and liquidate those securities at market value for inclusion in our Annual Fund.
Security Acceptance and Liquidation
Our security transactions are handled through our broker, BB&T Scott & Stringfellow. Our financial advisor is the Molster Mintz & Gow Group, and their phone number is (804) 780-3287. Our client service associate contact is Cheryl Franz, who can be reached at the same number.
Your broker will need the following numbers to initiate a security donation.
Scott & Stringfellow’s DTC number: 0702
MLWGS Foundation’s account number: 22401237
Once Scott & Stringfellow receives and confirms the security information, they will process the receipt, liquidate the holdings, and send the Foundation the proceeds. When we receive the proceeds, we will send you written confirmation of the donation’s value, which will include the number of securities sold and the high/low/average prices on the day sold. (We are not allowed to include the sales price, as this may differ from the sale price on the day of the donation.) Your broker or Scott and Stringfellow will provide you with the sales price.
Potential Favorable Tax Treatment
Please consult your CPA or tax advisor about the treatment of the securities donated on your tax filings. Donations of securities to non-profits in most cases have favorable tax treatment, in that any appreciation in value over the security’s cost basis is not taxed, while the market value of the security is deductible as a contribution. Of course there are limitations and specific rules underlying treatment of contributions, so please confirm with your tax advisor.
If you should need additional information, please feel to call the Governor’s School Foundation office at 804-354-1566.