Gifts In Kind
Information to be provided to the Foundation for all goods-in-kind donations
- Donor’s name, address and telephone number
- Donor’s social security number or federal tax identification number
- Brief physical description of the donated asset, including an explanation of the method used to determine the fair market value
- Date the university/department acquired the asset and method of acquisition
Methods of valuation for goods-in-kind donations
Goods-in-kind donations (GIK) in excess of $5,000 and for which donors are eligible for a charitable gift deduction in accordance with current IRS regulations will be reported on the date of transfer at the fair market value placed on them by an independent appraiser employed by the donor. Gifts of $5,000 and under may be reported at the value declared by the donor or placed on them by a qualified expert on the faculty or staff of the institution. If a value as specified above is not placed on a GIK, the value on the donor’s record will be $1.
Goods-in-kind donations which require a transfer of title, such as a car or boat, should be titled directly to Oklahoma State University rather than to the OSU Foundation. Notification of the donated item titled directly to the university should be made to the Foundation by the university/department in receipt of the donation.
Gifts of Stocks and Bonds
Methods of Acceptance and Valuation
Marketable securities – securities regularly traded on a public stock exchange. Gifts of marketable securities that are freely tradable without restriction are accepted without review of the Foundation Gift Acceptance Committee.
The value for gift credit purposes will be the fair market value on the effective date of transfer. Fair market value is generally the average of its high and low trading prices. For mutual funds, the fair market value is the closing price.
Once possession is obtained and the donor information confirmed, marketable securities are sold as soon as practical by the Department of Donated Assets & Risk Management. Marketable securities may not be held without notification to the Foundation Gift Acceptance Committee and approval from the Foundation Investment Committee.
Shares of marketable securities subject to restrictions require approval by the Foundation Investment Committee to accept. Efforts should be made to have the restrictions removed prior to acceptance of the gift.
Methods of Delivery & Effective Date of Transfer
Hand Delivery - If securities are hand delivered to the Foundation, the date for gift credit purposes is the date the securities and the stock power are delivered to the Foundation. We suggest completing a stock power in lieu of endorsing the stock certificate(s); unendorsed stock certificates are non-negotiable. To transfer ownership of the securities to the Foundation, donors should obtain a stock power, signing it exactly as it appears on the certificate(s), and have their signature guaranteed by their banker or broker. The Foundation should be designated on the stock power as Oklahoma State University Foundation (taxpayer identifying # 73-6097060). If ownership of the securities is transferred by a transfer agent and a new certificate(s) is issued in the name of the Foundation the date for gift credit purposes is the transfer date indicated on the newly issued certificate(s).
Mailing - If the securities are mailed to the Foundation, the date for gift credit purposes is the postmark date of the last document received, except in the case of securities transferred via a transfer agent as described above. We suggest completing a stock power in lieu of endorsing the stock certificate(s); unendorsed stock certificates are non-negotiable. Donors should obtain a stock power, signing it exactly as it appears on the certificate(s), and have their signature guaranteed by their banker or broker. The stock power and a letter of instruction should be mailed to the Foundation under separate cover from the stock certificate(s). The Foundation should be designated on the stock power as Oklahoma State University Foundation (taxpayer identifying # 73-6097060). If a courier is used, the date for gift credit purposes is the date of delivery to the Foundation.
Electronic Transfer - If securities are electronically transferred from a donor’s brokerage account to an account held in the name of the Foundation via the Depository Trust Company (DTC), then the value for gift credit purposes will be its fair market value on the date on which the securities are received in the Foundation’s account. Donors may contact the Foundation to obtain DTC instructions that they will then give to their broker along with a letter of instruction regarding the specific securities to be transferred. A copy of the letter of instruction should be sent to the Foundation in order that the donor may be receipted properly. If transferring mutual fund shares please contact the Foundation for instructions. Each mutual fund company has its own procedures for transferring shares for charitable gift purposes. Allow four to six weeks for the transaction to be processed. If planning a year-end gift, it is suggested start the process no later than November. Click Here for a sample letter requesting an electronic stock transfer.
If you have questions about making a donation of securities, please contact the office of Donated Assets & Risk Management at (800) 622-4678 or e-mail Brandy Huston.