Steve D Community Fund Stock Donation Policy
1. Purpose
This Stock Donation Policy outlines the procedures and guidelines for accepting donations of publicly traded stocks by Steve DeAngelis Community Fund, a Maine non-profit corporation (the “Organization”). The purpose of this policy is to ensure that the Organization can effectively manage and process stock donations in compliance with applicable laws and regulations while maximizing the benefits to the Organization.
2. Acceptance of Stock Donations
The Organization welcomes donations of publicly traded stocks as a means of supporting its mission and programs. Acceptance of stock donations is subject to the terms and conditions outlined in this policy.
3. Eligible Securities
Stock donations accepted by the Organization must meet the following criteria:
The securities must be publicly traded on a recognized stock exchange.
The securities must be free of any restrictions on transfer or sale.
The donor must have clear legal title to the securities and the right to transfer them.
4. Valuation
The valuation of stock donations will be based on the average of the high and low market prices on the date the securities are received by the Organization. If the securities are received on a non-trading day, the valuation will be based on the average of the high and low market prices on the closest trading day.
The valuation of bond donations will be calculated by averaging the bid and ask prices for the bond as of the gift valuation date. If the securities are received on a non-trading day, the valuation will be based on the average of the bid and ask prices on the closest trading day.
The valuation of mutual fund units will be calculated using the NAV (i.e., the net asset value; also called the closing value) for the fund as of the gift valuation date. If the securities are received on a non-trading day, the valuation will be based on NAV on the closest trading day.
5. Transfer, Receipt, and Acknowledgment
Prior to a stock donation, a donor will notify the Organization of his, her, or its planned stock donation, and the Organization will provide the donor with the applicable account information for transfer and delivery of such stock.
Upon receipt of a stock donation meeting the eligibility criteria set forth above, the Organization will provide the donor with a written acknowledgment, including:
Description of the securities donated.
Date of receipt.
Valuation date and method.
Statement that no goods or services were provided by the Organization in exchange for the donation (if applicable).
6. Selling of Securities
The Organization reserves the right to sell donated securities at any time after receipt. The decision to sell securities will be based on factors such as market conditions, investment objectives, and the Organization's financial needs.
7. Tax Implications
Each donor is encouraged to consult with his, her, or its tax advisor to determine the tax implications of a stock donation, including potential tax deductions and any applicable capital gains tax.
8. Confidentiality
The Organization will maintain the confidentiality of donor information, including details of stock donations, in accordance with applicable laws and regulations.
9. Disclaimers
The Organization makes no representations or warranties regarding the future performance or value of donated securities. Donors are encouraged to conduct their own due diligence before making a stock donation.
10. Amendment
This Stock Donation Policy may be amended from time to time by and in the discretion of the Board of Directors of the Organization.
11. Contact Information
For questions or further information regarding stock donations, donors may contact: Steve DeAngelis, President at steve@stevedfund.org
EFFECTIVE DATE: March 5, 2025