I think you better talk to someone beside "us" on this question. I seem to
believe from being on both
ends of this transaction, that stocks have to be sold immediately.  I
remember the President of our foundation not immediately selling some shares
gifted to us and catching hell from the donor - EVEN when the shares went up
within the week or two  before we traded them.

Remember your mission and I don't think there is anything in there about
being an investment broker or banker. From the giver side, I want to know
how much my gift was, have it appreciated by your organization, receive
credit for that amount by the organization when listed in the Annual Report
and then recorded for my taxes.

I instructed my broker one time to give a specific number of shares to a
charity which covered a specific dollar amount I had in mind. He did so and
by the time the shares cleared, my gift had dropped $100 in value and that
put me from a benefactor to a patron or some such thing.  I then gave
another $100 to get in my normal category. Not begrudging the gift as much
as the inconvenience and record keeping.

If your organization is large enough you would have an active treasurer and
committee (I suggest a minimum of three) to watch your investment portfolio
and work on maintaining and growing the endowment. It becomes yours, I feel,
after it is cashed and in the bank. Then you are free to do with it as you
prudently wish.  It is interesting from my experience that boards with
wealthy members totally committed to the market with their own funds are
extremely cautious as the custodians of the foundation's funds in their
investments.  Don't we always remind the board or note that they are held
fiduciarily responsible.
Nice holidays to all.




-----Original Message-----
From: Museum discussion list [mailto:[log in to unmask]]On
Behalf Of Ross Weeks
Sent: Saturday, December 04, 1999 10:22 AM
To: [log in to unmask]
Subject: Re: Question: Gifts of Stock


We also sell the shares, putting them in our endowment, on the basis that we
are unable to oversee a portfolio of investments on our own.  Our bank's
trust dept. manages our small endowment, and can retain the shares for us if
we ever want to change policy.  However, it will not make "sell" or "buy"
decisions.
Ross Weeks Jr.
Tazewell VA
----- Original Message -----
From: Ann kiewel <[log in to unmask]>
Newsgroups: bit.listserv.museum-l
To: <[log in to unmask]>
Sent: Friday, December 03, 1999 11:23 AM
Subject: Question: Gifts of Stock


> We are reviewing our policy regarding gifts of stock to the museum.  We
> are wondering what others do, that is, to sell or to keep.  If you don't
> sell the stock, who watches it?
>
> Basically we have always sold stock, usually to put the money in our
> endowment, but we have one certificate now that the donor has requested
> that we hold on to.
>
> Thanks in advance for all who respond.
>
> Ann Kiewel
> The Holland Musem
> [log in to unmask]
>
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