Policy: Gifts of Securities
|Date: 05/14/07||Policy ID: FIN-018||Status: Final|
|Contact Office:||University Advancement (Office of)|
|Oversight Executive:||Senior Vice President for University Advancement|
|Applies To:||University-wide and related foundations.|
|Table of Contents:|
|Reason for Policy:||To standardize policy on the acceptance, valuation, recording and disposition of gifts of securities.|
|Definition of Terms in Statement:||
Security: An instrument which allows the holder to claim an ownership position or interest in a corporation; a creditor relationship or interest in a corporation, a government or its agency; or other rights to ownership or interest as stipulated in specific contracts.
Marketable Security: Any security, stock, debenture, share or other interest capable of being sold in a relatively liquid market or exchange or otherwise can be readily converted to cash.
Security gifts from unidentified donors received in the Rectors and Visitors securities acceptance account will be held for a period of one year. At that point, the stock will be sold and recorded in the University of Virginia unrestricted endowment fund. Records of these transactions will be maintained by the Gift Accounting Department for future reference.
|Policy Background:||This is the first version of this policy.|
|Major Category:||Finance and Business Operations|
|Category Cross Reference:||External Relations|
|Next Scheduled Review:||05/14/10|
|Approved By, Date:||Executive Vice President and Chief Operating Officer, 05/14/07|
|Revision History:||This is the first version of this policy.|
|Supersedes (previous policy):|