Gifts of Securities
The Lighthouse for the Blind in New Orleans gratefully accepts gifts of securities. Please notify the Development Office at the Lighthouse for the Blind, 123 State Street, New Orleans, LA 70118-5794 through a letter of authorization in which the donor name(s), the stock and the number of shares that are being given as a gift to The Lighthouse for the Blind are stated. You may call the Development Office with this information if you prefer.
Call your broker and ask that the stock be transferred to The Lighthouse for the Blind in New Orleans account at Merrill Lynch; Robert Young is our broker. His telephone number is (504) 586-7611. Then send a letter of authorization (same letter as the one sent to The Lighthouse) to:
Mr. Robert Young
Merrill Lynch 25th Floor
601 Poydras Street
New Orleans, LA 70130
A DTC transfer usually is completed within one to three days once the authorization letter has been received.
The Lighthouse for the Blind has a standing order to sell all securities received. As soon as the securities are sold, Merrill Lynch will notify The Lighthouse of the amount realized in the sale.
The Development Office, in turn, will send you a copy of all paperwork received from Merrill Lynch and a letter acknowledging your gift.
For tax purposes, you value your gift at the date of transfer based on the mean of that day’s high and low values. The value to The Lighthouse is the amount realized through the sale minus the broker’s fees.
Another way of making a gift of securities is to actually deliver stock certificates to the Development Office:
- Endorse the certificate(s) exactly as issued on the signature line. Write nothing else on the certificate.
- Attach a letter of authorization in which the donor name(s), the stock and the number of shares that are being given as a gift to The Lighthouse for the Blind in New Orleans are stated.
- Hand deliver or mail the certificates (if mailing, registered mail is suggested) to the Development Office, 123 State Street, New Orleans, LA 70118-5794.
- Additionally, a relinquishment form needs to be completed and sent to your broker. The Development Office will give or mail a relinquishment form to you for Merrill Lynch.
Please note that the date of transfer is when the transfer is effectively made. In this case, it is when the transfer of certificates is noted on the books of the company issuing the stock.
DO NOT SELL SECURITIES AND THEN MAKE A CASH DONATION TO THE LIGHTHOUSE. TRANSFER SECURITIES DIRECTLY TO THE LIGHTHOUSE TO AVOID CAPITAL GAINS AND OTHER TAXES.
