Community Foundation of the Eastern Shore - scholarships, grants, charity, Community Foundation of the Eastern Shore

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WHAT OTHERS SAY

I believe it is important that recipients and donors who benefit from the work performed by the Community Foundation are made aware of CFES' ongoing support.
-- The Seton Center

THREE EASY STEPS

The Community Foundation of the Eastern Shore currently has an account at the Salisbury, MD office of Morgan Stanley and receives all stock through that account for immediate liquidation. If your stock is held at another financial institution, you need to authorize your financial institution to transfer that stock to Morgan Stanley. Here's how:

1. Write a short "authorization letter" addressed to your financial institution or stockbroker that is holding your stock. Your financial institution will not transfer stock without your written authorization. The letter needs to contain the following:

A list of the names and numbers of the specific stocks you want to transfer
Where you want the stocks transferred to: Morgan Stanley, DTC #0015
What account at Morgan Stanley you want credited: the Community Foundation of the Eastern Shore account #505-028906-042
Your signature

2. Fax or mail letter to your financial institution, and confirm that they have received the letter.

3. Contact the Community Foundation at 410-742-9911 (phone) or 410-742-6638 (fax) to let them know that your stock is being transferred. The Community Foundation will contact Morgan Stanley to alert them to expect the transfer.

Morgan Stanley will notify the Community Foundation when the stock has been transferred. The Community Foundation will authorize the broker to sell the stock, and the proceeds from the sale minus the commission will be placed in your fund at the Community Foundation. You will receive a gift acknowledgement from the Community Foundation confirming this stock gift.

Example

Penny Jones decides to give 500 shares of her Microsoft stock to the Community Foundation to start up her Jones Scholarship Fund. She writes the following letter to her brokerage house:

Dear Bob's Brokerage House:
Please transfer 500 shares of my Microsoft stock #1200 to #1699 to Morgan Stanley DTC #0015 and credit the Community Foundation of the Eastern Shore's account #505-028906-042. Thank you.
(Signed) Penny Jones

Penny faxes her letter to her financial institution, and then calls them to make sure they will do the transfer as she requested. She then calls the Community Foundation to tell them that her stock is being transferred. A week or two later, Penny receives a gift acknowledgement letter letting her know the value of the stock on the day of transfer for IRS purposes and how much money was deposited in her fund at the Community Foundation.