Development and Alumni
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Gifts of SecuritiesWhile many donors prefer to make gifts of cash, a growing number are taking advantage of contributing gifts of long-term appreciated securities to support the mission of New York Medical College.
Advantages
• Receive an income tax charitable deduction based
on the market value of the security at the
time of the gift.
• Avoid capital gains tax on the appreciated value of the securities.
• Direct your gift to a variety of different purposes at NYMC.
• Fund a life income agreement and potentially receive a greater income.*
Valuation
The value of the gift will be the mean of the high and low trading prices on the official date of your gift. The official date of your gift will be determined differently depending on how it is made.
• By mail…it is the postmark date.
• By overnight carrier…it is the date of receipt by NYMC.
• By electronic transfer…it is the date the security is received into the College's
bank/brokerage account.
• By re-registering the security into the College's name…it is the date on the new
certificate(s).
New York Medical College will issue a receipt for your tax records confirming the value of your gift.
Making an Outright Gift with Stocks & Bonds*
If the certificate(s) are held by you…
- Send your certificate(s) by certified mail or by overnight carrier, without any endorsement, assignment or other notations to New York Medical College.
- Enclose a letter stating the purpose of the gift.
- In a separate envelope, using the same carrier as employed with the certificate(s), send a stock/bond power endorsed in blank; that is, filling in only your signature but no other information. Your name should appear exactly as it does on the face of the certificate(s). If possible, include a copy of the letter you sent with your certificate(s). If you wish to donate only a portion of the shares represented by the certificate(s), the College will complete the transaction and re-register the remaining shares back to you. In your letter, please indicate the social security number and the complete name of the registered shareholder. Please also confirm the mailing address for re-registering the remaining shares.
- You can authorize your bank or broker in writing that you wish to make a gift/transfer of _____(number of) shares of ________(name of security) to be designated to New York Medical College for the purpose of ________________.
- Please send a copy of your authorization letter to the Development Office at New York Medical College. Include the telephone number of your banker or broker.
- Have your bank or broker call Dee Demling, Director of Advancement Services, at (914) 594-4542 for the College's electronic transfer instructions.
SPECIAL NOTE
Do not instruct your bank or broker to sell the securities from your account and forward the proceeds to New York Medical College. This would represent a cash transaction and you would be liable for any capital gains tax. However, if you hold depreciated securities, it is to your advantage to sell them from your account to establish a tax loss and then to make your gift in cash to the College.
Closely Held Stock
Non-marketable or closely held stock can also be given to New York Medical College. If you are considering giving these types of securities, please contact Lisa Sifre, Director, Planned Giving at lisa_sifre@nymc.edu, or by phone at (914) 594-3134 to discuss your intentions.
Mutual Funds
If you would like to give mutual fund shares, please contact us for additional details.
in connection with gifts of securities:
New York Medical College
Office of University Development
Valhalla, NY 10595
More information
To request brochures, specific gift examples, or other information, call 914-594-4550, send an email to the University Development Office at development@nymc.edu, or write to:
New York Medical College
University Development
Valhalla, NY 10595
We will work with you and/or your advisors to ensure that after your lifetime your gift benefits an area of the College that is important to you.
The New York Medical College Planned Giving pages are intended to provide general information, not legal or tax advice about specific situations or problems. Donors are encouraged to consult a lawyer or accountant for legal or tax matters.