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How to Make Gifts of Securities
Notify the University of Your Gift Intentions
When planning to make a gift of securities to the University of Chicago, please notify Gift Services by calling (773) 702-8876.
Electronic Transfer
To transfer securities to the University electronically, i.e., via Depository Trust Company (DTC), provide the DTC transfer instructions to your broker. The securities will be transferred directly into the University's gift account at its custodian bank.
In order to properly credit the gift, it is important that you or your broker notify Gift Services of the gift and its intended purpose, and for the broker to reference your name in the DTC transfer instructions.
The DTC Transfer Instructions are as follows:
Northern Trust/Chicago
DTC #2669
Agent Bank #20290
For further credit to The University of Chicago
Account #26-80803
Donor's name, Address, Name of Security, Number of Shares, Fund Name/Purpose
Click here for a printable PDF version of Electronic Transfer instructions.
How An Electronic Transfer of Securities Works
- Your Broker sends your gift instructions to Northern Trust via the Depository Trust Company (DTC).
- Northern Trust notifies the University of Chicagoís Office of Investments that your gift of securities has been received.
- The Office of Investments sells the securities through the Universityís brokerage account at Charles Schwab.
- The Investment Office sends Northern Trust an instruction letter directing the bank to deliver the shares sold to Schwab on settlement date.
- The University of Chicago receives the proceeds from the sale from Charles Schwab on settlement date.
Mutual Fund Transfer
It is recommended that you or your broker contact Gift Services when gifting units of a mutual fund. The procedure for doing so may vary from one mutual fund to another. In some cases, the units may be transferred directly to the University's gift account via DTC. In other cases, the University may be required to open an account with the fund and have the gifted units transferred into that account.
Physical Delivery & Transfer Date
Physical stock and bond certificates may be mailed or hand-delivered directly to:
The University of Chicago
Office of Investments
401 North Michigan Avenue
Suite 900
Chicago, IL 60611
Or you may call Gift Services at (773) 702-8876. When mailing certificates, please enclose a letter of instruction that details information about the security gift. We recommend that transmittal of the certificate be made by certified U.S. mail with return receipt requested. Alternately, you may wish to use an express mail or delivery service that will obtain a signature verifying receipt of delivery.
The registered owner of the certificate, the stock power or bond power must sign exactly as the name appears on the certificate and requires a Medallion Signature Guarantee (usually obtainable from your bank or broker). It is recommended that the certificate and the power be sent under separate cover, each with a letter of instruction enclosed.
When the University of Chicago is the registered owner of the certificate, no stock or bond power is necessary. If the certificate is to be registered in the name of the University prior to being sent, then the University's address and Tax Identification Number (TIN) will need to be provided to the transfer agent as follows:
The University of Chicago
Office of Investments
401 North Michigan Avenue
Suite 900
Chicago, IL 60611
TIN: 36-2177139
Per IRS guidelines, the date of contribution is the date on which the transfer of ownership takes place. The University of Chicago recognizes its legal ownership as of the date on which you relinquish control of the securities:
- If the certificate is registered in the name of The University of Chicago, then the date of contribution is the date the stock is transferred on the books of the issuing corporation (i.e., the date on the face of the certificate).
- If you are the registered owner of the certificate, then the date of contribution is the latter of:
- The postmark on the envelope containing the stock power,
- The endorsement date on the certificate or stock power,
- The postmark on the envelope containing the certificate, or
- The date on which the certificate is hand delivered to an agent of The University of Chicago.
Making a Deferred Gift
Charitable Gift Annuities provide you or another annuitant with a fixed, guaranteed income stream for life. The amount of the income is based on the age of the annuitant(s) at the time of the gift and the value of the assets used to fund the annuity. A minimum gift of $10,000 in cash or appreciated securities is required to set up a charitable gift annuity.
Deferred Payment Charitable Gift Annuities allow you to defer receiving income from your annuity for a specified term of years. This type of an annuity is an effective retirement vehicle. Usually set up before retirement, when your income tax bracket is likely to be higher than after retirement, the annuity entitles you to an immediate charitable gift deduction at the time you make the gift. Then, when you retire and begin receiving the annuity payments, the income is likely to be taxed at a lower rate, when your tax bracket is likely to be lower than it was when you made the gift.
