Stock Donation Policy

It is the policy of Treasures in Heaven to liquidate marketable securities such as stocks and mutual funds immediately upon receipt, unless the donated security is part of the Treasures in Heaven investment portfolio.

The possible transaction cost of this sale is considered small compared to the risk of loss that can be experienced with delay in the sale of the stock.

This policy should be communicated to the potential donor of the stock to ensure the donor will not be surprised or offended at the immediate liquidation of the gift.

An investment account will be maintained to facilitate the donation of stock to Treasures in Heaven and liquidation or transfer of the stock. The maintenance of this account to accommodate these transactions is the responsibility of the organization's President in conjunction with the finance committee of this organization.

The finance committee shall conduct an annual internal audit of stock/investment account transactions in collaboration with the treasurer to ensure accuracy of balances reported to the board.

Proceeds from the sale of the stock are considered unrestricted contributed income unless the donor has imposed a restriction as a condition of the gift in which case procedures for accounting for restricted contributions will be followed.