2204 Policy Regarding Immediate Sale of Gifts of Marketable Securities

Document purpose

To set forth the University’s policy regarding the sale of gifted securities.

effective

July, 2003

revised

April, 2023

Reviewed

May, 2023

Responsible Office

Treasurer

Approval

Treasurer

Policy

The University of Pennsylvania accepts gifts of marketable securities (stocks, bonds, limited partnership interests, and mutual funds) for immediate sale only, and does not retain securities for further appreciation.

The University will value all securities on the date accepted in accordance with Policy 2201, Gift Date Policy.

Publicly traded securities will be valued in accordance with Policy 2203, Gift Valuation for Publicly Traded Securities.

Upon the sale of a security, net proceeds will be journaled to an appropriate gift account in accordance with donor designation.

The Office of the Treasurer is the only authorized agent to accept, value and sell gifts of securities for the benefit of the University.