1012 Accounting for Gifts of Securities
Subject Area: Accounting
Responsible Office: Financial Services
Sponsor: Associate Vice President for Finance
Originally Issued: October 1992
Revised: March 2010
Refer Questions To: James Ribikawskis, 773-702-3690v
Purpose: To provide a policy for the accounting for gifts of securities.
- Gifts of securities will be recorded in the Financial Accounting System at the fair market value at the date of the gift to the University.
- Securities received by gift shall normally be sold by the Investment Office at the earliest convenient date if deemed appropriate for sale.
- Valuations assigned to gifts of securities must be in accordance with Internal Revenue Service regulations.