LSSU Gift Acceptance Policy
Origination Fees and Maintenance Costs
Any origination fees and maintenance costs for any gift or trust will be assumed by the donor or trust. The cost of any appraisal, study, accounting or legal fees necessary to establish the value or acceptance or tax deductibility of the gift will be assumed by the donor.
The President of LSSU and/or the Executive Committee of the Foundation may absorb theses costs at their discretion.
Gifts of stocks to the Foundation are handled through our stockbroker.
Generally, stocks are not held and are immediately sold upon receipt regardless of the market.
Our current broker information:
William J. McLeod
Edward Jones & Company
939 E Portage Ave
Sault Ste. Marie, MI 49783
906-632-4985 or toll free 877-632-4985
The DTC number is: 0057
Our account number is: 498-03736-1-9
The Foundation will give to donors sample stock power transfer forms and letters of transfer with appropriate information. Donors will be encouraged to send copies of any forms and letters to the Foundation for proper acknowledgement.
Current IRS regulation states that the donor may declare the value of the stock based on the average of the high and the low value on the day the Foundation takes ownership of the stock. Donors need to be aware of this when transferring stock. Stock transfer is the responsibility of the donor and their broker and not the Foundation or the University.