Mutual Funds

As the mutual fund industry has grown over the years, the Virginia Commonwealth University Foundation has seen a greater number of gifts of mutual fund shares each year. While the process of gifting stocks and bonds is fairly easy, gifting of mutual fund shares requires additional administrative effort on the part of the donor and the Virginia Commonwealth University Foundation, as well as greater patience.

In general, mutual fund companies do not allow shareholders to transfer mutual fund shares outside of the fund. The transfer of shares to and disposal of the shares by the Virginia Commonwealth University Foundation must then take place at the mutual fund company.

Most mutual fund companies have a standard type of share transfer form (e.g., A Transfer of Shares to New Owner Form) that is completed by both the donor and the Foundation. Such forms are obtained directly from the mutual fund company. The transfer form authorizes the transfer of shares from the donor's account, opens an account for the Foundation (the Foundation cannot open a mutual fund account without funding the account at the same time), and deposits the shares into the new Foundation account.

The donor can either leave the "transfer to" portion of the form blank and we will fill it in or the donor may indicate the shares are being transferred to the "Virginia Commonwealth University Foundation". It is important to use the corporate name for the Foundation and not to list an individual department or organization. If the donor would like to indicate a department or organization, that should be done by a separate letter to the Foundation.

All persons listed on the "transfer form" account need to sign the form. In addition, all signatures must be medallion guaranteed. This can generally be obtained at a bank or a brokerage [please note that guarantee of your signature by a notary is not generally accepted by mutual fund companies].

When the donor has completed his/her portion of the form, it should be mailed to us at the following address:

Express Mail Only:
Virginia Commonwealth University Foundation
ATTN: Mr. Tim Graf
924 West Franklin Street
Richmond, VA 23284

 

U.S. Postal Address:
Virginia Commonwealth University Foundation
ATTN: Mr. Tim Graf
P.O. Box 843031
Richmond, VA 23284-3031

 

Once we receive the form, we will attach a letter requesting that the shares are sold and the proceeds sent to the Foundation.

If a mutual fund company does not have such a form, the donor should write a letter addressed to that company authorizing the transfer of shares to the Foundation and have his/her signature at the bottom of the letter medallion guaranteed. The signed original of that letter should be sent to us at the above address, so that we can attach a letter requesting that the account be set up with the new shares and that the new shares are sold upon transfer. Again, all persons listed on the "transfer from" account need to sign the letter.

Gifts of mutual fund shares do take time to finalize, so advanced preparation is recommended when the timing of a gift is critical. For further information, please contact Mr. Tim Graf at (804)828-6533 .