Q: My stock is held at an investor services company such as Computershare. Am I able to transfer my shares to UMF prior to liquidation?

A: At this time, the process of transferring stock to UMF from accounts at service providers such as Computershare is different from regular brokerage firm transfers. Because of this, you will have to liquidate through Computershare until they change their stock transfer process to meet ACAT eligibility.

Q: What does “ACAT-eligible” mean?

A: The Automated Customer Account Transfer Service (ACATS) is a system that automates and standardizes procedures for the transfer of assets in a customer account from one brokerage firm and/or bank to another. ACATS enables eligible participants to efficiently and automatically enter, review, and settle the transfer of customer accounts between each other. The service standardizes transfer procedures, reduces operating costs, and speeds transaction settlements. ACATS enables the transfers of many different types of assets, including, but not limited to, equities, corporate and municipal bonds, unit investment trusts, mutual funds, options, annuities, and cash. Your broker would know if its firm is ACAT eligible.

Q: I would like transfer to mutual fund units/shares. What do I need to do to ensure this is possible?

A: You would need to contact your broker to ensure their firm is ACAT-eligible. This means that, given our account and DTC info, your firm can successfully electronically transfer the shares. If it is not ACAT-eligible, you will need to work with your broker to find out what needs to be done to liquidate your shares for donation to your church.

Q: What is the “DTC”?

A: DTC is the Depository Trust Company. The Depository Trust Company (DTC), was established in 1973. It was created to reduce costs and provide clearing and settlement efficiencies by immobilizing securities and making “book-entry” changes to ownership of the securities. They provide a code to participating brokerages and investment firms. Upon receipt of your completed Memorandum of Intention form, UMF will provide you with our DTC number for you to give to you broker to complete the transaction.

Q: How do I begin the process to transfer stock gifts held with my brokerage firm?

A: Begin by completing and submitting a Memorandum of Intention form, you will then receive follow-up instructions via email.