Or follow these 6 steps to accept stocks without using Stockdonator...
Research brokerage firms and open a brokerage account. Will involve making visits to the branch to sign papers, and minutes of the organization authorizing an new account. Account fees might apply to inactive accounts.
Send the brokerage account information to the donor.
Prepare and send the donor the correct stock transfer form.
From the date the form is sent to the donor, to the date the stock is received by the non-profit, the organization will have to continuously check their brokerage account for the stock to appear.
The non-profit will then have to prepare a receipt and figure out what the correct cost basis of the stock is.
The non-profit will then sell the stock and transfer the cash from the brokerage firm to their bank account.
