The acceptance, valuation, recording, and disposition of gifts of securities made to the University shall be handled as follows:

1. Gift Acceptance:
   The University of Virginia may accept donations of marketable securities and mutual fund shares. Gifts of non-marketable or restricted securities may be accepted by the Gift Acceptance Committee after obtaining input from the Gift Accounting Department, the University of Virginia Investment Management Company, Treasury Operations, and the receiving school or area.

2. Gift Liquidation:
   If the donor is identified, security gifts will be sold immediately upon transfer to the University. Exceptions to this policy must be approved by the Executive Vice President and Chief Operating Officer or Vice President and Chief Financial Officer.

   Security gifts from unidentified donors received in the Rectors and Visitors securities acceptance account will be held for a period of one year. At that point, the stock will be sold and recorded in the University of Virginia unrestricted endowment fund. Records of these transactions will be maintained by the Gift Accounting Department for future reference.

3. Gift Valuation:
   Security gifts will be valued for recording and receipting purposes in accordance with existing Internal Revenue Service regulations.

4. Gift Recording:
   Securities gifts will be recorded on the donor’s gift record at the valuation amount. Securities gifts received through the University’s brokerage account on behalf of a University-Associated Organization will be sold and the net sales proceeds will be transferred to the University-Associated Organization for recording and receipting purposes.

5. Compliance with Policy:
   Failure to comply with the requirements of this policy may result in disciplinary action up to and including termination or expulsion in accordance with relevant University policies.

   Questions about this policy should be directed to the Office of University Advancement.