Why is the “Brokerage Firm” block left blank in the LETTER OF AUTHORIZATION for securities held by a broker?

There are several reasons. AssetStream uses it discretion in determining the firm to which securities are directed for liquidation and therefore completes the destination following receipt by the donor. In some cases, AssetStream may have the securities transferred by journal entry to its account in the same firm. In other cases, it might have the securities transferred via DTC to an account at a different firm. These decisions are based on our experience with each firm and costs and associated with liquidating the securities. A second reason involves AssetStream’s ability to eliminate so-called “mystery gifts” from appearing in the charity’s account. If AssetStream provided its specific custodial account information to the donor, the donor might direct their broker to send future gifts to that account.

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