Mutual Funds

Another Great Way to Give!

A donor may transfer shares of a mutual fund to Converge for ministry purposes.

All mutual fund companies should be contacted, either by the donor or by a Converge staff person, to determine how best to make a gift transfer. The mutual fund may want Converge to open an account. Or, a Change Registration form may need to be completed by both the donor and Converge. Each mutual fund has its own system, and Converge and the donor need to operate within each fund's  requirements.

Generally the donor’s signature will have to be guaranteed in order to make a gift of a mutual fund. Converge will usually have to provide the mutual fund with a resolution regarding authorized signatures.

The donor should alert Converge in writing, and by phone, regarding the transfer. Converge should be made aware how many shares are being transferred, as well as the name of the mutual fund. Designations should also be made in this letter. If both the husband and wife are transferring funds, they should both sign the letter. This letter does not need to be notarized. The donor should send the letter to Converge to the attention of the legal department:

Converge
attn: Legal Department
2002 S. Arlington Heights Rd.
Alrington Heights, IL 60005 

Once the shares are transferred, the Converge accounting team will liquidate the shares and close the account, if necessary. It usually takes approximately two weeks to receive the check from the mutual fund, and the funds are then disbursed according to the donor’s written directions.

Need Help?

Call Steve Schultz at 1-800-323-4215 (ext. 3256) or email Steve now.

    Point - Fall 2017

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