Example 1. The Young Foundation, a private foundation, owns 1,000 shares of Smith Corporation stock, which is regularly traded on the New York Stock Exchange. The Young Foundation may follow a consistent practice of valuing Smith Corporation stock on the last trading day of each month based on its closing price for that day. Example 2. The Young Foundation, a private foundation, owns 1,000 shares of an unlisted corporation, which is locally traded. Quotations on unlisted stock can be readily obtained from established brokers. The Young Foundation may consistently value its unlisted stock as of the 15th day of each month by getting a bona fide quote of the bid and asked prices from an established brokerage firm and by taking the mean of those prices on that day. If a quotation is not available on the regular valuation dates, the Young Foundation may value its unlisted stock based on a bona fide quote obtained on the first day after the regular valuation date that the quotation is available.