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Power2give

Stacey Bregenzer
$organization

Hi Everyone,

We have just put a project on the crowd-funding site power2give.  I am trying to figure out how we are going to account for this in Tessitura with 12% of the gift being taken out.  Has anyone else done this?  Any tips you can share with me?  We are considering handling it the same way we handle stock: entering the value with Finance accounting for the difference between proceeds and value.  I would also love feedback on how other companies are handling the separate donor benefits.

Thanks for your help!

Stacey Bregenzer

Opera Theatre of Saint Louis

  • $organization

    Stacey:

     

    When we have gifts with fees taken out, we simply enter the entire gift the donor gave as a credit and then debit the fees using a “Processing Fee” payment method. That way, we know how much the donor intended to give to our organization, but accounting is still happy since the totals match.

                                                                                                                                                                                              

    We use a different payment method for processing fees than for stock profit/loss, although I am certain you could use the same one.

     

    Hope that helps!

     

    --

    Laine Kyllonen

    Database Application Specialist

    Science Museum of Minnesota

    (651) 221-2515

    From: Tessitura Development Forum [mailto:forums-development@tessituranetwork.com] On Behalf Of Stacey Bregenzer
    Sent: Thursday, November 07, 2013 9:29 AM
    To: lkyllonen@smm.org
    Subject: [Tessitura Development Forum] Power2give

     

    Hi Everyone,

    We have just put a project on the crowd-funding site power2give.  I am trying to figure out how we are going to account for this in Tessitura with 12% of the gift being taken out.  Has anyone else done this?  Any tips you can share with me?  We are considering handling it the same way we handle stock: entering the value with Finance accounting for the difference between proceeds and value.  I would also love feedback on how other companies are handling the separate donor benefits.

    Thanks for your help!

    Stacey Bregenzer

    Opera Theatre of Saint Louis




    This message was sent automatically to you by www.tessituranetwork.com because you subscribed to the Tessitura Development Forum. You may reply to this message to post to the Development forum or visit the site to search, read and post to the forums. In the interest of keeping the forum posts from becoming cluttered, we encourage you to delete previous message text from your reply before sending. Thank you!

  • $organization
    Stacey,

    we're doing something similar with the crowd-funding site Razoo. Razoo acts as a donor-advised fund, so technically the gift comes to us from Razoo. Therefore we are entering the gift as a cash contribution in the actual amount received from Razoo, i.e., net of their fee, entered in the Razoo account.

    To track the individual donors who give through Razoo, we are entering gifts in the full amount of the donation made by the donor to Razoo, but in a fund/campaign that does not hit our General Ledger. The gifts are paid for with a payment method using the same "fake" GL account, so essentially the entries net to zero. This allows us to still track and recognize the individual donors, but there is no impact on Finance. This campaign is also not part of a Membership group, since the donors do not receive any tangible benefits as they are contributing via the donor-advised fund. If you are giving benefits, you could still point these campaigns to your normal membership group, or a different membership group as you desire.

    I hope that gives you some helpful ideas to consider!

    Alan

    Alan Levine
    CIO
    The Kennedy Center
    @aclevine



    On Nov 7, 2013, at 10:27 AM, "Stacey Bregenzer" > wrote:


    Hi Everyone,

    We have just put a project on the crowd-funding site power2give. I am trying to figure out how we are going to account for this in Tessitura with 12% of the gift being taken out. Has anyone else done this? Any tips you can share with me? We are considering handling it the same way we handle stock: entering the value with Finance accounting for the difference between proceeds and value. I would also love feedback on how other companies are handling the separate donor benefits.

    Thanks for your help!

    Stacey Bregenzer

    Opera Theatre of Saint Louis



    This message was sent automatically to you by www.tessituranetwork.com because you subscribed to the Tessitura Development Forum. You may reply to this message to post to the Development forum or visit the site to search, read and post to the forums. In the interest of keeping the forum posts from becoming cluttered, we encourage you to delete previous message text from your reply before sending. Thank you!

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