I've already posted this in the FInance forum, but would like to post the question here as well:
Have any of you chosen to use funds associated with fair market value in gift entry? In other words, have you or your finance department set up a fund to record the fair market value of a gift? For example, a patron give $100,000. $900 is fmv. The gift is entered in 2 parts. Part one is the gift, part 2 the fmv.
Thanks
What does the Fair Market Value represent? Are taking out the non-deductible of any premium? This could a be nightmare for being able send pledge reminders
Are you then tracking the funds to different GLs?
From: Tessitura Development Forum [mailto:forums-development@tessituranetwork.com] On Behalf Of Chandra Asken Sent: Thursday, September 04, 2014 7:55 PM To: McKinley, Leslie Subject: [Tessitura Development Forum] Fair Market Value
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Our Finance department feels it's necessary to track the fmv (non-deductible portion) of a gift in a separate GL/fund. I'm seriously concerned about how this will affect our reporting and acknowledgement system. I'd like to know if ANY other organizations are doing this. It comes out of a concern from our controller.
I've done that in the past, but only for event tickets with a contribution attached--the non-deductible portion of each ticket got booked to the Elevated Event and associated fund, and the donation portion got booked into a regular contribution campaign. It's not ideal. Doing something like that for every gift seems like it would create a lot of additional overhead around gift entry, and it would make your Contribution tabs a lot less neat. Maybe you could set up premiums to attach to each gift that would reflect the FMV, and then you could use the Premiums report to let your finance team know the specifics on FMV vs total contributions?
That may not be helpful for you at all, but it's an interesting problem. I'd be interested to hear what solution you land on. Keep us posted!