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Fair Market Value

Chandra Asken
$organization

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

Parents
  • $organization
    We processed that way for our first eight years in Tess. We put the acknowledgment on the deductible portion of the gift and used a custom contribution field to handle the amount of the total payment. Our acknowledgment said "thank you for your gift of <<custom_01>> of which <<cont_amt>> is deductible."

    I made a local view so that we could report easily on gift without including FMV. 

    Lucie

    ----------------
    Lucie Spieler
    Office: 303-854-1643 x 1521
    Cell: 305-586-9587

    On Sep 4, 2014, at 7:49 PM, "Chandra Asken" <bounce-chandraasken4838@tessituranetwork.com> wrote:

    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




    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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  • $organization
    We processed that way for our first eight years in Tess. We put the acknowledgment on the deductible portion of the gift and used a custom contribution field to handle the amount of the total payment. Our acknowledgment said "thank you for your gift of <<custom_01>> of which <<cont_amt>> is deductible."

    I made a local view so that we could report easily on gift without including FMV. 

    Lucie

    ----------------
    Lucie Spieler
    Office: 303-854-1643 x 1521
    Cell: 305-586-9587

    On Sep 4, 2014, at 7:49 PM, "Chandra Asken" <bounce-chandraasken4838@tessituranetwork.com> wrote:

    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




    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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  • $organization in reply to Lucie Spieler

    I second Leslie's and your own concerns.

    Ten years ago, we tracked one elevated event this way (it happened to be our 50th Anniversary Gala!). Ten years later, those "$96,000 gifts" still haunt me. We did it literally that ONE time, and it has just really made things unnecessarily difficult. The $100,000 people needed to be listed in the top donor society - and all of them were... except one. Oy. It got further complicated because directors who purchased $25,000 packages were booked at something like $24,300 and so for two years later they would show up on lists of patrons which were below what we projected them to give. 

    Hindsight is 20/20, but I can tell you that I never did it that way again.