Hello Everyone!
I am new to Tessitura and have a question about entering stock gifts. When we get a stock gift, the value at the time of the gift is often different than the check received when we cash it in. How do you enter the value of the stocks and the amount on the check? How do you deal with the discrepancy?
Thank you for helping a newbie!
Lydia
Hi Lydia,
Welcome to Tessitura! Here we use two separate payment methods to track the gain/loss. The first type accounts for the value of the money received. The second is a gain/loss payment type to account for the difference. We have these payment types set up for each campaign. When we process a gift, we add both these payment types together to log the gift at the value at the time it was made. Finance then pays the difference out of the corresponding campaign line as determined by the payment types. So we do pay off the difference for the donor. It does require a bit of math if there are pledge payment overages, but in general works well for us.
In a past job at a different organization, we created a custom field on the contribution screen where we would log the value of the gift at the time it was made and process the gift only for the amount of money received. So the donor was only recognized for the final amount. We never had a problem with it, but we were dealing with smaller and fewer stock gifts there, so the gain/loss was usually small enough not to make a difference
Hello Julianne
Thank you for the welcome and the advice. We are a small organization so perhaps the latter method would work for us. I will look into both methods.
I'm excited to continue learning about Tessitura. It does so much!
By the way, I know someone who used to play with the Cleveland Orchestra: Alvaro de Granda. He played under Szell!
Let me know if you are ever in Santa Fe!
Thanks again,