Hello,
I'm interested in hearing your ideas about how to book family foundation donations. We've been entering them in the foundation record with a soft credit to the individual. Recently, I've heard from our sr. management team that the family foundation money belongs to the individual and they want it counted as part of their hard gifts. So I've considered entering the donations in the individual record with a soft credit to he foundation record. But this will probably create a problem with Finance. I also considered creating a special appeal called Individual designated fund so we can find them on lists and reports and manually add them to the hard gifts. The other option is to use the credit type in reports to find them.
How do you all handle these?
Thanks very much!
Ida
Hi Ida,
I guess my first question would be "Who did the money actually come from?". Was it a cheque or direct money transfer from the Foundation or the individual?
For us here in Australia, it is the actual payee that is entitle to the tax credit - so if the cheque came from the Foundation, the individual (regardless of their connection) is not entitled to claim the tax credit. We have a constituent record against which the contribution is made and the individual driving the donation/pledge is made the Initiator.
Martin
Thank you Martin,
The actual gift is from the foundation, as you suggested I think we should keep entering foundation gifts on the foundation records. It's great to hear other opinions.