putting gifts on account from Contributions

We have a donor who gave us a lovely gift but wants to “spend” it over the next few years on things like galas, memberships, etc.  The problem is she doesn’t know exactly what she wants to spend it on or how much she will spend each year.

Obviously, for finance and tax purposes, the whole value of the gift will be counted at one time, so I entered it in Tess as a single gift to the appropriate month. I’ll work out with Finance how much to restrict.

But what I would like to do is somehow put the money on account and then draw it down as she decides to “spend” it.  (I know I will have to adjust such entries manually when they get moved over to our accounting software.)  Is there any way for me to do some kind of an adjustment that will move the money on account?  All I can find in the documentation is how to have the ticket office put development money on account.  Is there an analogous procedure to have Development put development money on account?

_______________

Julie P. Hamre

Strathmore Hall Foundation, Inc.

5301 Tuckerman Lane

North Bethesda, MD  20852-3385

301.581.5136; fax 301.581.5201

www.strathmore.org

Support what you love. Strathmore Stars enjoy

10% off Strathmore performance tickets, advance

ticket purchase, discounts in the Shops at

Strathmore and in Tea Room, and access to special events.

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On account is just a payment method.  We have ticket, Special Events and  various membership ones (these membership come via web and are then posted upon review to appropriate membership). 

So it would your call as to whether you segregate in a new on-account payment method or share with another and just monitor.

We have a donor who gave us a lovely gift but wants to “spend” it over the next few years on things like galas, memberships, etc.  The problem is she doesn’t know exactly what she wants to spend it on or how much she will spend each year.

Obviously, for finance and tax purposes, the whole value of the gift will be counted at one time, so I entered it in Tess as a single gift to the appropriate month. I’ll work out with Finance how much to restrict.

But what I would like to do is somehow put the money on account and then draw it down as she decides to “spend” it.  (I know I will have to adjust such entries manually when they get moved over to our accounting software.)  Is there any way for me to do some kind of an adjustment that will move the money on account?  All I can find in the documentation is how to have the ticket office put development money on account.  Is there an analogous procedure to have Development put development money on account?

_______________

Julie P. Hamre

Strathmore Hall Foundation, Inc.

5301 Tuckerman Lane

North Bethesda, MD  20852-3385

301.581.5136; fax 301.581.5201

www.strathmore.org

Support what you love. Strathmore Stars enjoy

10% off Strathmore performance tickets, advance

ticket purchase, discounts in the Shops at

Strathmore and in Tea Room, and access to special events.

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Assuming that you have access to the correct on account payment type, you can now adjust the gift you entered to zero, and instead of issuing a refund, putting the money on account.

You can’t really acknowledge the whole gift for tax purposes, though, until you know how it’s being used. If your donor is going to buy gala tickets, it’s conceivable that a significant amount may not end up being tax deductible.

If I were planning this out, I think I’d send a custom acknowledgment with the original payment thanking the donor for the payment, but not making any claims about goods and services received or not received, and keep a copy of it on file; then I’d reverse out the gift and put it on account; then, as the monies were applied, I’d send real acknowledgments.

I’m not a development person, though!

Lucie

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