putting gifts on account from Contributions

Hi Julie,

That would depend on whether your devo team has permissions to put money in On Account Development and process it as you go.

The larger question to me would be: how are you going to determine the deduction for the value of goods and services she receives, so you can accurately report her net donation for IRS purposes in the gift year? If she is choosing to "spend" it on significant benefits she will personally enjoy (like gala tickets), it doesn't sound like there's much of a donation left.

I would recommend you talk with your finance colleagues - they and your auditor should be able to give you some guidance about how to record this based on GAAP rules and how/when to report the benefits deduction. Then you can figure out the best way to split up the gift - perhaps via a multi-year pledge?

Good question for the Tess Conference next week! Good luck.

Julie

Sent from Julie Olsen's iPhone

On Jul 14, 2011, at 12:34 PM, "Julie Hamre" <bounce-juliehamre9206@tessituranetwork.com> wrote:

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

[cid:image001.jpg@01CC4229.02066E50]

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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Hi Julie,

That would depend on whether your devo team has permissions to put money in On Account Development and process it as you go.

The larger question to me would be: how are you going to determine the deduction for the value of goods and services she receives, so you can accurately report her net donation for IRS purposes in the gift year? If she is choosing to "spend" it on significant benefits she will personally enjoy (like gala tickets), it doesn't sound like there's much of a donation left.

I would recommend you talk with your finance colleagues - they and your auditor should be able to give you some guidance about how to record this based on GAAP rules and how/when to report the benefits deduction. Then you can figure out the best way to split up the gift - perhaps via a multi-year pledge?

Good question for the Tess Conference next week! Good luck.

Julie

Sent from Julie Olsen's iPhone

On Jul 14, 2011, at 12:34 PM, "Julie Hamre" <bounce-juliehamre9206@tessituranetwork.com> wrote:

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

[cid:image001.jpg@01CC4229.02066E50]

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.






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!