PayPal Gifts

Andrea,

We ran into a similar situation with Stock Gifts (value of the gift not matching the check) and to remedy that, we created a custom payment type of stock linked to a special GL account. At the point of gift entry, we would;

1.       Utilize the custom payment method

2.       Enter the full value of the stock contribution (amount that should be credited - not the check amount)

3.       Finance would reconcile the fees/difference in the check to the fee account on the backend/ledger

*One thing to note if you utilize controlled batches. You must add into the received amount the full value, not the check amount, or the batch won’t balance.

I hope this can help and be applicable to you situation!

~Rebecca

Rebecca J. Sach
Director of Annual Fund
Baltimore Symphony Orchestra 
Phone: 410.783.8073 | Fax: 410.783.8078 | rsach@BSOmusic.org | BSOmusic.org
Joseph Meyerhoff Symphony Hall | 1212 Cathedral St. Baltimore, MD 21201  
The Music Center at Strathmore | 5301 Tuckerman Lane North Bethesda, MD 20852

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I'd like to start a conversation with those of you who use PayPal (or a similar resource) for online giving.

We made a decision as a department to acknowledge donors for the full amount of their gift, despite the fact that when we receive the check from PayPal, around 3% is taken out. We decided to expense those costs out of our usual Credit Card Fee line, but don't know how to reflect that decision in Tess. 

So what I have on my hands is a pledge entered for the full amount of the gift (example $100), a check for a lower amount (ex. $97.50), and the need to fulfill the entire pledge payment.

What have other organizations done to remedy this situation?

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