Our organization does use the History tab/Planned Gifts radio button to record information on planned giving. My Finance department is wondering if we should also be logging these amounts as pledges in gift entry, once we receive documentation from the bank as to the expected value of the planned gift...whether it is from a revocable trust, irrevocable trust, or beneficial interest in trust? In particular, does anyone record future payments expected beyond the current fiscal year? What we've done in the past, is just wait for the actual checks to arrive, before doing any data entry in contributions. Thanks much for your help.
Brenda
We do not enter them as pledges as they are often conditional restrictions.
Mark Frey | Accounting Coordinator
High Museum of Art
1280 Peachtree Street NE | Atlanta, GA 30309
p: 404-733-5267 | f: 404-733-4994
mark.frey@woodruffcenter.org
From: Tessitura Finance Forum [mailto:forums-finance@tessituranetwork.com] On Behalf Of Brenda Murphy Sent: Monday, September 28, 2009 2:42 PM To: Mark Frey Subject: [Tessitura Finance Forum] Planned Giving
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That’s right. Unless you have written confirmation that the bequest is irrevocable (which would really surprise me), it should not be entered because of various conditions and the fact that the donor can easily change his/her mind.
(Yes, I know that is true for standard pledges as well, but for some reason the accounting gods have decided it should be treated differently!)
_______________
Julie P. Hamre
Development Associate
Strathmore Hall Foundation, Inc.
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301.581.5136; fax 301.581.5201
www.strathmore.org
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-----Original Message----- From: Tessitura Finance Forum [mailto:forums-finance@tessituranetwork.com] On Behalf Of Mark Frey Sent: Monday, September 28, 2009 3:07 PM To: Julie Hamre Subject: RE: [Tessitura Finance Forum] Planned Giving We do not enter them as pledges as they are often conditional restrictions. Mark Frey | Accounting Coordinator High Museum of Art 1280 Peachtree Street NE | Atlanta, GA 30309 p: 404-733-5267 | f: 404-733-4994 mark.frey@woodruffcenter.org From: Tessitura Finance Forum [mailto:forums-finance@tessituranetwork.com] On Behalf Of Brenda Murphy Sent: Monday, September 28, 2009 2:42 PM To: Mark Frey Subject: [Tessitura Finance Forum] Planned Giving Our organization does use the History tab/Planned Gifts radio button to record information on planned giving. My Finance department is wondering if we should also be logging these amounts as pledges in gift entry, once we receive documentation from the bank as to the expected value of the planned gift...whether it is from a revocable trust, irrevocable trust, or beneficial interest in trust? In particular, does anyone record future payments expected beyond the current fiscal year? What we've done in the past, is just wait for the actual checks to arrive, before doing any data entry in contributions. Thanks much for your help. Brenda This message was sent automatically to you by www.tessituranetwork.com because you subscribed to the Tessitura Finance Forum. You may reply to this message to post to the Finance 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! This message was sent automatically to you by www.tessituranetwork.com because you subscribed to the Tessitura Finance Forum. You may reply to this message to post to the Finance 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!