We are currently in the process of migrating from Raiser's Edge to Tessitura with launch in a month. I have searched through the community discussions and do not find any recent threads related to entering stock gain, stock loss, and broker fees to reconcile with Finance. The most recent thread I found was from 5 years ago. I am looking for more recent procedures for entering this information into Tessitura.
Tessitura's v16 Help System for contribution processing shows the custom data tab for fields to enter stock gain/loss value, stock name and # of shares. A co-worker who worked in Tessitura more than 10 years ago, suggested to create a constituent record with the name of "Stock Transactions" that would be used to enter gifts for the stock gain, broker fees, and stock loss with funds specific to those transactions so that they will reflect on GL reports.
Any suggestions or shared procedures would be appreciated.
Thank you,
Dawn
Same as Kandis, we have different Payment Methods set up for each of these. So if donor Jane Doe gave us 5 shares of XYZ stock, which we sold for $1,000.00, when that money hits our bank (we receive our stock $ via EFT), I would process it all to Jane Doe's record in one transaction: Payment Method: Stock = $1,000.00Payment Method: Fees = $5.00Payment Method: Stock Profit/Loss = $10.00Then it all shows up neat and tidy on one line on Jane Doe's Contribution tab. Hope that helps!
Thank you Kandis Hyde and Sara Wabrowetz. Does your organizations give the donor credit for the stock notification (trade date) value or the stock sale value? With the fees and gain/loss being posted as contributions on the donor record, I would think that those transaction fees would count toward their cumulative giving. We give the donor credit based on the stock trade date.
We base our valuation on the date that the stock was gifted to us, as whatever the value of the stock was on that date is what the donor intended to give us. Then the full value - including fees and profit/loss - is credited to the donor, even though we've received a smaller portion of that actual money. That's why the different payment methods are handy, as our Finance team can easily see the difference between the actual cash received, and the fees and profit/loss.
Thank you for the information, Sara Wabrowetz. I will share these ideas with my Finance Team and try to come up with a plan for our organization. I appreciate your responses.