Charitable Gift Annuity

Robin Kagimoto

Hello,


Wondering how other people account for planned gifts in RE? We were given a 100k charitable gift annuity, which is with the Business office. They have to pay out the donor a portion monthly. Upon the donors passing, is when we will know how much is left and the amount realized. Does anybody count any of the gift initially in the fiscal year it was given, even though we don't know the final amount? The donor is 91 years old, also not sure if age of the donor and how much counting of the gift has to do with it.

Karen Hartt

Robin Kagimoto:

Hello,


Wondering how other people account for planned gifts in RE? We were given a 100k charitable gift annuity, which is with the Business office. They have to pay out the donor a portion monthly. Upon the donors passing, is when we will know how much is left and the amount realized. Does anybody count any of the gift initially in the fiscal year it was given, even though we don't know the final amount? The donor is 91 years old, also not sure if age of the donor and how much counting of the gift has to do with it.

Hi Robin,

As the donor is entitled to take a charitable deduction of $100k we book the gift value in Raiser's Edge and our finance department runs the gift through our Planned Gift Manager software to book the discounted value in the GL. We use a third party vendor to manage the assets of our charitable gift annuity program as well as doing the administrative work, e.g. sending out the quarterly income payments and the tax reporting to the donor.

Robin Kagimoto

Karen Hartt:

Robin Kagimoto:

Hello,


Wondering how other people account for planned gifts in RE? We were given a 100k charitable gift annuity, which is with the Business office. They have to pay out the donor a portion monthly. Upon the donors passing, is when we will know how much is left and the amount realized. Does anybody count any of the gift initially in the fiscal year it was given, even though we don't know the final amount? The donor is 91 years old, also not sure if age of the donor and how much counting of the gift has to do with it.

Hi Robin,

As the donor is entitled to take a charitable deduction of $100k we book the gift value in Raiser's Edge and our finance department runs the gift through our Planned Gift Manager software to book the discounted value in the GL. We use a third party vendor to manage the assets of our charitable gift annuity program as well as doing the administrative work, e.g. sending out the quarterly income payments and the tax reporting to the donor.

 

Thank you, Karen!

Kate Watts

Hi Karen and Robin,


I am curious about which third party vendor you use to manage the assets of your charitable gift annuity program? Seeing this post was December 2016, do you still have a third party send out the payments and handle the administrative side? Is it possible to process in Raiser's Edge and Financial Edge?


Thanks,


Kate Watts