Stock gift entry and reporting

Kristin Larson 2

We are a very small shop and I’m trying to outline processes for gift entry and tracking. I’m looking for guidance on stock gifts, specifically how to record the proceeds from the sale of gift stock. When the stock was received, we entered the gift information on the donor’s account. We sold the shares and received a check for the proceeds from our brokerage firm. Is it correct to create a journal entry with the dollar amount, check info, fund etc. on the brokerage firm’s record and soft credit the donor? Am I correct that I would then need to exclude “stock gifts” from any fiscal reports and queries when I’m looking at total dollars received in a fiscal year? It seems like I’d be double counting otherwise. Thanks!

Christine Robertson 4

@Kristin Larson Tagging @Judith Youngblood as she's the best eTap resource I know.

Judith Youngblood

@Kristin Larson, if you are entering the proceeds from the stock sale on the constituent's record (not the brokerage's record), you would not delete the gift from a financial report. What are you putting in the Received field? Is it the value of the median price x number of shares? or is it the net proceeds from the sale?

Judith Youngblood

@Christine Robertson, thank you, dear friend!

Karen Tuecke

@Kristin Larson we record it under the benefactor that gifted the stock. We get stock frquently and found this was the best way, if you have all the data on the stock. This is exactly how we record it and yes we include it in our financials because it is a received gift.

Kristin Larson 2

@Judith Youngblood We may be making our process more difficult than it needs to be and we may not be getting all of the details we need from our broker. We use information from our statement to enter the received amount and divide that by the number of shares to get the price per share.