Charitable Gift Annuity

Lynn Ismail:

 Does anyone know how to record a gift annuity in RE if you don't have the Planned Gift Tracker module?  This is stock gift. We also have financial edge so not sure how all this integrates with FE.  Would appreciate any help!!

Lynn, sorry but I'm not clear, is this a stock gift you have received or one expected in the future? 

If recieved, we enter it as stock gift and then record all the stock sale info on the constituent record.  Our policy is to immediately sell any stocks received. Posts over to FE with no problem. 

We don't have planned giving module either.  If I had to record future gift I think I'd check with finance/business office.  Do they want and need this info in their financial records now?  I'd consider using gift type of "Other" and possibly marking as "do not post" depending on what business office wants. 

Just some thoughts...

Lynn Ismail:

 JoAnn- I am the finance office-we are a very small Foundation- a one person accounting department. It is a stock gift that has been transferred to us and we sold it.  The proceeds are to be used for an immediate gift annuity. We have already signed the agreement. So we have a gift  portion and annuity portion (liability) that we have to pay to the annuitants for the rest of their lives.

My question has to do with the value of the gift to record in RE-the full amount or the charitable deduction portion of the total because only the charitable deduction portion is a gift the rest is the annuity that we pay them. 

Appreciate your thoughts on this. Thanks.

I haven't had to deal with this situation in RE yet.  So as 'the finance office'  [;)] how you need it recorded for your accounting purposes?  I really don't have advice for this as not something I'm experienced with - I would lean toward just recording the 'gift' but have no facts to really back my leaning. 

You would probably be able to get some answers at www.fundsvcs.org - lots of knowledgeable people both RE users and others.  Click FundSerivces Archives on the left side and then do a search in the archives using magnifying glass on right side  for annuity/gift annuity.  I've found real good info there. 

Sorry, don't feel I can help you much.