Consolidating Family Funds into umbrella investment organizations

Bob Hickey · April 2015

Does anyone have any experience (or an opinion) on consolidating family funds into umbrella investment organizations? For example, 5 family funds which all use Fidelity............the 5 family fund records are deleted from RE and all activity/history/gifting is then entered via the Fidelity record. Fidelity is hard credited, the individual donor connected to that legacy of the family fund is soft credited.

If your organization does something similar to this, please let me know. If you have an opinion on why this shouldn't be done, I'm all ears on that front also.

Thanks everyone - two days in a row with a question from Cleveland.

James Andrews · April 2015

Why not have the funds as org records and have Fidelity as their parent organization? That seems to me to make more sense. It looks to me like the way you're doing it you'd lose the record of the DAF as well - don't you want to have that information?

Bob Hickey · April 2015

James Andrews:

Why not have the funds as org records and have Fidelity as their parent organization? That seems to me to make more sense. It looks to me like the way you're doing it you'd lose the record of the DAF as well - don't you want to have that information?

Yes, I am thinking the same way. Just trying to work through some different internal needs so really appreciate your response James.

James Andrews · April 2015

One note of caution/warning/annoyance on doing it that way, though: for some reason in Query the Parent Corporation field isn't a field where you can tell it to look up a specific record. You literally have to choose "equals" and type in the name. It's a weird aspect of RE, similar to when you enter a business relationship -- you can either link to an actual record or just type in the field without creating a constituent record. But in query, for primary business they offer a "specific org record" option -- for parent corp they don't.

Candace Chesler · April 2015

James Andrews:

Why not have the funds as org records and have Fidelity as their parent organization? That seems to me to make more sense. It looks to me like the way you're doing it you'd lose the record of the DAF as well - don't you want to have that information?

Bob - in the past I have entered gifts from Donor Advised Funds all under Fidelity - or Goldman - or whoever was writing the check, putting the DAF name in the Reference field and soft crediting the constituents.

I like Jame's suggestion of creating constituent records for the DAF organizations - with a relationship back to the family - and then making the DAF constituent a subsidary of the parent org of Fidelity. I am going to give this a try. Thanks James!

Bob Hickey · April 2015

All good - thanks everyone.

Consolidating Family Funds into umbrella investment organizations

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