Nope - it's a gain and not a new gift. Nor can you count the proceeds.
The CRUT was counted once - at the time it was made a gift!
John H. Taylor
Principal, John H. Taylor Consulting
2604 Sevier St.
Durham, NC 27705
johntaylorconsulting@gmail.com
919.816.5903 (cell/text)
Serving the Advancement Community Since 1987
On Mon, Jan 7, 2019 at 12:19 PM Fazio, LaDona <
ladonafazio@stmarksschool.org>
wrote:
> Hi all,
>
> I am pretty sure I know the answer to this, but I told our VP that I would
> check in to see if there were any rules I was unaware of.
>
> I arrived at St. Mark's in September, and have been doing an audit of the
> gifts, reports and the advancement services procedures. In doing so, on a
> donor record I found a *NEW* CRUT booked in December of 2017, for just over
> $1M. In doing more research on the gift to ensure paperwork was in order,
> I found that it was actually the proceeds from a $2M CRUT. This CRUT was
> administered by another institution, which St. Mark's had a 25% irrevocable
> share with a 20 year termination date. It was booked on our advancement
> system in 1997 at the full $500K, not NPV. So, as I am enforcing CASE
> standards for counting, I alerted my VP, that the $1M was incorrectly
> counted in our current campaign. I understand that the $1M needs to be
> removed all together, but its her hope that we can maybe count the $500K
> "gain" on it, as we only booked $500K in 1997. As I am sure you can all
> understand, she is hoping to soften the blow on this. But as I understand
> it, our hands are tied in counting any portion of the $1M. Am I missing
> something?
>
> Thank you,
> LaDona
>
> --
> *LaDona Fazio*
> Director of Advancement Services and Data Analytics
> St. Mark's School
> 25 Marlboro Road
> Southborough, MA 01772
> Office: 508-786-6223
>