FundSvcs Community

We have had problems with financial institutions not providing the information on the check or in a letter. When we call the financial institution they say that they have to have the donor's approval to talk to us. When we ask the donor about it, they don't have any idea which it was. If I understand what everyone is saying, we have to say in the receipt if it was a QCD or a RMD. This new wrinkle saying this makes it difficult to put the information in the receipt if we don't know. *Bev* Beverly Lyles, MA Southern Nazarene University 6729 N.W. 39th Expressway Bethany, OK 73008 405-491-6606 *You miss 100 percent of the shots you never take*. - - Wayne Gretzky *Proud member of the Association of Advancement Services Professionals (AASP) **www.advserv.org* <https://urldefense.proofpoint.com/v1/url?u=http://www.advserv.org&k=6JSkda1SE0Yss6Wblf1qjA%3D%3D%0A&r=E5nya9TBDdcm5nMCqVfv5GvWzazKAi4OhketEPwnPqg%3D%0A&m=EiTrAtOWj642XyUqCO0P5bjfP9ek627BfaXY1ikGSXM%3D%0A&s=5d8c0bb220fbc46013b7a8d150800b6664d3cfeca1a9ad985a167ce4dbf4d982>* and the Association of Professional Researchers for Advancement (APRA) www.aprahome.org <http://www.aprahome.org>* On Mon, Feb 11, 2019 at 2:47 PM Gross, Debra <GrossD@email.chop.edu> wrote: > We struggle with this because of the financial Institutions that either > don’t indicate if it’s QCD or RMD, or even better – don’t give us a donor’s > name. And calling them is a challenge – none will give any info over the > phone (which I get) but recently I hit a wall with one Very Big National > Bank, when they wouldn’t contact their client, the donor either. > > > > *From:* Advancement Services Discussion List < > FUNDSVCS@LISTSERV.FUNDSVCS.ORG> *On Behalf Of *John Taylor > *Sent:* Monday, February 11, 2019 3:43 PM > *To:* FUNDSVCS@LISTSERV.FUNDSVCS.ORG > *Subject:* [External] Re: [FUNDSVCS] IRA Rollovers > > > > There are 2 types of IRA distributions - RMDs and QCDs. For a QCD the > donor does NOT pay taxes - but they also do not claim a deductible gift. > If an RMD they DO pay taxes and CAN claim a deductible gift. > > > > Both require a receipt that reflects what sort of distribution you > received. > > > > John > > > > 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, Feb 11, 2019 at 3:35 PM Beverly Lyles <blyles@snu.edu> wrote: > > Need some direction as to what is being told to our donors by financial > advisors with regard to IRA rollovers. They are being told that if a > financial institution sends a check directly to the institution, they do > not pay taxes on the money but they also don't get a deduction. They also > said that we have to indicate in our receipt that the gift was from an IRA > which will then be a sign to them that the gift is not income and is not a > tax deduction. That it doesn't matter if the gift is a QCD or a RMD. > > > > This is contrary to what I have always understood. Is anyone able to help > me clear this up? > > > *Bev* > > Beverly Lyles, MA > > Southern Nazarene University > > 6729 N.W. 39th Expressway > Bethany, OK 73008 > > 405-491-6606 > > > > *You miss 100 percent of the shots you never take*. - - Wayne Gretzky > > > > *Proud member of the Association of Advancement Services Professionals > (AASP) **www.advserv.org* > <https://urldefense.proofpoint.com/v1/url?u=http://www.advserv.org&k=6JSkda1SE0Yss6Wblf1qjA%3D%3D%0A&r=E5nya9TBDdcm5nMCqVfv5GvWzazKAi4OhketEPwnPqg%3D%0A&m=EiTrAtOWj642XyUqCO0P5bjfP9ek627BfaXY1ikGSXM%3D%0A&s=5d8c0bb220fbc46013b7a8d150800b6664d3cfeca1a9ad985a167ce4dbf4d982>* > and the Association of Professional Researchers for Advancement (APRA) > www.aprahome.org <http://www.aprahome.org>* > > > > > **** This email originated from an *EXTERNAL sender* to CHOP. Proceed > with caution when replying, opening attachments, or clicking links. Do not > disclose your CHOP credentials, employee information, or protected health > information to a potential hacker****. >

How do you suggest recording this in the system? In Raiser's Edge there is a place for the gift and a place for the receiptable amount. In the past we had been instructed to put $0.00 as the receiptable amount when it was a QCD and the full amount of the gift when it was a RMD. Does this policy need to be changed and just put the full amount in both places nio matter what the type? *Bev* Beverly Lyles, MA Southern Nazarene University 6729 N.W. 39th Expressway Bethany, OK 73008 405-491-6606 *You miss 100 percent of the shots you never take*. - - Wayne Gretzky *Proud member of the Association of Advancement Services Professionals (AASP) **www.advserv.org* <https://urldefense.proofpoint.com/v1/url?u=http://www.advserv.org&k=6JSkda1SE0Yss6Wblf1qjA%3D%3D%0A&r=E5nya9TBDdcm5nMCqVfv5GvWzazKAi4OhketEPwnPqg%3D%0A&m=EiTrAtOWj642XyUqCO0P5bjfP9ek627BfaXY1ikGSXM%3D%0A&s=5d8c0bb220fbc46013b7a8d150800b6664d3cfeca1a9ad985a167ce4dbf4d982>* and the Association of Professional Researchers for Advancement (APRA) www.aprahome.org <http://www.aprahome.org>* On Mon, Feb 11, 2019 at 3:17 PM John Taylor <johntaylorconsulting@gmail.com> wrote: > I always put that information on the receipt - when I know it. As I > mentioned earlier, whether it is a QCD or an RMD has a significant impact > on the donor's taxes. However, I am not aware of any law that requires > this distinction on the receipt. It is, in my opinion, suggested > information to help protect the donor from claiming a fraudulent deduction. > > John > > 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, Feb 11, 2019 at 4:03 PM Forrest, Aaron < > aaron.forrest@rochester.edu> wrote: > >> We do not put that on the receipt and have never been asked to. We don’t >> often have that information. >> >> Aaron >> >> >> >> Aaron Forrest CPA >> >> Senior Director Gift and Donor Services >> >> University of Rochester Office of Advancement >> >> Larry and Cindy Bloch Alumni and Advancement Center >> >> 300 East River Road >> >> Rochester NY 14627 >> >> Office 585.275.2799 / Fax 585-273-4558 >> >> Email aaron.forrest@rochester.edu >> >> >> >> [image: Description: Description: Description: >> cid:image001.gif@01C92E92.3629C5E0] <http://www.rochester.edu/> >> >> P Please consider the environment before printing this email. >> >> Confidentiality Notice: This message, including attachments may contain >> confidential information. Any unauthorized use, disclosure or distribution >> is prohibited. >> >> >> >> *From:* Advancement Services Discussion List < >> FUNDSVCS@LISTSERV.FUNDSVCS.ORG> *On Behalf Of *Beverly Lyles >> *Sent:* Monday, February 11, 2019 3:54 PM >> *To:* FUNDSVCS@LISTSERV.FUNDSVCS.ORG >> *Subject:* Re: [FUNDSVCS] [External] Re: [FUNDSVCS] IRA Rollovers >> >> >> >> We have had problems with financial institutions not providing the >> information on the check or in a letter. When we call the financial >> institution they say that they have to have the donor's approval to talk to >> us. When we ask the donor about it, they don't have any idea which it was. >> >> >> >> If I understand what everyone is saying, we have to say in the receipt if >> it was a QCD or a RMD. This new wrinkle saying this makes it difficult to >> put the information in the receipt if we don't know. >> >> >> *Bev* >> >> Beverly Lyles, MA >> >> Southern Nazarene University >> >> 6729 N.W. 39th Expressway >> Bethany, OK 73008 >> >> 405-491-6606 >> >> >> >> *You miss 100 percent of the shots you never take*. - - Wayne Gretzky >> >> >> >> *Proud member of the Association of Advancement Services Professionals >> (AASP) **www.advserv.org* >> <https://urldefense.proofpoint.com/v1/url?u=http://www.advserv.org&k=6JSkda1SE0Yss6Wblf1qjA%3D%3D%0A&r=E5nya9TBDdcm5nMCqVfv5GvWzazKAi4OhketEPwnPqg%3D%0A&m=EiTrAtOWj642XyUqCO0P5bjfP9ek627BfaXY1ikGSXM%3D%0A&s=5d8c0bb220fbc46013b7a8d150800b6664d3cfeca1a9ad985a167ce4dbf4d982>* >> and the Association of Professional Researchers for Advancement (APRA) >> www.aprahome.org >> <https://urldefense.proofpoint.com/v2/url?u=http-3A__www.aprahome.org&d=DwMFaQ&c=kbmfwr1Yojg42sGEpaQh5ofMHBeTl9EI2eaqQZhHbOU&r=MraOYpMOnCsIdm9axhPA4iXJhhPExcCA4gBqoRhHvTU&m=WKSk4OO_IeDO8uJaas7T5hoiODA9KPc0pcZLz_r-gG4&s=rvouZUPnB20GBnA8ZS4sEvYONuADCLQSwEj3eozt51I&e=>* >> >> >> >> >> >> On Mon, Feb 11, 2019 at 2:47 PM Gross, Debra <GrossD@email.chop.edu> >> wrote: >> >> We struggle with this because of the financial Institutions that either >> don’t indicate if it’s QCD or RMD, or even better – don’t give us a donor’s >> name. And calling them is a challenge – none will give any info over the >> phone (which I get) but recently I hit a wall with one Very Big National >> Bank, when they wouldn’t contact their client, the donor either. >> >> >> >> *From:* Advancement Services Discussion List < >> FUNDSVCS@LISTSERV.FUNDSVCS.ORG> *On Behalf Of *John Taylor >> *Sent:* Monday, February 11, 2019 3:43 PM >> *To:* FUNDSVCS@LISTSERV.FUNDSVCS.ORG >> *Subject:* [External] Re: [FUNDSVCS] IRA Rollovers >> >> >> >> There are 2 types of IRA distributions - RMDs and QCDs. For a QCD the >> donor does NOT pay taxes - but they also do not claim a deductible gift. >> If an RMD they DO pay taxes and CAN claim a deductible gift. >> >> >> >> Both require a receipt that reflects what sort of distribution you >> received. >> >> >> >> John >> >> >> >> 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, Feb 11, 2019 at 3:35 PM Beverly Lyles <blyles@snu.edu> wrote: >> >> Need some direction as to what is being told to our donors by financial >> advisors with regard to IRA rollovers. They are being told that if a >> financial institution sends a check directly to the institution, they do >> not pay taxes on the money but they also don't get a deduction. They also >> said that we have to indicate in our receipt that the gift was from an IRA >> which will then be a sign to them that the gift is not income and is not a >> tax deduction. That it doesn't matter if the gift is a QCD or a RMD. >> >> >> >> This is contrary to what I have always understood. Is anyone able to >> help me clear this up? >> >> >> *Bev* >> >> Beverly Lyles, MA >> >> Southern Nazarene University >> >> 6729 N.W. 39th Expressway >> Bethany, OK 73008 >> >> 405-491-6606 >> >> >> >> *You miss 100 percent of the shots you never take*. - - Wayne Gretzky >> >> >> >> *Proud member of the Association of Advancement Services Professionals >> (AASP) **www.advserv.org* >> <https://urldefense.proofpoint.com/v1/url?u=http://www.advserv.org&k=6JSkda1SE0Yss6Wblf1qjA%3D%3D%0A&r=E5nya9TBDdcm5nMCqVfv5GvWzazKAi4OhketEPwnPqg%3D%0A&m=EiTrAtOWj642XyUqCO0P5bjfP9ek627BfaXY1ikGSXM%3D%0A&s=5d8c0bb220fbc46013b7a8d150800b6664d3cfeca1a9ad985a167ce4dbf4d982>* >> and the Association of Professional Researchers for Advancement (APRA) >> www.aprahome.org >> <https://urldefense.proofpoint.com/v2/url?u=http-3A__www.aprahome.org&d=DwMFaQ&c=kbmfwr1Yojg42sGEpaQh5ofMHBeTl9EI2eaqQZhHbOU&r=MraOYpMOnCsIdm9axhPA4iXJhhPExcCA4gBqoRhHvTU&m=WKSk4OO_IeDO8uJaas7T5hoiODA9KPc0pcZLz_r-gG4&s=rvouZUPnB20GBnA8ZS4sEvYONuADCLQSwEj3eozt51I&e=>* >> >> >> >> >> **** This email originated from an *EXTERNAL sender* to CHOP. Proceed >> with caution when replying, opening attachments, or clicking links. Do not >> disclose your CHOP credentials, employee information, or protected health >> information to a potential hacker****. >> >>

I always put that information on the receipt - when I know it. As I mentioned earlier, whether it is a QCD or an RMD has a significant impact on the donor's taxes. However, I am not aware of any law that requires this distinction on the receipt. It is, in my opinion, suggested information to help protect the donor from claiming a fraudulent deduction. John 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, Feb 11, 2019 at 4:03 PM Forrest, Aaron <aaron.forrest@rochester.edu> wrote: > We do not put that on the receipt and have never been asked to. We don’t > often have that information. > > Aaron > > > > Aaron Forrest CPA > > Senior Director Gift and Donor Services > > University of Rochester Office of Advancement > > Larry and Cindy Bloch Alumni and Advancement Center > > 300 East River Road > > Rochester NY 14627 > > Office 585.275.2799 / Fax 585-273-4558 > > Email aaron.forrest@rochester.edu > > > > [image: Description: Description: Description: > cid:image001.gif@01C92E92.3629C5E0] <http://www.rochester.edu/> > > P Please consider the environment before printing this email. > > Confidentiality Notice: This message, including attachments may contain > confidential information. Any unauthorized use, disclosure or distribution > is prohibited. > > > > *From:* Advancement Services Discussion List < > FUNDSVCS@LISTSERV.FUNDSVCS.ORG> *On Behalf Of *Beverly Lyles > *Sent:* Monday, February 11, 2019 3:54 PM > *To:* FUNDSVCS@LISTSERV.FUNDSVCS.ORG > *Subject:* Re: [FUNDSVCS] [External] Re: [FUNDSVCS] IRA Rollovers > > > > We have had problems with financial institutions not providing the > information on the check or in a letter. When we call the financial > institution they say that they have to have the donor's approval to talk to > us. When we ask the donor about it, they don't have any idea which it was. > > > > If I understand what everyone is saying, we have to say in the receipt if > it was a QCD or a RMD. This new wrinkle saying this makes it difficult to > put the information in the receipt if we don't know. > > > *Bev* > > Beverly Lyles, MA > > Southern Nazarene University > > 6729 N.W. 39th Expressway > Bethany, OK 73008 > > 405-491-6606 > > > > *You miss 100 percent of the shots you never take*. - - Wayne Gretzky > > > > *Proud member of the Association of Advancement Services Professionals > (AASP) **www.advserv.org* > <https://urldefense.proofpoint.com/v1/url?u=http://www.advserv.org&k=6JSkda1SE0Yss6Wblf1qjA%3D%3D%0A&r=E5nya9TBDdcm5nMCqVfv5GvWzazKAi4OhketEPwnPqg%3D%0A&m=EiTrAtOWj642XyUqCO0P5bjfP9ek627BfaXY1ikGSXM%3D%0A&s=5d8c0bb220fbc46013b7a8d150800b6664d3cfeca1a9ad985a167ce4dbf4d982>* > and the Association of Professional Researchers for Advancement (APRA) > www.aprahome.org > <https://urldefense.proofpoint.com/v2/url?u=http-3A__www.aprahome.org&d=DwMFaQ&c=kbmfwr1Yojg42sGEpaQh5ofMHBeTl9EI2eaqQZhHbOU&r=MraOYpMOnCsIdm9axhPA4iXJhhPExcCA4gBqoRhHvTU&m=WKSk4OO_IeDO8uJaas7T5hoiODA9KPc0pcZLz_r-gG4&s=rvouZUPnB20GBnA8ZS4sEvYONuADCLQSwEj3eozt51I&e=>* > > > > > > On Mon, Feb 11, 2019 at 2:47 PM Gross, Debra <GrossD@email.chop.edu> > wrote: > > We struggle with this because of the financial Institutions that either > don’t indicate if it’s QCD or RMD, or even better – don’t give us a donor’s > name. And calling them is a challenge – none will give any info over the > phone (which I get) but recently I hit a wall with one Very Big National > Bank, when they wouldn’t contact their client, the donor either. > > > > *From:* Advancement Services Discussion List < > FUNDSVCS@LISTSERV.FUNDSVCS.ORG> *On Behalf Of *John Taylor > *Sent:* Monday, February 11, 2019 3:43 PM > *To:* FUNDSVCS@LISTSERV.FUNDSVCS.ORG > *Subject:* [External] Re: [FUNDSVCS] IRA Rollovers > > > > There are 2 types of IRA distributions - RMDs and QCDs. For a QCD the > donor does NOT pay taxes - but they also do not claim a deductible gift. > If an RMD they DO pay taxes and CAN claim a deductible gift. > > > > Both require a receipt that reflects what sort of distribution you > received. > > > > John > > > > 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, Feb 11, 2019 at 3:35 PM Beverly Lyles <blyles@snu.edu> wrote: > > Need some direction as to what is being told to our donors by financial > advisors with regard to IRA rollovers. They are being told that if a > financial institution sends a check directly to the institution, they do > not pay taxes on the money but they also don't get a deduction. They also > said that we have to indicate in our receipt that the gift was from an IRA > which will then be a sign to them that the gift is not income and is not a > tax deduction. That it doesn't matter if the gift is a QCD or a RMD. > > > > This is contrary to what I have always understood. Is anyone able to help > me clear this up? > > > *Bev* > > Beverly Lyles, MA > > Southern Nazarene University > > 6729 N.W. 39th Expressway > Bethany, OK 73008 > > 405-491-6606 > > > > *You miss 100 percent of the shots you never take*. - - Wayne Gretzky > > > > *Proud member of the Association of Advancement Services Professionals > (AASP) **www.advserv.org* > <https://urldefense.proofpoint.com/v1/url?u=http://www.advserv.org&k=6JSkda1SE0Yss6Wblf1qjA%3D%3D%0A&r=E5nya9TBDdcm5nMCqVfv5GvWzazKAi4OhketEPwnPqg%3D%0A&m=EiTrAtOWj642XyUqCO0P5bjfP9ek627BfaXY1ikGSXM%3D%0A&s=5d8c0bb220fbc46013b7a8d150800b6664d3cfeca1a9ad985a167ce4dbf4d982>* > and the Association of Professional Researchers for Advancement (APRA) > www.aprahome.org > <https://urldefense.proofpoint.com/v2/url?u=http-3A__www.aprahome.org&d=DwMFaQ&c=kbmfwr1Yojg42sGEpaQh5ofMHBeTl9EI2eaqQZhHbOU&r=MraOYpMOnCsIdm9axhPA4iXJhhPExcCA4gBqoRhHvTU&m=WKSk4OO_IeDO8uJaas7T5hoiODA9KPc0pcZLz_r-gG4&s=rvouZUPnB20GBnA8ZS4sEvYONuADCLQSwEj3eozt51I&e=>* > > > > > **** This email originated from an *EXTERNAL sender* to CHOP. Proceed > with caution when replying, opening attachments, or clicking links. Do not > disclose your CHOP credentials, employee information, or protected health > information to a potential hacker****. > >

We did not do a VSE report this year since the new Director had only been in the position for a few weeks (she has since left the position and we are looking again for a director). But the answer to your question is yes, we have reported those gifts in the past on our VSE. I'm technically not the director any more. I am only filling in until they can get someone hired - again. I have been "retired" since July. As everyone knows, there are certain things that cannot be left undone and the university has had me doing the minimum work necessary until a new director can be hired. *Bev* Beverly Lyles, MA Southern Nazarene University 6729 N.W. 39th Expressway Bethany, OK 73008 405-491-6606 *You miss 100 percent of the shots you never take*. - - Wayne Gretzky *Proud member of the Association of Advancement Services Professionals (AASP) **www.advserv.org* <https://urldefense.proofpoint.com/v1/url?u=http://www.advserv.org&k=6JSkda1SE0Yss6Wblf1qjA%3D%3D%0A&r=E5nya9TBDdcm5nMCqVfv5GvWzazKAi4OhketEPwnPqg%3D%0A&m=EiTrAtOWj642XyUqCO0P5bjfP9ek627BfaXY1ikGSXM%3D%0A&s=5d8c0bb220fbc46013b7a8d150800b6664d3cfeca1a9ad985a167ce4dbf4d982>* and the Association of Professional Researchers for Advancement (APRA) www.aprahome.org <http://www.aprahome.org>* On Mon, Feb 11, 2019 at 4:05 PM Forrest, Aaron <aaron.forrest@rochester.edu> wrote: > You are not counting IRA charitable rollover gifts in your fundraising > totals for Advancement reporting? I think that is unwise. Is leadership > aware? How is that choice impacting your VSE report? > > Aaron > > > > Aaron Forrest CPA > > Senior Director Gift and Donor Services > > University of Rochester Office of Advancement > > Larry and Cindy Bloch Alumni and Advancement Center > > 300 East River Road > > Rochester NY 14627 > > Office 585.275.2799 / Fax 585-273-4558 > > Email aaron.forrest@rochester.edu > > > > [image: Description: Description: Description: > cid:image001.gif@01C92E92.3629C5E0] <http://www.rochester.edu/> > > P Please consider the environment before printing this email. > > Confidentiality Notice: This message, including attachments may contain > confidential information. Any unauthorized use, disclosure or distribution > is prohibited. > > > > *From:* Advancement Services Discussion List < > FUNDSVCS@LISTSERV.FUNDSVCS.ORG> *On Behalf Of *Beverly Lyles > *Sent:* Monday, February 11, 2019 4:26 PM > *To:* FUNDSVCS@LISTSERV.FUNDSVCS.ORG > *Subject:* Re: [FUNDSVCS] [External] Re: [FUNDSVCS] IRA Rollovers > > > > How do you suggest recording this in the system? In Raiser's Edge there > is a place for the gift and a place for the receiptable amount. In the > past we had been instructed to put $0.00 as the receiptable amount when it > was a QCD and the full amount of the gift when it was a RMD. Does this > policy need to be changed and just put the full amount in both places nio > matter what the type? > > > *Bev* > > Beverly Lyles, MA > > Southern Nazarene University > > 6729 N.W. 39th Expressway > Bethany, OK 73008 > > 405-491-6606 > > > > *You miss 100 percent of the shots you never take*. - - Wayne Gretzky > > > > *Proud member of the Association of Advancement Services Professionals > (AASP) **www.advserv.org* > <https://urldefense.proofpoint.com/v1/url?u=http://www.advserv.org&k=6JSkda1SE0Yss6Wblf1qjA%3D%3D%0A&r=E5nya9TBDdcm5nMCqVfv5GvWzazKAi4OhketEPwnPqg%3D%0A&m=EiTrAtOWj642XyUqCO0P5bjfP9ek627BfaXY1ikGSXM%3D%0A&s=5d8c0bb220fbc46013b7a8d150800b6664d3cfeca1a9ad985a167ce4dbf4d982>* > and the Association of Professional Researchers for Advancement (APRA) > www.aprahome.org > <https://urldefense.proofpoint.com/v2/url?u=http-3A__www.aprahome.org&d=DwMFaQ&c=kbmfwr1Yojg42sGEpaQh5ofMHBeTl9EI2eaqQZhHbOU&r=MraOYpMOnCsIdm9axhPA4iXJhhPExcCA4gBqoRhHvTU&m=tcn5lpMwzFZ-oiSCejyZErv1J_cHIUh-nulBqZ0frcU&s=9HjvEKtNwe3X1eDCHXEtAuUvw1x2KtTquSatqd7s32s&e=>* > > > > > > On Mon, Feb 11, 2019 at 3:17 PM John Taylor < > johntaylorconsulting@gmail.com> wrote: > > I always put that information on the receipt - when I know it. As I > mentioned earlier, whether it is a QCD or an RMD has a significant impact > on the donor's taxes. However, I am not aware of any law that requires > this distinction on the receipt. It is, in my opinion, suggested > information to help protect the donor from claiming a fraudulent deduction. > > > > John > > > > 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, Feb 11, 2019 at 4:03 PM Forrest, Aaron < > aaron.forrest@rochester.edu> wrote: > > We do not put that on the receipt and have never been asked to. We don’t > often have that information. > > Aaron > > > > Aaron Forrest CPA > > Senior Director Gift and Donor Services > > University of Rochester Office of Advancement > > Larry and Cindy Bloch Alumni and Advancement Center > > 300 East River Road > > Rochester NY 14627 > > Office 585.275.2799 / Fax 585-273-4558 > > Email aaron.forrest@rochester.edu > > > > [image: Description: Description: Description: > cid:image001.gif@01C92E92.3629C5E0] <http://www.rochester.edu/> > > P Please consider the environment before printing this email. > > Confidentiality Notice: This message, including attachments may contain > confidential information. Any unauthorized use, disclosure or distribution > is prohibited. > > > > *From:* Advancement Services Discussion List < > FUNDSVCS@LISTSERV.FUNDSVCS.ORG> *On Behalf Of *Beverly Lyles > *Sent:* Monday, February 11, 2019 3:54 PM > *To:* FUNDSVCS@LISTSERV.FUNDSVCS.ORG > *Subject:* Re: [FUNDSVCS] [External] Re: [FUNDSVCS] IRA Rollovers > > > > We have had problems with financial institutions not providing the > information on the check or in a letter. When we call the financial > institution they say that they have to have the donor's approval to talk to > us. When we ask the donor about it, they don't have any idea which it was. > > > > If I understand what everyone is saying, we have to say in the receipt if > it was a QCD or a RMD. This new wrinkle saying this makes it difficult to > put the information in the receipt if we don't know. > > > *Bev* > > Beverly Lyles, MA > > Southern Nazarene University > > 6729 N.W. 39th Expressway > Bethany, OK 73008 > > 405-491-6606 > > > > *You miss 100 percent of the shots you never take*. - - Wayne Gretzky > > > > *Proud member of the Association of Advancement Services Professionals > (AASP) **www.advserv.org* > <https://urldefense.proofpoint.com/v1/url?u=http://www.advserv.org&k=6JSkda1SE0Yss6Wblf1qjA%3D%3D%0A&r=E5nya9TBDdcm5nMCqVfv5GvWzazKAi4OhketEPwnPqg%3D%0A&m=EiTrAtOWj642XyUqCO0P5bjfP9ek627BfaXY1ikGSXM%3D%0A&s=5d8c0bb220fbc46013b7a8d150800b6664d3cfeca1a9ad985a167ce4dbf4d982>* > and the Association of Professional Researchers for Advancement (APRA) > www.aprahome.org > <https://urldefense.proofpoint.com/v2/url?u=http-3A__www.aprahome.org&d=DwMFaQ&c=kbmfwr1Yojg42sGEpaQh5ofMHBeTl9EI2eaqQZhHbOU&r=MraOYpMOnCsIdm9axhPA4iXJhhPExcCA4gBqoRhHvTU&m=WKSk4OO_IeDO8uJaas7T5hoiODA9KPc0pcZLz_r-gG4&s=rvouZUPnB20GBnA8ZS4sEvYONuADCLQSwEj3eozt51I&e=>* > > > > > > On Mon, Feb 11, 2019 at 2:47 PM Gross, Debra <GrossD@email.chop.edu> > wrote: > > We struggle with this because of the financial Institutions that either > don’t indicate if it’s QCD or RMD, or even better – don’t give us a donor’s > name. And calling them is a challenge – none will give any info over the > phone (which I get) but recently I hit a wall with one Very Big National > Bank, when they wouldn’t contact their client, the donor either. > > > > *From:* Advancement Services Discussion List < > FUNDSVCS@LISTSERV.FUNDSVCS.ORG> *On Behalf Of *John Taylor > *Sent:* Monday, February 11, 2019 3:43 PM > *To:* FUNDSVCS@LISTSERV.FUNDSVCS.ORG > *Subject:* [External] Re: [FUNDSVCS] IRA Rollovers > > > > There are 2 types of IRA distributions - RMDs and QCDs. For a QCD the > donor does NOT pay taxes - but they also do not claim a deductible gift. > If an RMD they DO pay taxes and CAN claim a deductible gift. > > > > Both require a receipt that reflects what sort of distribution you > received. > > > > John > > > > 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, Feb 11, 2019 at 3:35 PM Beverly Lyles <blyles@snu.edu> wrote: > > Need some direction as to what is being told to our donors by financial > advisors with regard to IRA rollovers. They are being told that if a > financial institution sends a check directly to the institution, they do > not pay taxes on the money but they also don't get a deduction. They also > said that we have to indicate in our receipt that the gift was from an IRA > which will then be a sign to them that the gift is not income and is not a > tax deduction. That it doesn't matter if the gift is a QCD or a RMD. > > > > This is contrary to what I have always understood. Is anyone able to help > me clear this up? > > > *Bev* > > Beverly Lyles, MA > > Southern Nazarene University > > 6729 N.W. 39th Expressway > Bethany, OK 73008 > > 405-491-6606 > > > > *You miss 100 percent of the shots you never take*. - - Wayne Gretzky > > > > *Proud member of the Association of Advancement Services Professionals > (AASP) **www.advserv.org* > <https://urldefense.proofpoint.com/v1/url?u=http://www.advserv.org&k=6JSkda1SE0Yss6Wblf1qjA%3D%3D%0A&r=E5nya9TBDdcm5nMCqVfv5GvWzazKAi4OhketEPwnPqg%3D%0A&m=EiTrAtOWj642XyUqCO0P5bjfP9ek627BfaXY1ikGSXM%3D%0A&s=5d8c0bb220fbc46013b7a8d150800b6664d3cfeca1a9ad985a167ce4dbf4d982>* > and the Association of Professional Researchers for Advancement (APRA) > www.aprahome.org > <https://urldefense.proofpoint.com/v2/url?u=http-3A__www.aprahome.org&d=DwMFaQ&c=kbmfwr1Yojg42sGEpaQh5ofMHBeTl9EI2eaqQZhHbOU&r=MraOYpMOnCsIdm9axhPA4iXJhhPExcCA4gBqoRhHvTU&m=WKSk4OO_IeDO8uJaas7T5hoiODA9KPc0pcZLz_r-gG4&s=rvouZUPnB20GBnA8ZS4sEvYONuADCLQSwEj3eozt51I&e=>* > > > > > **** This email originated from an *EXTERNAL sender* to CHOP. Proceed > with caution when replying, opening attachments, or clicking links. Do not > disclose your CHOP credentials, employee information, or protected health > information to a potential hacker****. > >

The reciptable amount is the face value in both cases. While a QCD is not tax-deductible as a charitable gift, it is a gift and needs to be receipted and counted. Donors still must report these distributions in their tax returns, just not as charitable gift deductions. John 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, Feb 11, 2019 at 4:26 PM Beverly Lyles <blyles@snu.edu> wrote: > How do you suggest recording this in the system? In Raiser's Edge there > is a place for the gift and a place for the receiptable amount. In the > past we had been instructed to put $0.00 as the receiptable amount when it > was a QCD and the full amount of the gift when it was a RMD. Does this > policy need to be changed and just put the full amount in both places nio > matter what the type? > > *Bev* > Beverly Lyles, MA > Southern Nazarene University > 6729 N.W. 39th Expressway > Bethany, OK 73008 > 405-491-6606 > > *You miss 100 percent of the shots you never take*. - - Wayne Gretzky > > *Proud member of the Association of Advancement Services Professionals > (AASP) **www.advserv.org* > <https://urldefense.proofpoint.com/v1/url?u=http://www.advserv.org&k=6JSkda1SE0Yss6Wblf1qjA%3D%3D%0A&r=E5nya9TBDdcm5nMCqVfv5GvWzazKAi4OhketEPwnPqg%3D%0A&m=EiTrAtOWj642XyUqCO0P5bjfP9ek627BfaXY1ikGSXM%3D%0A&s=5d8c0bb220fbc46013b7a8d150800b6664d3cfeca1a9ad985a167ce4dbf4d982>* > and the Association of Professional Researchers for Advancement (APRA) > www.aprahome.org <http://www.aprahome.org>* > > > On Mon, Feb 11, 2019 at 3:17 PM John Taylor < > johntaylorconsulting@gmail.com> wrote: > >> I always put that information on the receipt - when I know it. As I >> mentioned earlier, whether it is a QCD or an RMD has a significant impact >> on the donor's taxes. However, I am not aware of any law that requires >> this distinction on the receipt. It is, in my opinion, suggested >> information to help protect the donor from claiming a fraudulent deduction. >> >> John >> >> 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, Feb 11, 2019 at 4:03 PM Forrest, Aaron < >> aaron.forrest@rochester.edu> wrote: >> >>> We do not put that on the receipt and have never been asked to. We don’t >>> often have that information. >>> >>> Aaron >>> >>> >>> >>> Aaron Forrest CPA >>> >>> Senior Director Gift and Donor Services >>> >>> University of Rochester Office of Advancement >>> >>> Larry and Cindy Bloch Alumni and Advancement Center >>> >>> 300 East River Road >>> >>> Rochester NY 14627 >>> >>> Office 585.275.2799 / Fax 585-273-4558 >>> >>> Email aaron.forrest@rochester.edu >>> >>> >>> >>> [image: Description: Description: Description: >>> cid:image001.gif@01C92E92.3629C5E0] <http://www.rochester.edu/> >>> >>> P Please consider the environment before printing this email. >>> >>> Confidentiality Notice: This message, including attachments may contain >>> confidential information. Any unauthorized use, disclosure or distribution >>> is prohibited. >>> >>> >>> >>> *From:* Advancement Services Discussion List < >>> FUNDSVCS@LISTSERV.FUNDSVCS.ORG> *On Behalf Of *Beverly Lyles >>> *Sent:* Monday, February 11, 2019 3:54 PM >>> *To:* FUNDSVCS@LISTSERV.FUNDSVCS.ORG >>> *Subject:* Re: [FUNDSVCS] [External] Re: [FUNDSVCS] IRA Rollovers >>> >>> >>> >>> We have had problems with financial institutions not providing the >>> information on the check or in a letter. When we call the financial >>> institution they say that they have to have the donor's approval to talk to >>> us. When we ask the donor about it, they don't have any idea which it was. >>> >>> >>> >>> If I understand what everyone is saying, we have to say in the receipt >>> if it was a QCD or a RMD. This new wrinkle saying this makes it difficult >>> to put the information in the receipt if we don't know. >>> >>> >>> *Bev* >>> >>> Beverly Lyles, MA >>> >>> Southern Nazarene University >>> >>> 6729 N.W. 39th Expressway >>> Bethany, OK 73008 >>> >>> 405-491-6606 >>> >>> >>> >>> *You miss 100 percent of the shots you never take*. - - Wayne Gretzky >>> >>> >>> >>> *Proud member of the Association of Advancement Services Professionals >>> (AASP) **www.advserv.org* >>> <https://urldefense.proofpoint.com/v1/url?u=http://www.advserv.org&k=6JSkda1SE0Yss6Wblf1qjA%3D%3D%0A&r=E5nya9TBDdcm5nMCqVfv5GvWzazKAi4OhketEPwnPqg%3D%0A&m=EiTrAtOWj642XyUqCO0P5bjfP9ek627BfaXY1ikGSXM%3D%0A&s=5d8c0bb220fbc46013b7a8d150800b6664d3cfeca1a9ad985a167ce4dbf4d982>* >>> and the Association of Professional Researchers for Advancement (APRA) >>> www.aprahome.org >>> <https://urldefense.proofpoint.com/v2/url?u=http-3A__www.aprahome.org&d=DwMFaQ&c=kbmfwr1Yojg42sGEpaQh5ofMHBeTl9EI2eaqQZhHbOU&r=MraOYpMOnCsIdm9axhPA4iXJhhPExcCA4gBqoRhHvTU&m=WKSk4OO_IeDO8uJaas7T5hoiODA9KPc0pcZLz_r-gG4&s=rvouZUPnB20GBnA8ZS4sEvYONuADCLQSwEj3eozt51I&e=>* >>> >>> >>> >>> >>> >>> On Mon, Feb 11, 2019 at 2:47 PM Gross, Debra <GrossD@email.chop.edu> >>> wrote: >>> >>> We struggle with this because of the financial Institutions that either >>> don’t indicate if it’s QCD or RMD, or even better – don’t give us a donor’s >>> name. And calling them is a challenge – none will give any info over the >>> phone (which I get) but recently I hit a wall with one Very Big National >>> Bank, when they wouldn’t contact their client, the donor either. >>> >>> >>> >>> *From:* Advancement Services Discussion List < >>> FUNDSVCS@LISTSERV.FUNDSVCS.ORG> *On Behalf Of *John Taylor >>> *Sent:* Monday, February 11, 2019 3:43 PM >>> *To:* FUNDSVCS@LISTSERV.FUNDSVCS.ORG >>> *Subject:* [External] Re: [FUNDSVCS] IRA Rollovers >>> >>> >>> >>> There are 2 types of IRA distributions - RMDs and QCDs. For a QCD the >>> donor does NOT pay taxes - but they also do not claim a deductible gift. >>> If an RMD they DO pay taxes and CAN claim a deductible gift. >>> >>> >>> >>> Both require a receipt that reflects what sort of distribution you >>> received. >>> >>> >>> >>> John >>> >>> >>> >>> 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, Feb 11, 2019 at 3:35 PM Beverly Lyles <blyles@snu.edu> wrote: >>> >>> Need some direction as to what is being told to our donors by financial >>> advisors with regard to IRA rollovers. They are being told that if a >>> financial institution sends a check directly to the institution, they do >>> not pay taxes on the money but they also don't get a deduction. They also >>> said that we have to indicate in our receipt that the gift was from an IRA >>> which will then be a sign to them that the gift is not income and is not a >>> tax deduction. That it doesn't matter if the gift is a QCD or a RMD. >>> >>> >>> >>> This is contrary to what I have always understood. Is anyone able to >>> help me clear this up? >>> >>> >>> *Bev* >>> >>> Beverly Lyles, MA >>> >>> Southern Nazarene University >>> >>> 6729 N.W. 39th Expressway >>> Bethany, OK 73008 >>> >>> 405-491-6606 >>> >>> >>> >>> *You miss 100 percent of the shots you never take*. - - Wayne Gretzky >>> >>> >>> >>> *Proud member of the Association of Advancement Services Professionals >>> (AASP) **www.advserv.org* >>> <https://urldefense.proofpoint.com/v1/url?u=http://www.advserv.org&k=6JSkda1SE0Yss6Wblf1qjA%3D%3D%0A&r=E5nya9TBDdcm5nMCqVfv5GvWzazKAi4OhketEPwnPqg%3D%0A&m=EiTrAtOWj642XyUqCO0P5bjfP9ek627BfaXY1ikGSXM%3D%0A&s=5d8c0bb220fbc46013b7a8d150800b6664d3cfeca1a9ad985a167ce4dbf4d982>* >>> and the Association of Professional Researchers for Advancement (APRA) >>> www.aprahome.org >>> <https://urldefense.proofpoint.com/v2/url?u=http-3A__www.aprahome.org&d=DwMFaQ&c=kbmfwr1Yojg42sGEpaQh5ofMHBeTl9EI2eaqQZhHbOU&r=MraOYpMOnCsIdm9axhPA4iXJhhPExcCA4gBqoRhHvTU&m=WKSk4OO_IeDO8uJaas7T5hoiODA9KPc0pcZLz_r-gG4&s=rvouZUPnB20GBnA8ZS4sEvYONuADCLQSwEj3eozt51I&e=>* >>> >>> >>> >>> >>> **** This email originated from an *EXTERNAL sender* to CHOP. Proceed >>> with caution when replying, opening attachments, or clicking links. Do not >>> disclose your CHOP credentials, employee information, or protected health >>> information to a potential hacker****. >>> >>>

FWIW, CASE states these should be counted at their full value! John Taylor 919.816.5903 johntaylorconsulting@gmail.com Big ideas; small keyboard > On Feb 11, 2019, at 5:05 PM, Forrest, Aaron <aaron.forrest@rochester.edu> wrote: > > You are not counting IRA charitable rollover gifts in your fundraising totals for Advancement reporting? I think that is unwise. Is leadership aware? How is that choice impacting your VSE report? > Aaron > > Aaron Forrest CPA > Senior Director Gift and Donor Services > University of Rochester Office of Advancement > Larry and Cindy Bloch Alumni and Advancement Center > 300 East River Road > Rochester NY 14627 > Office 585.275.2799 / Fax 585-273-4558 > Email aaron.forrest@rochester.edu > > <image001.jpg> > P Please consider the environment before printing this email. > Confidentiality Notice: This message, including attachments may contain confidential information. Any unauthorized use, disclosure or distribution is prohibited. > > From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG> On Behalf Of Beverly Lyles > Sent: Monday, February 11, 2019 4:26 PM > To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG > Subject: Re: [FUNDSVCS] [External] Re: [FUNDSVCS] IRA Rollovers > > How do you suggest recording this in the system? In Raiser's Edge there is a place for the gift and a place for the receiptable amount. In the past we had been instructed to put $0.00 as the receiptable amount when it was a QCD and the full amount of the gift when it was a RMD. Does this policy need to be changed and just put the full amount in both places nio matter what the type? > > Bev > Beverly Lyles, MA > Southern Nazarene University > 6729 N.W. 39th Expressway > Bethany, OK 73008 > 405-491-6606 > > You miss 100 percent of the shots you never take. - - Wayne Gretzky > > Proud member of the Association of Advancement Services Professionals (AASP) www.advserv.org and the Association of Professional Researchers for Advancement (APRA) www.aprahome.org > > > On Mon, Feb 11, 2019 at 3:17 PM John Taylor <johntaylorconsulting@gmail.com> wrote: > I always put that information on the receipt - when I know it. As I mentioned earlier, whether it is a QCD or an RMD has a significant impact on the donor's taxes. However, I am not aware of any law that requires this distinction on the receipt. It is, in my opinion, suggested information to help protect the donor from claiming a fraudulent deduction. > > John > > 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, Feb 11, 2019 at 4:03 PM Forrest, Aaron <aaron.forrest@rochester.edu> wrote: > We do not put that on the receipt and have never been asked to. We don’t often have that information. > Aaron > > Aaron Forrest CPA > Senior Director Gift and Donor Services > University of Rochester Office of Advancement > Larry and Cindy Bloch Alumni and Advancement Center > 300 East River Road > Rochester NY 14627 > Office 585.275.2799 / Fax 585-273-4558 > Email aaron.forrest@rochester.edu > > <image001.jpg> > P Please consider the environment before printing this email. > Confidentiality Notice: This message, including attachments may contain confidential information. Any unauthorized use, disclosure or distribution is prohibited. > > From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG> On Behalf Of Beverly Lyles > Sent: Monday, February 11, 2019 3:54 PM > To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG > Subject: Re: [FUNDSVCS] [External] Re: [FUNDSVCS] IRA Rollovers > > We have had problems with financial institutions not providing the information on the check or in a letter. When we call the financial institution they say that they have to have the donor's approval to talk to us. When we ask the donor about it, they don't have any idea which it was. > > If I understand what everyone is saying, we have to say in the receipt if it was a QCD or a RMD. This new wrinkle saying this makes it difficult to put the information in the receipt if we don't know. > > Bev > Beverly Lyles, MA > Southern Nazarene University > 6729 N.W. 39th Expressway > Bethany, OK 73008 > 405-491-6606 > > You miss 100 percent of the shots you never take. - - Wayne Gretzky > > Proud member of the Association of Advancement Services Professionals (AASP) www.advserv.org and the Association of Professional Researchers for Advancement (APRA) www.aprahome.org > > > On Mon, Feb 11, 2019 at 2:47 PM Gross, Debra <GrossD@email.chop.edu> wrote: > We struggle with this because of the financial Institutions that either don’t indicate if it’s QCD or RMD, or even better – don’t give us a donor’s name. And calling them is a challenge – none will give any info over the phone (which I get) but recently I hit a wall with one Very Big National Bank, when they wouldn’t contact their client, the donor either. > > From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG> On Behalf Of John Taylor > Sent: Monday, February 11, 2019 3:43 PM > To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG > Subject: [External] Re: [FUNDSVCS] IRA Rollovers > > There are 2 types of IRA distributions - RMDs and QCDs. For a QCD the donor does NOT pay taxes - but they also do not claim a deductible gift. If an RMD they DO pay taxes and CAN claim a deductible gift. > > Both require a receipt that reflects what sort of distribution you received. > > John > > 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, Feb 11, 2019 at 3:35 PM Beverly Lyles <blyles@snu.edu> wrote: > Need some direction as to what is being told to our donors by financial advisors with regard to IRA rollovers. They are being told that if a financial institution sends a check directly to the institution, they do not pay taxes on the money but they also don't get a deduction. They also said that we have to indicate in our receipt that the gift was from an IRA which will then be a sign to them that the gift is not income and is not a tax deduction. That it doesn't matter if the gift is a QCD or a RMD. > > This is contrary to what I have always understood. Is anyone able to help me clear this up? > > Bev > Beverly Lyles, MA > Southern Nazarene University > 6729 N.W. 39th Expressway > Bethany, OK 73008 > 405-491-6606 > > You miss 100 percent of the shots you never take. - - Wayne Gretzky > > Proud member of the Association of Advancement Services Professionals (AASP) www.advserv.org and the Association of Professional Researchers for Advancement (APRA) www.aprahome.org > > > **** This email originated from an EXTERNAL sender to CHOP. Proceed with caution when replying, opening attachments, or clicking links. Do not disclose your CHOP credentials, employee information, or protected health information to a potential hacker****.

We struggle with this because of the financial Institutions that either don’t indicate if it’s QCD or RMD, or even better – don’t give us a donor’s name. And calling them is a challenge – none will give any info over the phone (which I get) but recently I hit a wall with one Very Big National Bank, when they wouldn’t contact their client, the donor either. From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG> On Behalf Of John Taylor Sent: Monday, February 11, 2019 3:43 PM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: [External] Re: [FUNDSVCS] IRA Rollovers There are 2 types of IRA distributions - RMDs and QCDs. For a QCD the donor does NOT pay taxes - but they also do not claim a deductible gift. If an RMD they DO pay taxes and CAN claim a deductible gift. Both require a receipt that reflects what sort of distribution you received. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Mon, Feb 11, 2019 at 3:35 PM Beverly Lyles <blyles@snu.edu<mailto:blyles@snu.edu>> wrote: Need some direction as to what is being told to our donors by financial advisors with regard to IRA rollovers. They are being told that if a financial institution sends a check directly to the institution, they do not pay taxes on the money but they also don't get a deduction. They also said that we have to indicate in our receipt that the gift was from an IRA which will then be a sign to them that the gift is not income and is not a tax deduction. That it doesn't matter if the gift is a QCD or a RMD. This is contrary to what I have always understood. Is anyone able to help me clear this up? Bev Beverly Lyles, MA Southern Nazarene University 6729 N.W. 39th Expressway Bethany, OK 73008 405-491-6606 You miss 100 percent of the shots you never take. - - Wayne Gretzky Proud member of the Association of Advancement Services Professionals (AASP) www.advserv.org<https://urldefense.proofpoint.com/v1/url?u=http://www.advserv.org&k=6JSkda1SE0Yss6Wblf1qjA%3D%3D%0A&r=E5nya9TBDdcm5nMCqVfv5GvWzazKAi4OhketEPwnPqg%3D%0A&m=EiTrAtOWj642XyUqCO0P5bjfP9ek627BfaXY1ikGSXM%3D%0A&s=5d8c0bb220fbc46013b7a8d150800b6664d3cfeca1a9ad985a167ce4dbf4d982> and the Association of Professional Researchers for Advancement (APRA) www.aprahome.org<http://www.aprahome.org> **** This email originated from an EXTERNAL sender to CHOP. Proceed with caution when replying, opening attachments, or clicking links. Do not disclose your CHOP credentials, employee information, or protected health information to a potential hacker****.

We do not put that on the receipt and have never been asked to. We don’t often have that information. Aaron Aaron Forrest CPA Senior Director Gift and Donor Services University of Rochester Office of Advancement Larry and Cindy Bloch Alumni and Advancement Center 300 East River Road Rochester NY 14627 Office 585.275.2799 / Fax 585-273-4558 Email aaron.forrest@rochester.edu [Description: Description: Description: cid:image001.gif@01C92E92.3629C5E0] <http://www.rochester.edu/> P Please consider the environment before printing this email. Confidentiality Notice: This message, including attachments may contain confidential information. Any unauthorized use, disclosure or distribution is prohibited. From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG> On Behalf Of Beverly Lyles Sent: Monday, February 11, 2019 3:54 PM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: Re: [FUNDSVCS] [External] Re: [FUNDSVCS] IRA Rollovers We have had problems with financial institutions not providing the information on the check or in a letter. When we call the financial institution they say that they have to have the donor's approval to talk to us. When we ask the donor about it, they don't have any idea which it was. If I understand what everyone is saying, we have to say in the receipt if it was a QCD or a RMD. This new wrinkle saying this makes it difficult to put the information in the receipt if we don't know. Bev Beverly Lyles, MA Southern Nazarene University 6729 N.W. 39th Expressway Bethany, OK 73008 405-491-6606 You miss 100 percent of the shots you never take. - - Wayne Gretzky Proud member of the Association of Advancement Services Professionals (AASP) www.advserv.org<https://urldefense.proofpoint.com/v1/url?u=http://www.advserv.org&k=6JSkda1SE0Yss6Wblf1qjA%3D%3D%0A&r=E5nya9TBDdcm5nMCqVfv5GvWzazKAi4OhketEPwnPqg%3D%0A&m=EiTrAtOWj642XyUqCO0P5bjfP9ek627BfaXY1ikGSXM%3D%0A&s=5d8c0bb220fbc46013b7a8d150800b6664d3cfeca1a9ad985a167ce4dbf4d982> and the Association of Professional Researchers for Advancement (APRA) www.aprahome.org<https://urldefense.proofpoint.com/v2/url?u=http-3A__www.aprahome.org&d=DwMFaQ&c=kbmfwr1Yojg42sGEpaQh5ofMHBeTl9EI2eaqQZhHbOU&r=MraOYpMOnCsIdm9axhPA4iXJhhPExcCA4gBqoRhHvTU&m=WKSk4OO_IeDO8uJaas7T5hoiODA9KPc0pcZLz_r-gG4&s=rvouZUPnB20GBnA8ZS4sEvYONuADCLQSwEj3eozt51I&e=> On Mon, Feb 11, 2019 at 2:47 PM Gross, Debra <GrossD@email.chop.edu<mailto:GrossD@email.chop.edu>> wrote: We struggle with this because of the financial Institutions that either don’t indicate if it’s QCD or RMD, or even better – don’t give us a donor’s name. And calling them is a challenge – none will give any info over the phone (which I get) but recently I hit a wall with one Very Big National Bank, when they wouldn’t contact their client, the donor either. From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG>> On Behalf Of John Taylor Sent: Monday, February 11, 2019 3:43 PM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG> Subject: [External] Re: [FUNDSVCS] IRA Rollovers There are 2 types of IRA distributions - RMDs and QCDs. For a QCD the donor does NOT pay taxes - but they also do not claim a deductible gift. If an RMD they DO pay taxes and CAN claim a deductible gift. Both require a receipt that reflects what sort of distribution you received. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Mon, Feb 11, 2019 at 3:35 PM Beverly Lyles <blyles@snu.edu<mailto:blyles@snu.edu>> wrote: Need some direction as to what is being told to our donors by financial advisors with regard to IRA rollovers. They are being told that if a financial institution sends a check directly to the institution, they do not pay taxes on the money but they also don't get a deduction. They also said that we have to indicate in our receipt that the gift was from an IRA which will then be a sign to them that the gift is not income and is not a tax deduction. That it doesn't matter if the gift is a QCD or a RMD. This is contrary to what I have always understood. Is anyone able to help me clear this up? Bev Beverly Lyles, MA Southern Nazarene University 6729 N.W. 39th Expressway Bethany, OK 73008 405-491-6606 You miss 100 percent of the shots you never take. - - Wayne Gretzky Proud member of the Association of Advancement Services Professionals (AASP) www.advserv.org<https://urldefense.proofpoint.com/v1/url?u=http://www.advserv.org&k=6JSkda1SE0Yss6Wblf1qjA%3D%3D%0A&r=E5nya9TBDdcm5nMCqVfv5GvWzazKAi4OhketEPwnPqg%3D%0A&m=EiTrAtOWj642XyUqCO0P5bjfP9ek627BfaXY1ikGSXM%3D%0A&s=5d8c0bb220fbc46013b7a8d150800b6664d3cfeca1a9ad985a167ce4dbf4d982> and the Association of Professional Researchers for Advancement (APRA) www.aprahome.org<https://urldefense.proofpoint.com/v2/url?u=http-3A__www.aprahome.org&d=DwMFaQ&c=kbmfwr1Yojg42sGEpaQh5ofMHBeTl9EI2eaqQZhHbOU&r=MraOYpMOnCsIdm9axhPA4iXJhhPExcCA4gBqoRhHvTU&m=WKSk4OO_IeDO8uJaas7T5hoiODA9KPc0pcZLz_r-gG4&s=rvouZUPnB20GBnA8ZS4sEvYONuADCLQSwEj3eozt51I&e=> **** This email originated from an EXTERNAL sender to CHOP. Proceed with caution when replying, opening attachments, or clicking links. Do not disclose your CHOP credentials, employee information, or protected health information to a potential hacker****.

You are not counting IRA charitable rollover gifts in your fundraising totals for Advancement reporting? I think that is unwise. Is leadership aware? How is that choice impacting your VSE report? Aaron Aaron Forrest CPA Senior Director Gift and Donor Services University of Rochester Office of Advancement Larry and Cindy Bloch Alumni and Advancement Center 300 East River Road Rochester NY 14627 Office 585.275.2799 / Fax 585-273-4558 Email aaron.forrest@rochester.edu [Description: Description: Description: cid:image001.gif@01C92E92.3629C5E0] <http://www.rochester.edu/> P Please consider the environment before printing this email. Confidentiality Notice: This message, including attachments may contain confidential information. Any unauthorized use, disclosure or distribution is prohibited. From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG> On Behalf Of Beverly Lyles Sent: Monday, February 11, 2019 4:26 PM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: Re: [FUNDSVCS] [External] Re: [FUNDSVCS] IRA Rollovers How do you suggest recording this in the system? In Raiser's Edge there is a place for the gift and a place for the receiptable amount. In the past we had been instructed to put $0.00 as the receiptable amount when it was a QCD and the full amount of the gift when it was a RMD. Does this policy need to be changed and just put the full amount in both places nio matter what the type? Bev Beverly Lyles, MA Southern Nazarene University 6729 N.W. 39th Expressway Bethany, OK 73008 405-491-6606 You miss 100 percent of the shots you never take. - - Wayne Gretzky Proud member of the Association of Advancement Services Professionals (AASP) www.advserv.org<https://urldefense.proofpoint.com/v1/url?u=http://www.advserv.org&k=6JSkda1SE0Yss6Wblf1qjA%3D%3D%0A&r=E5nya9TBDdcm5nMCqVfv5GvWzazKAi4OhketEPwnPqg%3D%0A&m=EiTrAtOWj642XyUqCO0P5bjfP9ek627BfaXY1ikGSXM%3D%0A&s=5d8c0bb220fbc46013b7a8d150800b6664d3cfeca1a9ad985a167ce4dbf4d982> and the Association of Professional Researchers for Advancement (APRA) www.aprahome.org<https://urldefense.proofpoint.com/v2/url?u=http-3A__www.aprahome.org&d=DwMFaQ&c=kbmfwr1Yojg42sGEpaQh5ofMHBeTl9EI2eaqQZhHbOU&r=MraOYpMOnCsIdm9axhPA4iXJhhPExcCA4gBqoRhHvTU&m=tcn5lpMwzFZ-oiSCejyZErv1J_cHIUh-nulBqZ0frcU&s=9HjvEKtNwe3X1eDCHXEtAuUvw1x2KtTquSatqd7s32s&e=> On Mon, Feb 11, 2019 at 3:17 PM John Taylor <johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com>> wrote: I always put that information on the receipt - when I know it. As I mentioned earlier, whether it is a QCD or an RMD has a significant impact on the donor's taxes. However, I am not aware of any law that requires this distinction on the receipt. It is, in my opinion, suggested information to help protect the donor from claiming a fraudulent deduction. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Mon, Feb 11, 2019 at 4:03 PM Forrest, Aaron <aaron.forrest@rochester.edu<mailto:aaron.forrest@rochester.edu>> wrote: We do not put that on the receipt and have never been asked to. We don’t often have that information. Aaron Aaron Forrest CPA Senior Director Gift and Donor Services University of Rochester Office of Advancement Larry and Cindy Bloch Alumni and Advancement Center 300 East River Road Rochester NY 14627 Office 585.275.2799 / Fax 585-273-4558 Email aaron.forrest@rochester.edu<mailto:aaron.forrest@rochester.edu> [Description: Description: Description: cid:image001.gif@01C92E92.3629C5E0] <http://www.rochester.edu/> P Please consider the environment before printing this email. Confidentiality Notice: This message, including attachments may contain confidential information. Any unauthorized use, disclosure or distribution is prohibited. From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG>> On Behalf Of Beverly Lyles Sent: Monday, February 11, 2019 3:54 PM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG> Subject: Re: [FUNDSVCS] [External] Re: [FUNDSVCS] IRA Rollovers We have had problems with financial institutions not providing the information on the check or in a letter. When we call the financial institution they say that they have to have the donor's approval to talk to us. When we ask the donor about it, they don't have any idea which it was. If I understand what everyone is saying, we have to say in the receipt if it was a QCD or a RMD. This new wrinkle saying this makes it difficult to put the information in the receipt if we don't know. Bev Beverly Lyles, MA Southern Nazarene University 6729 N.W. 39th Expressway Bethany, OK 73008 405-491-6606 You miss 100 percent of the shots you never take. - - Wayne Gretzky Proud member of the Association of Advancement Services Professionals (AASP) www.advserv.org<https://urldefense.proofpoint.com/v1/url?u=http://www.advserv.org&k=6JSkda1SE0Yss6Wblf1qjA%3D%3D%0A&r=E5nya9TBDdcm5nMCqVfv5GvWzazKAi4OhketEPwnPqg%3D%0A&m=EiTrAtOWj642XyUqCO0P5bjfP9ek627BfaXY1ikGSXM%3D%0A&s=5d8c0bb220fbc46013b7a8d150800b6664d3cfeca1a9ad985a167ce4dbf4d982> and the Association of Professional Researchers for Advancement (APRA) www.aprahome.org<https://urldefense.proofpoint.com/v2/url?u=http-3A__www.aprahome.org&d=DwMFaQ&c=kbmfwr1Yojg42sGEpaQh5ofMHBeTl9EI2eaqQZhHbOU&r=MraOYpMOnCsIdm9axhPA4iXJhhPExcCA4gBqoRhHvTU&m=WKSk4OO_IeDO8uJaas7T5hoiODA9KPc0pcZLz_r-gG4&s=rvouZUPnB20GBnA8ZS4sEvYONuADCLQSwEj3eozt51I&e=> On Mon, Feb 11, 2019 at 2:47 PM Gross, Debra <GrossD@email.chop.edu<mailto:GrossD@email.chop.edu>> wrote: We struggle with this because of the financial Institutions that either don’t indicate if it’s QCD or RMD, or even better – don’t give us a donor’s name. And calling them is a challenge – none will give any info over the phone (which I get) but recently I hit a wall with one Very Big National Bank, when they wouldn’t contact their client, the donor either. From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG>> On Behalf Of John Taylor Sent: Monday, February 11, 2019 3:43 PM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG> Subject: [External] Re: [FUNDSVCS] IRA Rollovers There are 2 types of IRA distributions - RMDs and QCDs. For a QCD the donor does NOT pay taxes - but they also do not claim a deductible gift. If an RMD they DO pay taxes and CAN claim a deductible gift. Both require a receipt that reflects what sort of distribution you received. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Mon, Feb 11, 2019 at 3:35 PM Beverly Lyles <blyles@snu.edu<mailto:blyles@snu.edu>> wrote: Need some direction as to what is being told to our donors by financial advisors with regard to IRA rollovers. They are being told that if a financial institution sends a check directly to the institution, they do not pay taxes on the money but they also don't get a deduction. They also said that we have to indicate in our receipt that the gift was from an IRA which will then be a sign to them that the gift is not income and is not a tax deduction. That it doesn't matter if the gift is a QCD or a RMD. This is contrary to what I have always understood. Is anyone able to help me clear this up? Bev Beverly Lyles, MA Southern Nazarene University 6729 N.W. 39th Expressway Bethany, OK 73008 405-491-6606 You miss 100 percent of the shots you never take. - - Wayne Gretzky Proud member of the Association of Advancement Services Professionals (AASP) www.advserv.org<https://urldefense.proofpoint.com/v1/url?u=http://www.advserv.org&k=6JSkda1SE0Yss6Wblf1qjA%3D%3D%0A&r=E5nya9TBDdcm5nMCqVfv5GvWzazKAi4OhketEPwnPqg%3D%0A&m=EiTrAtOWj642XyUqCO0P5bjfP9ek627BfaXY1ikGSXM%3D%0A&s=5d8c0bb220fbc46013b7a8d150800b6664d3cfeca1a9ad985a167ce4dbf4d982> and the Association of Professional Researchers for Advancement (APRA) www.aprahome.org<https://urldefense.proofpoint.com/v2/url?u=http-3A__www.aprahome.org&d=DwMFaQ&c=kbmfwr1Yojg42sGEpaQh5ofMHBeTl9EI2eaqQZhHbOU&r=MraOYpMOnCsIdm9axhPA4iXJhhPExcCA4gBqoRhHvTU&m=WKSk4OO_IeDO8uJaas7T5hoiODA9KPc0pcZLz_r-gG4&s=rvouZUPnB20GBnA8ZS4sEvYONuADCLQSwEj3eozt51I&e=> **** This email originated from an EXTERNAL sender to CHOP. Proceed with caution when replying, opening attachments, or clicking links. Do not disclose your CHOP credentials, employee information, or protected health information to a potential hacker****.

Congratulations! And good luck in your search. Aaron Aaron Forrest CPA Senior Director Gift and Donor Services University of Rochester Office of Advancement Larry and Cindy Bloch Alumni and Advancement Center 300 East River Road Rochester NY 14627 Office 585.275.2799 / Fax 585-273-4558 Email aaron.forrest@rochester.edu [Description: Description: Description: cid:image001.gif@01C92E92.3629C5E0] <http://www.rochester.edu/> P Please consider the environment before printing this email. Confidentiality Notice: This message, including attachments may contain confidential information. Any unauthorized use, disclosure or distribution is prohibited. From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG> On Behalf Of Beverly Lyles Sent: Monday, February 11, 2019 5:18 PM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: Re: [FUNDSVCS] [External] Re: [FUNDSVCS] IRA Rollovers We did not do a VSE report this year since the new Director had only been in the position for a few weeks (she has since left the position and we are looking again for a director). But the answer to your question is yes, we have reported those gifts in the past on our VSE. I'm technically not the director any more. I am only filling in until they can get someone hired - again. I have been "retired" since July. As everyone knows, there are certain things that cannot be left undone and the university has had me doing the minimum work necessary until a new director can be hired. Bev Beverly Lyles, MA Southern Nazarene University 6729 N.W. 39th Expressway Bethany, OK 73008 405-491-6606 You miss 100 percent of the shots you never take. - - Wayne Gretzky Proud member of the Association of Advancement Services Professionals (AASP) www.advserv.org<https://urldefense.proofpoint.com/v1/url?u=http://www.advserv.org&k=6JSkda1SE0Yss6Wblf1qjA%3D%3D%0A&r=E5nya9TBDdcm5nMCqVfv5GvWzazKAi4OhketEPwnPqg%3D%0A&m=EiTrAtOWj642XyUqCO0P5bjfP9ek627BfaXY1ikGSXM%3D%0A&s=5d8c0bb220fbc46013b7a8d150800b6664d3cfeca1a9ad985a167ce4dbf4d982> and the Association of Professional Researchers for Advancement (APRA) www.aprahome.org<https://urldefense.proofpoint.com/v2/url?u=http-3A__www.aprahome.org&d=DwMFaQ&c=kbmfwr1Yojg42sGEpaQh5ofMHBeTl9EI2eaqQZhHbOU&r=MraOYpMOnCsIdm9axhPA4iXJhhPExcCA4gBqoRhHvTU&m=Jx93XfeD0bcbzIQ58NUm9Iw6QdBy_ZqNdShrutVC_7I&s=lE_nQjt7Aod3EKvKUjGC7FxajBkIY3I9YfDW6VbG5MA&e=> On Mon, Feb 11, 2019 at 4:05 PM Forrest, Aaron <aaron.forrest@rochester.edu<mailto:aaron.forrest@rochester.edu>> wrote: You are not counting IRA charitable rollover gifts in your fundraising totals for Advancement reporting? I think that is unwise. Is leadership aware? How is that choice impacting your VSE report? Aaron Aaron Forrest CPA Senior Director Gift and Donor Services University of Rochester Office of Advancement Larry and Cindy Bloch Alumni and Advancement Center 300 East River Road Rochester NY 14627 Office 585.275.2799 / Fax 585-273-4558 Email aaron.forrest@rochester.edu<mailto:aaron.forrest@rochester.edu> [Description: Description: Description: cid:image001.gif@01C92E92.3629C5E0] <http://www.rochester.edu/> P Please consider the environment before printing this email. Confidentiality Notice: This message, including attachments may contain confidential information. Any unauthorized use, disclosure or distribution is prohibited. From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG>> On Behalf Of Beverly Lyles Sent: Monday, February 11, 2019 4:26 PM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG> Subject: Re: [FUNDSVCS] [External] Re: [FUNDSVCS] IRA Rollovers How do you suggest recording this in the system? In Raiser's Edge there is a place for the gift and a place for the receiptable amount. In the past we had been instructed to put $0.00 as the receiptable amount when it was a QCD and the full amount of the gift when it was a RMD. Does this policy need to be changed and just put the full amount in both places nio matter what the type? Bev Beverly Lyles, MA Southern Nazarene University 6729 N.W. 39th Expressway Bethany, OK 73008 405-491-6606 You miss 100 percent of the shots you never take. - - Wayne Gretzky Proud member of the Association of Advancement Services Professionals (AASP) www.advserv.org<https://urldefense.proofpoint.com/v1/url?u=http://www.advserv.org&k=6JSkda1SE0Yss6Wblf1qjA%3D%3D%0A&r=E5nya9TBDdcm5nMCqVfv5GvWzazKAi4OhketEPwnPqg%3D%0A&m=EiTrAtOWj642XyUqCO0P5bjfP9ek627BfaXY1ikGSXM%3D%0A&s=5d8c0bb220fbc46013b7a8d150800b6664d3cfeca1a9ad985a167ce4dbf4d982> and the Association of Professional Researchers for Advancement (APRA) www.aprahome.org<https://urldefense.proofpoint.com/v2/url?u=http-3A__www.aprahome.org&d=DwMFaQ&c=kbmfwr1Yojg42sGEpaQh5ofMHBeTl9EI2eaqQZhHbOU&r=MraOYpMOnCsIdm9axhPA4iXJhhPExcCA4gBqoRhHvTU&m=tcn5lpMwzFZ-oiSCejyZErv1J_cHIUh-nulBqZ0frcU&s=9HjvEKtNwe3X1eDCHXEtAuUvw1x2KtTquSatqd7s32s&e=> On Mon, Feb 11, 2019 at 3:17 PM John Taylor <johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com>> wrote: I always put that information on the receipt - when I know it. As I mentioned earlier, whether it is a QCD or an RMD has a significant impact on the donor's taxes. However, I am not aware of any law that requires this distinction on the receipt. It is, in my opinion, suggested information to help protect the donor from claiming a fraudulent deduction. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Mon, Feb 11, 2019 at 4:03 PM Forrest, Aaron <aaron.forrest@rochester.edu<mailto:aaron.forrest@rochester.edu>> wrote: We do not put that on the receipt and have never been asked to. We don’t often have that information. Aaron Aaron Forrest CPA Senior Director Gift and Donor Services University of Rochester Office of Advancement Larry and Cindy Bloch Alumni and Advancement Center 300 East River Road Rochester NY 14627 Office 585.275.2799 / Fax 585-273-4558 Email aaron.forrest@rochester.edu<mailto:aaron.forrest@rochester.edu> [Description: Description: Description: cid:image001.gif@01C92E92.3629C5E0] <http://www.rochester.edu/> P Please consider the environment before printing this email. Confidentiality Notice: This message, including attachments may contain confidential information. Any unauthorized use, disclosure or distribution is prohibited. From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG>> On Behalf Of Beverly Lyles Sent: Monday, February 11, 2019 3:54 PM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG> Subject: Re: [FUNDSVCS] [External] Re: [FUNDSVCS] IRA Rollovers We have had problems with financial institutions not providing the information on the check or in a letter. When we call the financial institution they say that they have to have the donor's approval to talk to us. When we ask the donor about it, they don't have any idea which it was. If I understand what everyone is saying, we have to say in the receipt if it was a QCD or a RMD. This new wrinkle saying this makes it difficult to put the information in the receipt if we don't know. Bev Beverly Lyles, MA Southern Nazarene University 6729 N.W. 39th Expressway Bethany, OK 73008 405-491-6606 You miss 100 percent of the shots you never take. - - Wayne Gretzky Proud member of the Association of Advancement Services Professionals (AASP) www.advserv.org<https://urldefense.proofpoint.com/v1/url?u=http://www.advserv.org&k=6JSkda1SE0Yss6Wblf1qjA%3D%3D%0A&r=E5nya9TBDdcm5nMCqVfv5GvWzazKAi4OhketEPwnPqg%3D%0A&m=EiTrAtOWj642XyUqCO0P5bjfP9ek627BfaXY1ikGSXM%3D%0A&s=5d8c0bb220fbc46013b7a8d150800b6664d3cfeca1a9ad985a167ce4dbf4d982> and the Association of Professional Researchers for Advancement (APRA) www.aprahome.org<https://urldefense.proofpoint.com/v2/url?u=http-3A__www.aprahome.org&d=DwMFaQ&c=kbmfwr1Yojg42sGEpaQh5ofMHBeTl9EI2eaqQZhHbOU&r=MraOYpMOnCsIdm9axhPA4iXJhhPExcCA4gBqoRhHvTU&m=WKSk4OO_IeDO8uJaas7T5hoiODA9KPc0pcZLz_r-gG4&s=rvouZUPnB20GBnA8ZS4sEvYONuADCLQSwEj3eozt51I&e=> On Mon, Feb 11, 2019 at 2:47 PM Gross, Debra <GrossD@email.chop.edu<mailto:GrossD@email.chop.edu>> wrote: We struggle with this because of the financial Institutions that either don’t indicate if it’s QCD or RMD, or even better – don’t give us a donor’s name. And calling them is a challenge – none will give any info over the phone (which I get) but recently I hit a wall with one Very Big National Bank, when they wouldn’t contact their client, the donor either. From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG>> On Behalf Of John Taylor Sent: Monday, February 11, 2019 3:43 PM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG> Subject: [External] Re: [FUNDSVCS] IRA Rollovers There are 2 types of IRA distributions - RMDs and QCDs. For a QCD the donor does NOT pay taxes - but they also do not claim a deductible gift. If an RMD they DO pay taxes and CAN claim a deductible gift. Both require a receipt that reflects what sort of distribution you received. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Mon, Feb 11, 2019 at 3:35 PM Beverly Lyles <blyles@snu.edu<mailto:blyles@snu.edu>> wrote: Need some direction as to what is being told to our donors by financial advisors with regard to IRA rollovers. They are being told that if a financial institution sends a check directly to the institution, they do not pay taxes on the money but they also don't get a deduction. They also said that we have to indicate in our receipt that the gift was from an IRA which will then be a sign to them that the gift is not income and is not a tax deduction. That it doesn't matter if the gift is a QCD or a RMD. This is contrary to what I have always understood. Is anyone able to help me clear this up? Bev Beverly Lyles, MA Southern Nazarene University 6729 N.W. 39th Expressway Bethany, OK 73008 405-491-6606 You miss 100 percent of the shots you never take. - - Wayne Gretzky Proud member of the Association of Advancement Services Professionals (AASP) www.advserv.org<https://urldefense.proofpoint.com/v1/url?u=http://www.advserv.org&k=6JSkda1SE0Yss6Wblf1qjA%3D%3D%0A&r=E5nya9TBDdcm5nMCqVfv5GvWzazKAi4OhketEPwnPqg%3D%0A&m=EiTrAtOWj642XyUqCO0P5bjfP9ek627BfaXY1ikGSXM%3D%0A&s=5d8c0bb220fbc46013b7a8d150800b6664d3cfeca1a9ad985a167ce4dbf4d982> and the Association of Professional Researchers for Advancement (APRA) www.aprahome.org<https://urldefense.proofpoint.com/v2/url?u=http-3A__www.aprahome.org&d=DwMFaQ&c=kbmfwr1Yojg42sGEpaQh5ofMHBeTl9EI2eaqQZhHbOU&r=MraOYpMOnCsIdm9axhPA4iXJhhPExcCA4gBqoRhHvTU&m=WKSk4OO_IeDO8uJaas7T5hoiODA9KPc0pcZLz_r-gG4&s=rvouZUPnB20GBnA8ZS4sEvYONuADCLQSwEj3eozt51I&e=> **** This email originated from an EXTERNAL sender to CHOP. 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