FundSvcs Community

Just when you thought you've heard it all... Curious how fellow listers have handled this. I just learned that a donor who made a countable bequest intention in FY17 has been slowing paying it off over the last two years. IOW, the donor has noted with their check "apply towards my bequest intention." The payments were entered into the database as straight gifts (with comment "apply towards BI") (I wasn't here during that time, otherwise I would've had our EGP folks approach the donor immediately.). Recently, the cumulative amount of the gifts exceeded the amount of the bequest intention. My plan is to discuss this with our EGP Director and see if they can confirm with the donor that this BI is no longer in effect, and if so we should write it off. My Gift Processing Director is concerned because the money was already counted two fiscal years ago, but my view is that these things happen all the time with commitments that are either unfulfilled, or fulfilled in unforeseen ways. Has anyone else dealt wtih this? Thanks, Eric Eric F. Valdescaro AVP, Advancement Services University of Hawaii Foundation

I have seen this many times. The bequest intention remains in effect but lifetime payments reduce the amount that we will receive upon death. There is no need to write off the original bequest unless the donor says they aren't going to leave you anything. We simply treated the lifetime gifts as pledge payments toward the intention. 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 Thu, Mar 28, 2019 at 3:55 PM Eric Valdescaro < eric.valdescaro@uhfoundation.org> wrote: > Just when you thought you've heard it all... > Curious how fellow listers have handled this. I just learned that a donor > who made a countable bequest intention in FY17 has been slowing paying it > off over the last two years. IOW, the donor has noted with their check > "apply towards my bequest intention." > The payments were entered into the database as straight gifts (with > comment "apply towards BI") (I wasn't here during that time, otherwise I > would've had our EGP folks approach the donor immediately.). Recently, the > cumulative amount of the gifts exceeded the amount of the bequest intention. > My plan is to discuss this with our EGP Director and see if they can > confirm with the donor that this BI is no longer in effect, and if so we > should write it off. My Gift Processing Director is concerned because the > money was already counted two fiscal years ago, but my view is that these > things happen all the time with commitments that are either unfulfilled, or > fulfilled in unforeseen ways. > Has anyone else dealt wtih this? > > Thanks, > Eric > > Eric F. Valdescaro > AVP, Advancement Services > University of Hawaii Foundation >

Our system allows people to make bequest payments while still alive. It happens often. We apply it to the bequest. 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           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.
Original Message----- From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG> On Behalf Of Eric Valdescaro Sent: Thursday, March 28, 2019 3:54 PM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: [FUNDSVCS] Living people paying off their bequest intentions Just when you thought you've heard it all... Curious how fellow listers have handled this. I just learned that a donor who made a countable bequest intention in FY17 has been slowing paying it off over the last two years. IOW, the donor has noted with their check "apply towards my bequest intention." The payments were entered into the database as straight gifts (with comment "apply towards BI") (I wasn't here during that time, otherwise I would've had our EGP folks approach the donor immediately.). Recently, the cumulative amount of the gifts exceeded the amount of the bequest intention. My plan is to discuss this with our EGP Director and see if they can confirm with the donor that this BI is no longer in effect, and if so we should write it off. My Gift Processing Director is concerned because the money was already counted two fiscal years ago, but my view is that these things happen all the time with commitments that are either unfulfilled, or fulfilled in unforeseen ways. Has anyone else dealt wtih this? Thanks, Eric Eric F. Valdescaro AVP, Advancement Services University of Hawaii Foundation

Ok, thanks. I’ll also check with EGP to see if they have any insight. -Eric From: Advancement Services Discussion List [mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG] On Behalf Of John Taylor Sent: Thursday, March 28, 2019 10:00 AM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: Re: [FUNDSVCS] Living people paying off their bequest intentions I have seen this many times. The bequest intention remains in effect but lifetime payments reduce the amount that we will receive upon death. There is no need to write off the original bequest unless the donor says they aren't going to leave you anything. We simply treated the lifetime gifts as pledge payments toward the intention. 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 Thu, Mar 28, 2019 at 3:55 PM Eric Valdescaro <eric.valdescaro@uhfoundation.org<mailto:eric.valdescaro@uhfoundation.org>> wrote: Just when you thought you've heard it all... Curious how fellow listers have handled this. I just learned that a donor who made a countable bequest intention in FY17 has been slowing paying it off over the last two years. IOW, the donor has noted with their check "apply towards my bequest intention." The payments were entered into the database as straight gifts (with comment "apply towards BI") (I wasn't here during that time, otherwise I would've had our EGP folks approach the donor immediately.). Recently, the cumulative amount of the gifts exceeded the amount of the bequest intention. My plan is to discuss this with our EGP Director and see if they can confirm with the donor that this BI is no longer in effect, and if so we should write it off. My Gift Processing Director is concerned because the money was already counted two fiscal years ago, but my view is that these things happen all the time with commitments that are either unfulfilled, or fulfilled in unforeseen ways. Has anyone else dealt wtih this? Thanks, Eric Eric F. Valdescaro AVP, Advancement Services University of Hawaii Foundation This message (including any attachments) is covered by the Electronic Communications Privacy Act, 18 U.S.C. 2510-2521. It is the property of the University of Hawaii Foundation. It may contain confidential information intended for a specific individual and purpose. If you are not the intended recipient, you must delete this message. You are hereby notified that any disclosure, copying, or distribution of this message is prohibited.

Interesting. I feel the notion of realized bequest transactions on a living individual seems like an odd lot, but good to hear it's not as unusual as I first thought. -Eric
Original Message----- From: Advancement Services Discussion List [mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG] On Behalf Of Forrest, Aaron Sent: Thursday, March 28, 2019 10:04 AM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: Re: [FUNDSVCS] Living people paying off their bequest intentions Our system allows people to make bequest payments while still alive. It happens often. We apply it to the bequest. 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  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.