FundSvcs Community

This is a cost of doing business. I have to assume that you do not go back to the donor to recoup your broker fees when you receive and sell stock or mutual funds. I would not personally ask a donor to cover either. I would, however, do what I could to educate a donor as to less expensive ways of transferring funds than a wire. EFT, for example, costs just pennies and is no more difficult to originate. 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, Jun 3, 2019 at 2:45 PM Coco, Sarah < 000000483652ec27-dmarc-request@listserv.fundsvcs.org> wrote: > Hello, > > We are seeing an increase in wire transaction fees automatically deducted > from gift payments. It is a stewardship and recognition issue to go back to > the donor to recoup these fees but the donor’s commitment on the gift is > reduced. If we write it off a $50,000 gift becomes $49,950. How are other > organizations handling this? Do you have the gift officers contact the > donor? Please share if you have language in your gift agreements or pledge > reminders. > > Thank you > > Sarah > > > > [image: http://www.logo.si.edu/images/correctclr1.gif] > > > > Sarah Coco > > Gift Registrar, Associate Director of Advancement Services > > Office of Advancement > > Smithsonian Institution > > 600 Maryland Avenue SW, Suite 600E > > PO Box 37012, MRC 527 > > Washington, DC 20013-7012 > > 202-633-5019 (ph) > > 202-633-2044 (fax) > > cocos@si.edu > > > > >

Hello, We are seeing an increase in wire transaction fees automatically deducted from gift payments. It is a stewardship and recognition issue to go back to the donor to recoup these fees but the donor's commitment on the gift is reduced. If we write it off a $50,000 gift becomes $49,950. How are other organizations handling this? Do you have the gift officers contact the donor? Please share if you have language in your gift agreements or pledge reminders. Thank you Sarah [http://www.logo.si.edu/images/correctclr1.gif] Sarah Coco Gift Registrar, Associate Director of Advancement Services Office of Advancement Smithsonian Institution 600 Maryland Avenue SW, Suite 600E PO Box 37012, MRC 527 Washington, DC 20013-7012 202-633-5019 (ph) 202-633-2044 (fax) cocos@si.edu<mailto:cocos@si.edu>

We look at this as the cost of doing business (just like credit card fees). In your example, the donor would be credited $50,000 (however best that you would handle this in your database for audit purposes) and the donor would not be approached for any shortfall-agreed that this is a stewardship issue to do so. Language to this affect is not included on any reminders or agreements as it is handled internally. Shelby Tudor Director, Gift Administration Children's Hospital Foundation Direct: 301-565-8463 From: Advancement Services Discussion List [mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG] On Behalf Of Coco, Sarah Sent: Monday, June 3, 2019 2:46 PM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: [EXT] [FUNDSVCS] wire fees on gifts ATTENTION: External Email! Do not click attachments/links unless sender is known. ________________________________ Hello, We are seeing an increase in wire transaction fees automatically deducted from gift payments. It is a stewardship and recognition issue to go back to the donor to recoup these fees but the donor's commitment on the gift is reduced. If we write it off a $50,000 gift becomes $49,950. How are other organizations handling this? Do you have the gift officers contact the donor? Please share if you have language in your gift agreements or pledge reminders. Thank you Sarah [http://www.logo.si.edu/images/correctclr1.gif] Sarah Coco Gift Registrar, Associate Director of Advancement Services Office of Advancement Smithsonian Institution 600 Maryland Avenue SW, Suite 600E PO Box 37012, MRC 527 Washington, DC 20013-7012 202-633-5019 (ph) 202-633-2044 (fax) cocos@si.edu<mailto:cocos@si.edu>

I'd ask your Treasurer to talk to the bank. When we get a wire, we get the full amount on the bank statement from which we claim and book. So either our bank has waived, or our Treasurer is eating in some other way and pushing it back out to us via our monthly banking fees overhead charges. However, from a gift processing perspective we don't have this issue. What we see on the bank statement is the full gift. We book and credit the full amount. My thoughts. 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 Tudor, Shelby L. Sent: Monday, June 3, 2019 5:18 PM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: Re: [FUNDSVCS] wire fees on gifts We look at this as the cost of doing business (just like credit card fees). In your example, the donor would be credited $50,000 (however best that you would handle this in your database for audit purposes) and the donor would not be approached for any shortfall-agreed that this is a stewardship issue to do so. Language to this affect is not included on any reminders or agreements as it is handled internally. Shelby Tudor Director, Gift Administration Children's Hospital Foundation Direct: 301-565-8463 From: Advancement Services Discussion List [mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG] On Behalf Of Coco, Sarah Sent: Monday, June 3, 2019 2:46 PM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG> Subject: [EXT] [FUNDSVCS] wire fees on gifts ATTENTION: External Email! Do not click attachments/links unless sender is known. ________________________________ Hello, We are seeing an increase in wire transaction fees automatically deducted from gift payments. It is a stewardship and recognition issue to go back to the donor to recoup these fees but the donor's commitment on the gift is reduced. If we write it off a $50,000 gift becomes $49,950. How are other organizations handling this? Do you have the gift officers contact the donor? Please share if you have language in your gift agreements or pledge reminders. Thank you Sarah [http://www.logo.si.edu/images/correctclr1.gif] Sarah Coco Gift Registrar, Associate Director of Advancement Services Office of Advancement Smithsonian Institution 600 Maryland Avenue SW, Suite 600E PO Box 37012, MRC 527 Washington, DC 20013-7012 202-633-5019 (ph) 202-633-2044 (fax) cocos@si.edu<mailto:cocos@si.edu>