FundSvcs Community

We are doing an audit of our planned gifts and we wanted to reach out to others to see how you are using the PG Module for gift Annuities. Our financial office enters in the planned gift of gift annuity and then they link the realized amount to the cash/stock "gift" that the donor used to create the annuity. We are struggling with this. Shouldn't the realized amount be the amount that is remaining with the donor passes away or the given time frame? Do you track the money that supported the annuity in RE? If so, how do you add it in the module and how do you track the remainder amount when they pass away? If you have a gift entry procedure guide that has steps, can you please share?

I found that this led to possible double counting and simply indicated the asset that created the CGA on the Assets button that's available when you select the Planned Gift gift type. On Tue, Jun 4, 2019 at 10:49 AM Katie Langer <langerk@winthrop.edu> wrote: > We are doing an audit of our planned gifts and we wanted to reach out to > others to see how you are using the PG Module for gift Annuities. Our > financial office enters in the planned gift of gift annuity and then they > link the realized amount to the cash/stock "gift" that the donor used to > create the annuity. We are struggling with this. Shouldn't the realized > amount be the amount that is remaining with the donor passes away or the > given time frame? Do you track the money that supported the annuity in RE? > If so, how do you add it in the module and how do you track the remainder > amount when they pass away? If you have a gift entry procedure guide that > has steps, can you please share? -- *Derrick Shearer* *Director of Advancement Services* The Pingry School 131 Martinsville Rd. Basking Ridge, NJ 07920 dshearer@pingry.org 908-647-5555 ext. 1265

Derrick - we found the same and we are looking to change. Can you share how your organization enters these in? thanks,

When we enter annuities, the "fund" that is used is key for our counts. The gifts used to fund the annuity are entered in on funds designated as deferred revenues but they are linked to the planned gift for tracking purposes and entered on the donor's records. When the actual gift is realized we enter the realized amount and apply it to the Planned gift as a realized amount with the actual "fund" it is designated for rather than a deferred revenue fund and we mark the planned gift as realized. So far this is working for us but we keep a close eye on planned gift entries and the output totals to make sure there are no double counts. Good luck! Shanna *Shanna Chandler* Advancement Services Manager *Virginia Museum of Fine Arts* *200 N. Arthur Ashe Boulevard / Richmond, VA 23220-4007* *T 804.340.1648 | www.vmfa.museum <http://www.vmfa.museum/>* See what's new at www.vmfa.museum On Tue, Jun 4, 2019 at 10:52 AM Shearer, Derrick <dshearer@pingry.org> wrote: > I found that this led to possible double counting and simply indicated the > asset that created the CGA on the Assets button that's available when you > select the Planned Gift gift type. > > On Tue, Jun 4, 2019 at 10:49 AM Katie Langer <langerk@winthrop.edu> wrote: > >> We are doing an audit of our planned gifts and we wanted to reach out to >> others to see how you are using the PG Module for gift Annuities. Our >> financial office enters in the planned gift of gift annuity and then they >> link the realized amount to the cash/stock "gift" that the donor used to >> create the annuity. We are struggling with this. Shouldn't the realized >> amount be the amount that is remaining with the donor passes away or the >> given time frame? Do you track the money that supported the annuity in RE? >> If so, how do you add it in the module and how do you track the remainder >> amount when they pass away? If you have a gift entry procedure guide that >> has steps, can you please share? > > > > -- > *Derrick Shearer* > *Director of Advancement Services* > The Pingry School > 131 Martinsville Rd. > Basking Ridge, NJ 07920 > dshearer@pingry.org > 908-647-5555 ext. 1265 > > >

We use the Realized amount field to capture the amount received on the annuity after the individual passes away. You are correct that it shouldn’t be the amount used to secure the annuity. The initial gift entry screen is designed to capture the original amount of the annuity and show how it was secured, i.e. stocks, check, credit card, etc. Geri Geri Colangelo Sr. Data Manager, Development Office New England Conservatory 290 Huntington Avenue Boston, MA 02115 617-585-1166 www.necmusic.edu<http://www.necmusic.edu/> From: Advancement Services Discussion List [mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG] On Behalf Of Shearer, Derrick Sent: Tuesday, June 04, 2019 10:50 AM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: Re: [FUNDSVCS] Gift Annuity - Raiser's Edge Planned Gift Module I found that this led to possible double counting and simply indicated the asset that created the CGA on the Assets button that's available when you select the Planned Gift gift type. On Tue, Jun 4, 2019 at 10:49 AM Katie Langer <langerk@winthrop.edu<mailto:langerk@winthrop.edu>> wrote: We are doing an audit of our planned gifts and we wanted to reach out to others to see how you are using the PG Module for gift Annuities. Our financial office enters in the planned gift of gift annuity and then they link the realized amount to the cash/stock "gift" that the donor used to create the annuity. We are struggling with this. Shouldn't the realized amount be the amount that is remaining with the donor passes away or the given time frame? Do you track the money that supported the annuity in RE? If so, how do you add it in the module and how do you track the remainder amount when they pass away? If you have a gift entry procedure guide that has steps, can you please share? -- Derrick Shearer Director of Advancement Services The Pingry School 131 Martinsville Rd. Basking Ridge, NJ 07920 dshearer@pingry.org<mailto:dshearer@pingry.org> 908-647-5555 ext. 1265