FundSvcs Community

My answer really must be informed by seeing a copy of the partnership agreement. If Randolph is named as a 1% owner or irrevocable beneficiary of the partnership, you could actually book a one-time gift of the 1% ownership of that partnership. Absent that I think it appropriate to recognize these distributions as annual gifts. John John H. Taylor Principal John H. Taylor Consulting, LLC 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Mon, Sep 9, 2019 at 10:09 AM Robyn Smith <rsmith@randolphcollege.edu> wrote: > Happy Monday Everyone, > > > > We have a donor who established a limited family partnership a few years > ago, with 1% of the income of the partnership coming to Randolph. The donor > sends us a check every winter with the proceeds. There is some discussion > in our office about whether or not this payment is indeed a gift that we > can book in Development. Is there reason to think this is not a gift? > > > > For what it’s worth, we do not have a copy of the document that > established the partnership, and I sense there is some reluctance to ask > for a copy. What we know about it has been gleaned from the cover letters > that come with the yearly check. > > > > Thanks as always! > > > > Robyn Smith > > > > > > Robyn Smith ’87 > > Director of Advancement Services and Prospect Management > > Office of Institutional Advancement > > Office: (434) 485-8048 > > Fax: (434) 947-8157 > > > > [image: Email_6] > > >

Happy Monday Everyone, We have a donor who established a limited family partnership a few years ago, with 1% of the income of the partnership coming to Randolph. The donor sends us a check every winter with the proceeds. There is some discussion in our office about whether or not this payment is indeed a gift that we can book in Development. Is there reason to think this is not a gift? For what it's worth, we do not have a copy of the document that established the partnership, and I sense there is some reluctance to ask for a copy. What we know about it has been gleaned from the cover letters that come with the yearly check. Thanks as always! Robyn Smith Robyn Smith '87 Director of Advancement Services and Prospect Management Office of Institutional Advancement Office: (434) 485-8048 Fax: (434) 947-8157 [Email_6]

Thanks, John! That’s basically what we were thinking, so it’s good to have the expert agree. From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG> On Behalf Of John Taylor Sent: Monday, September 9, 2019 11:14 AM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: Re: [FUNDSVCS] Partnership money - is it a gift or not? My answer really must be informed by seeing a copy of the partnership agreement. If Randolph is named as a 1% owner or irrevocable beneficiary of the partnership, you could actually book a one-time gift of the 1% ownership of that partnership. Absent that I think it appropriate to recognize these distributions as annual gifts. John John H. Taylor Principal John H. Taylor Consulting, LLC 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, Sep 9, 2019 at 10:09 AM Robyn Smith <rsmith@randolphcollege.edu<mailto:rsmith@randolphcollege.edu>> wrote: Happy Monday Everyone, We have a donor who established a limited family partnership a few years ago, with 1% of the income of the partnership coming to Randolph. The donor sends us a check every winter with the proceeds. There is some discussion in our office about whether or not this payment is indeed a gift that we can book in Development. Is there reason to think this is not a gift? For what it’s worth, we do not have a copy of the document that established the partnership, and I sense there is some reluctance to ask for a copy. What we know about it has been gleaned from the cover letters that come with the yearly check. Thanks as always! Robyn Smith Robyn Smith ’87 Director of Advancement Services and Prospect Management Office of Institutional Advancement Office: (434) 485-8048 Fax: (434) 947-8157 [Email_6]