FundSvcs Community

 View Only

  • 1.  Bequest Booking towards Initiative

    Posted 5 days ago

    Hi All,

    We have a donor that is interested in funding an initiative at $500K - no more, no less.  Over the course of his life, he or others in his circle could be giving outright to this initiative.  He'd like his bequest to reflect funding the remainder left towards the $500K at his death - this could be the entire $500K.  How would you book this bequest?



    ------------------------------
    Marylyn West
    University of Alabama at Birmingham
    marylyn@uab.edu
    ------------------------------


  • 2.  RE: Bequest Booking towards Initiative

    Posted 5 days ago
    I suggest that you treat it like any other $500k bequest. The donor's plan to reduce the bequest based on giving in vivo, or based on contributions from others, doesn't materially change what you know to be true today, which is that the donor has committed (revocably) to give $500k as a bequest. When other facts come to pass, you can adjust the expectancy accordingly. But for now, that information is just helpful context.


    Thank you,
    Isaac Shalev
    Data Strategy Expert
    Sage70, Inc.
    (917) 859-0151
    isaac@sage70.com

    Schedule a 30-minute consultation now:




    Original Message


  • 3.  RE: Bequest Booking towards Initiative

    Posted 5 days ago
    I'd need to see a copy of the will that reflects an "up to $500,000" bequest. Then it would be recorded like any other revocable commitment. Unless they or others are willing to make pledges for current gifts to be paid within five years, there is little else you can do.

    Also, be careful how you count this toward your "initiative." Depending on the nature of the initiative, you might not want to count all of this toward it - especially if it's related to building or enhancing a facility, funding new equipment, or providing staff support, and the like. Those initiatives all require funds now, more than later!

    John

    John H. Taylor, Principal
    John H. Taylor Consulting, LLC
    2604 Sevier Street
    Durham, NC     27705

    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987




    Original Message


Related Content