FundSvcs Community

Greetings! I'm reaching out for insights on a bequest entry scenario we're navigating.

In a prior fiscal year, we recorded a zero-dollar contingent bequest expectancy based on the donor's estate plans at the time. We've now received verbal confirmation from the donor that the bequest is no longer contingent, and their spouse has agreed to honor the bequest if they are the surviving spouse.

Given this update, I'd appreciate your guidance on the following:

1. From a gift entry perspective, would you recommend:

   • Modifying the original zero-dollar contingent bequest record to reflect the updated status and estimated value?
   • Entering a new bequest expectancy in the current fiscal year?
   • Or is there another approach to consider?
     
     

2. What backup documentation do you typically require in a case like this?

   • Is a written confirmation from the donor sufficient?
   • Would you request additional documentation?

Thank you!
Leah

Greetings! I'm reaching out for insights on a bequest entry scenario we're navigating.

In a prior fiscal year, we recorded a zero-dollar contingent bequest expectancy based on the donor's estate plans at the time. We've now received verbal confirmation from the donor that the bequest is no longer contingent, and their spouse has agreed to honor the bequest if they are the surviving spouse.

Given this update, I'd appreciate your guidance on the following:

1. From a gift entry perspective, would you recommend:

   • Modifying the original zero-dollar contingent bequest record to reflect the updated status and estimated value?
   • Entering a new bequest expectancy in the current fiscal year?
   • Or is there another approach to consider?
     
     

2. What backup documentation do you typically require in a case like this?

   • Is a written confirmation from the donor sufficient?
   • Would you request additional documentation?

Thank you!
Leah