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  • 1.  Pooled income fund contribution

    Posted 03-03-2025 09:09 AM

    Good Morning,

    In 1995, a donor contributed $78K to a pooled income fund at a local college.  That college closed in May 2000 and the donor transferred the gift to our institution.  However, no gift was ever recorded.  The donor's spouse, the last remaining income beneficiary, recently passed away, and the PIF was closed, our institution realizing just over $158K.  As you might expect, there is interest in recording the contribution now.  Can I get advice on what might be appropriate?  I don't know that there are available records for the value of the PIF at the date of transfer to our institution (if that is even relevant).

    Much appreciated!

    Pam



    ------------------------------
    Pamela Trafton
    Merrimack College
    traftonp@merrimack.edu
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  • 2.  RE: Pooled income fund contribution

    Posted 03-03-2025 09:45 AM
    Why was the May 2000 gift never booked? Undoubtedly, it was entered into the accounting system as an asset.

    I would speak to the CFO to determine what they booked back in 2000 and use that value for your records. If the CFO finds that nothing was booked back then (very curious if not - I wonder who was managing the asset?!), you and the CFO should agree to the value to book/count today.

    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


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