Good afternoon,
I need guidance with gift entry for real estate.
1st scenario - A gift of real estate was entered into the system in 2011 as an in-kind gift for the appraisal value. Once the property was to be sold the proceeds were to be used to set up an endowed scholarship. The property has now sold. Our finance department is setting up the endowed scholarship account and has forwarded the check to us for gift entry to the scholarship. The check received is for an amount greater than what was documented in 2011. My questions: 1.) Should we void the original in-kind gift from 2011 and reenter at the new value to the endowed scholarship? 2.) Should we enter only the difference between the 2011 appraisal and the received check amount to the newly created endowed scholarship? 3.) Should we even enter the gift in our area?
Thank you in advance!
Gwen Gentry
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Gwen Gentry
University of the South
gfgentry@sewanee.edu------------------------------