FundSvcs Community

I've got a weird situation. We have a donor who is selling us his rental property, which we are then immediately selling. It was agreed that this would fund two annuities for his children, but there is $5,500 left over from the "fair market value" that he wants to go toward his outstanding pledge. 

Currently, the only "receipt" we send to the donor for an annuity is the paperwork that is created through Crescendo. If we were receiving property that wasn't going toward an annuity, we would send a letter acknowledging their gift in kind. 

How should I handle the additional amount that is going toward the pledge? Would we still need to send a gift in kind letter along with the annuity paperwork/agreement?

Is there anything else I should be aware of with this situation? 

I've got a weird situation. We have a donor who is selling us his rental property, which we are then immediately selling. It was agreed that this would fund two annuities for his children, but there is $5,500 left over from the "fair market value" that he wants to go toward his outstanding pledge. 

Currently, the only "receipt" we send to the donor for an annuity is the paperwork that is created through Crescendo. If we were receiving property that wasn't going toward an annuity, we would send a letter acknowledging their gift in kind. 

How should I handle the additional amount that is going toward the pledge? Would we still need to send a gift in kind letter along with the annuity paperwork/agreement?

Is there anything else I should be aware of with this situation? 

I misspoke - He is not selling us the property - he is giving us the property which we are then selling immediately. 

I've got a weird situation. We have a donor who is selling us his rental property, which we are then immediately selling. It was agreed that this would fund two annuities for his children, but there is $5,500 left over from the "fair market value" that he wants to go toward his outstanding pledge. 

Currently, the only "receipt" we send to the donor for an annuity is the paperwork that is created through Crescendo. If we were receiving property that wasn't going toward an annuity, we would send a letter acknowledging their gift in kind. 

How should I handle the additional amount that is going toward the pledge? Would we still need to send a gift in kind letter along with the annuity paperwork/agreement?

Is there anything else I should be aware of with this situation? 

I misspoke - He is not selling us the property - he is giving us the property which we are then selling immediately. 

I've got a weird situation. We have a donor who is selling us his rental property, which we are then immediately selling. It was agreed that this would fund two annuities for his children, but there is $5,500 left over from the "fair market value" that he wants to go toward his outstanding pledge. 

Currently, the only "receipt" we send to the donor for an annuity is the paperwork that is created through Crescendo. If we were receiving property that wasn't going toward an annuity, we would send a letter acknowledging their gift in kind. 

How should I handle the additional amount that is going toward the pledge? Would we still need to send a gift in kind letter along with the annuity paperwork/agreement?

Is there anything else I should be aware of with this situation? 

What should be sent to the donor regarding what is going toward the pledge? That is my main question. Would we send a gift in kind letter just to acknowledge the receipt of the property or is there something else we should be sending to the donor?

Thanks! 

I misspoke - He is not selling us the property - he is giving us the property which we are then selling immediately. 

I've got a weird situation. We have a donor who is selling us his rental property, which we are then immediately selling. It was agreed that this would fund two annuities for his children, but there is $5,500 left over from the "fair market value" that he wants to go toward his outstanding pledge. 

Currently, the only "receipt" we send to the donor for an annuity is the paperwork that is created through Crescendo. If we were receiving property that wasn't going toward an annuity, we would send a letter acknowledging their gift in kind. 

How should I handle the additional amount that is going toward the pledge? Would we still need to send a gift in kind letter along with the annuity paperwork/agreement?

Is there anything else I should be aware of with this situation? 

I've got a weird situation. We have a donor who is selling us his rental property, which we are then immediately selling. It was agreed that this would fund two annuities for his children, but there is $5,500 left over from the "fair market value" that he wants to go toward his outstanding pledge. 

Currently, the only "receipt" we send to the donor for an annuity is the paperwork that is created through Crescendo. If we were receiving property that wasn't going toward an annuity, we would send a letter acknowledging their gift in kind. 

How should I handle the additional amount that is going toward the pledge? Would we still need to send a gift in kind letter along with the annuity paperwork/agreement?

Is there anything else I should be aware of with this situation?