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  • 1.  $.01 gift

    Posted 08-08-2024 08:32 AM

    We received a retirement distribution check for ONE CENT (groan). AND, it has no donor information listed. We are a very small staff (currently only two of us in advancement services and I'm doing the work of 3 right now). The irritated part of me wants to throw this check in the trash as it costs more of my time than the gift itself, but I'm not sure that's ethical. What's the best way to handle this?



    ------------------------------
    Gabrielle Read-Hess
    Coe College
    greadhess@coe.edu
    ------------------------------


  • 2.  RE: $.01 gift

    Posted 08-08-2024 08:40 AM
    It is not unethical to decline a contribution because it is not in your organization's best interest to accept it. While that usually applies to donations with unusual restrictions, it can also apply to contributions that are too difficult to process relative to their value. I think you're fine to decline to process the check, make a brief memo to file, cc your boss, and attend to more pressing matters.

    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: $.01 gift

    Posted 08-08-2024 08:44 AM
    The IRA custodian must likely see the check clear their account to close the fund. No, do not throw it out.

    Hopefully, Coe uses RDC, so depositing the check takes 30 seconds. You will need to decide whether to pursue donor identification. I might first quickly peek at the last 2-3 distributions you received from the same custodian to see if there's a logical donor. Otherwise, I'd record the payment on a "Various Donors" record.

    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


  • 4.  RE: $.01 gift

    Posted 08-08-2024 08:46 AM
    John, that's a much more practical suggestion. I think I must be venting this morning. 


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

    Schedule a 30-minute consultation now:





    Original Message


  • 5.  RE: $.01 gift

    Posted 08-08-2024 08:51 AM
    Nah-I normally would have agreed with you if it was a "random" check, like credit card phishing expeditions. But since we know it is from an IRA and I know there are strict accounting rules for closing those down, I offered the other solution.

    However, per your note, I'd get these things deposited ASAP and not give it much more thought!

    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


  • 6.  RE: $.01 gift

    Posted 08-08-2024 12:06 PM
    Gabrielle - 

    While I concur that getting the check deposited is the simplest path forward, I'm going to add a suggestion that may seem like I'm trying to make even more work for you. 

    We all know that any database and associated automation can have glitches at times which can't always be predicted or prevented. What if this was meant to be a $10 or $100 or even $1K gift and some hitch meant the check was instead spit out as $.01? Most IRA fund managers have a customer service email or some chat option on their respective web site. In the spirit of stewardship, maybe send a note assuring them that you've done your diligence in cashing the check but also wanted to follow up with their organization to see if there was a possible error?

    My US $.02 (as Alan H. often says) - and I promise I won't send a check for that amount...  ��

    Good luck and best regards - Amy



    Original Message


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