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  • 1.  Loan from a donor. Process into Advancement system or only directly with accounting/finance office?

    Posted 11-06-2023 11:44 AM

    Good Morning,

    We have a donor who is giving us loan. In one year he is going to assess his financial situation and may be forgive it. Do any of you have experience with how to treat/process this.

    Would we process directly with our Accounting/Finance office at this point (as a loan) and not enter into our Advancement system until it is forgiven and turns into a donation? The other thought is to create a fund for loans to process into our Advancement systems but, it is not a donation at this time. Since we do not enter any bank loans etc into our Advancement systems, I am inclined to treat this the same way but this time the source is a donor. Any guidance is appreciated. 



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    -
    Thank You
    Ghaith Saggaf

    Director - Institutional Advancement - Operations & Services
    Zaytuna.edu
    2401 Le Conte Ave, Berkeley, CA 94709
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  • 2.  RE: Loan from a donor. Process into Advancement system or only directly with accounting/finance office?

    Posted 11-06-2023 11:54 AM
    Hi Ghaith,

    There is no transaction to enter into Advancement at this time, as there is not a contribution at this time - neither charitable nor otherwise.


    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: Loan from a donor. Process into Advancement system or only directly with accounting/finance office?

    Posted 11-07-2023 09:40 AM

    Hi Isaac,

    Thank you!



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    Ghaith Saggaf
    Zaytuna College
    gsaggaf@zaytuna.edu
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    Original Message


  • 4.  RE: Loan from a donor. Process into Advancement system or only directly with accounting/finance office?

    Posted 11-06-2023 11:56 AM
    It is not a gift as it is not being given irrevocably. If any portion of the loan is subsequently forgiven, the forgiven amount can be recognized as a gift.

    John

    John H. Taylor 
    919.816.5903 (Cell/Text)

    Big Ideas; Small Keyboard



    Original Message


  • 5.  RE: Loan from a donor. Process into Advancement system or only directly with accounting/finance office?

    Posted 11-06-2023 12:41 PM
    Thank you very much John!

    - 
    Thank You 
    Ghaith Saggaf 
    Director - Institutional Advancement - Operations & Services 
    2401 Le Conte Ave, Berkeley, CA 94709





    Original Message


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