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refunds/ cc fees

Cathleen Mai

In the past when I refunded a donation I posted the gross amount to FE and Finance would record the fees that were taken out. I was under the impression this is correct as the fees are considered administrative cost of doing business. Now I have been asked to post the net amount to FE instead. I don't believe it would be even possible, but want to check with my fellow RE peeps.

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Comments

JoAnn Strommen

I agree with you that the fees are administrative cost of doing business. I suppose you could post net to FE in a gift adjustment but seems odd. The reports for the fund income will only show the amount of the fees. Is that what they want in RE reports?

J Baumann

You are doing it correctly. Fees for processing a gift are a cost of doing business. Carry the suggestion to its logical outcome - and you'd also to use the net amount to for someone who gives your donations by check. There's a fee for processing those too. The donor gave you the gross amount, no matter how they paid. That is their gift amount.

Cathleen Mai

Thank you ?!