Mutual Funds

Melissa Hoster

Mutual Funds - does your organization treat them the same as Stock? or are there any variances in recording? I'm thinking;
Use the gift type of stock/property
Record the value of the Mutual Funds on day of transfer in RE
Receipt: provide the date of transfer, description of Mutual Fund, number of funds transferred, Value of 1 Mutual Fund on date of transfer - instead of typical High and Low value of stock

Any red flags with this planned process?

Dan Snyder

@Melissa Hoster We record mutual fund gifts just like stock sharing the number of shares and the date it was received. We also give a gift recognition amount and clearly state that you should speak with your tax advisor regarding what the actual deductible amount is. While I know we do not need to/should not list the amount, many of our donors want to give a certain amount so they want to know what they are being credited with so we include it.

Melissa Hoster

Helpful to know the feedback from your donors and your process - thanks Dan!