Best Practice to record a sponsorship

Question

We have received a sponsorship of $10,000 for an event. In that $10,000, it included $1,200 tickets, $60 GST of the tickets. Should I issue a $10,000 unofficial receipt? What is the best practice to record the $1,200 and $60 in the gift record? Thanks for your help!

Fiona Chan · Answer

Thanks Miki. Your information is very helpful.

Miki Martin · Answer

When we have sponsorships for events we utilize the Prices tab in the event (database view) to set the gift and receipt amounts. On here you can list various benefits for each level you have. That way when you enter the gift you can record the gift amount but then link the benefit to the gift and therefore reduce the receipt amount to be more accurate. You just need to be certain when running reports whether people want to see the full gift amount or the receipt amount.

Here are screen shots of an event we have every year with the benefit for one of the sponsor levels.

In here is a snapshot of a gift with this sponsorship.

Does this help?