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Recording a gift from a company under new ownership/new name variation

  • 1.  Recording a gift from a company under new ownership/new name variation

    Posted 13 days ago
    This question was raised by my gift processor and I don't have enough knowledge to give a confident answer: we received a gift from a small local business that has existed for over 100 years and we have a constituent record for the business going back decades due to its longstanding relationship with our college. A few years ago, it changed owners and possibly also became incorporated, though we aren't certain whether the incorporation took place with the new owners or before that time. What we do know is that the original constituent record is named Bauman & Co., and the check we recently received listed it as Bauman & Co. Inc. My gift processor created a totally new record for Bauman & Co. Inc., but I pushed back because in my mind, it is still the same business. If, for instance, an alum of our college legally changes their name, we do not create a new record under the new name - it's still the same person! But I am not well versed in the business world and am uncertain if this carries different implications. I would appreciate hearing your thoughts on whether this is an entirely new entity warranting a new and separate record, or whether my instincts are correct and it is still the same constituent at the end of the day.

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    Gabrielle Read-Hess
    Associate Director of Advancement Operations
    greadhess@cornellcollege.edu
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  • 2.  RE: Recording a gift from a company under new ownership/new name variation

    Posted 13 days ago
    I do not believe you need to create a new record.  But you do need to change the primary or preferred name to the new one and save the old name as "Former."

    There are times when you want to create a new record.  The most common approach is when two organizations merge to form a new conglomerate.  You want to retain the giving records for each - just as you would when marrying two individuals.  But the new corporate entity will now be making gifts.  So, in that instance, you would inactivate the old two organizations, add a note about the merger, and reference the ID of the new company.

    John

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987






  • 3.  RE: Recording a gift from a company under new ownership/new name variation

    Posted 13 days ago
    Thank you, John! This is what I expected to hear and makes total sense.

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    Gabrielle Read-Hess
    Associate Director of Advancement Operations
    greadhess@cornellcollege.edu
    ------------------------------