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Pooled income fund principal once donor has died.

  • 1.  Pooled income fund principal once donor has died.

    Posted 14 days ago

    Good Afternoon,

    My institution recently received notification that a donor to a pooled income fund has passed away. We received information from the trust company that the principal of the deceased's share in the PIF is now twice what was booked back in 1996. Are we able to book the amount above what was booked back then as a gift in this FY?  I did look in the CASE RS&MG book and the archives, but the information there did not address this exact circumstance.

    Thanks so much for any advice on this matter.



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    Robyn Smith
    Director of Advancement Services
    Randolph College
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  • 2.  RE: Pooled income fund principal once donor has died.

    Posted 14 days ago
    You already booked all that you can.  Growth in investments are not new or additional gifts.

    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: Pooled income fund principal once donor has died.

    Posted 14 days ago
    Thanks, John!
    One question to clarify. We could book some part of any excess should a living donor surrender/terminate her PIF, correct?

    ------------------------------
    Robyn Smith
    Director of Advancement Services
    Randolph College
    ------------------------------



  • 4.  RE: Pooled income fund principal once donor has died.

    Posted 14 days ago
    That's quite possible.  However, the only way to know for certain is when an additional tax-deduction is possible.  The involved PGO will know for certain.  And the additional gift is not going to be necessarily equal to the amount surrendered.  Some complicated calculations consider many factors, including how much the donor already claimed, how long ago, and the surrender details.  Still, there generally is a new gift for that new deduction!

    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







  • 5.  RE: Pooled income fund principal once donor has died.

    Posted 13 days ago
    Thanks again, John!

    ------------------------------
    Robyn Smith
    Director of Advancement Services
    Randolph College
    ------------------------------