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Outside CRUT--booking amount

  • 1.  Outside CRUT--booking amount

    Posted 27 days ago
    Good morning,

    I searched the archives but didn't find a similar situation--hopefully I didn't miss anything!

    We have been notified that we are the remainder beneficiary of an outside CRUT of $1,000,000. Do we record that as $1M or do we record the charitable deduction amount of $433K (amount determined by our illustration)?

    Many thanks!

    ------------------------------
    Jodie M. Ralston
    Executive Director
    Advancement Services
    T 315.443.1718 F 315.443.2874
    jralston@syr.edu
    640 Skytop Road, Room 241, Syracuse, NY 13244
    giving.syracuse.edu
    Syracuse University
    ------------------------------


  • 2.  RE: Outside CRUT--booking amount

    Posted 27 days ago
    Yes :-).

    Assuming you are the irrevocable beneficiary, you record both amounts in your CRM.  Both amounts are reported to CASE and CASE further recommends that you report both amounts to your institution leadership in the interest of transparency.

    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: Outside CRUT--booking amount

    Posted 27 days ago

    Thank you John, as ever!

     

    --Jodie

    Jodie M. Ralston
    Executive Director, Advancement Services
    Advancement and External Affairs

    T 315.443.1718
    jralston@syr.edu

    Syracuse University Forever Orange The Campaign for Syracuse University