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CGA Question

  • 1.  CGA Question

    Posted 07-26-2022 03:12 PM
    Hello everyone,
    We have a donor who is interested in exploring the possibility of setting up a $250K CGA using credit cards.  Has anyone else encountered this and is it possible?
    Thanks!
    Tammy

    ------------------------------
    Tammy Cline
    Asst Director of Advancement Svcs
    The West Point Association of Graduates
    tammy.cline@WPAOG.ORG
    ------------------------------


  • 2.  RE: CGA Question

    Posted 07-26-2022 03:44 PM
    It is not going to be common at this level.  I have not seen a card that can handle a $250,000 charge.  But using a credit card generally is perfectly fine.  I've done it for $10,000 & $25,000 CGAs.

    If the donor insists they can charge that amount on their card, I'd wait for the charge to go through before fully establishing the CGA.

    But I would talk to your CFO first.  They might not appreciate having to pay $7,500-$10,000 in credit card fees for this much.  You might even want to ask the donor for an additional gift to cover that fee.

    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: CGA Question

    Posted 07-26-2022 05:02 PM
    Tammy, I found the updated language and recommendations in the news CASE Global Standards - on pages 56 and 57.  The same suggestions from the 4th edition remain.  However, there is additional language suggesting much tighter scrutiny over these, including a similar caution regarding significant administrative overhead.

    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







  • 4.  RE: CGA Question

    Posted 07-27-2022 07:54 AM

    Thank you, John!  We will definitely speak to our CFO first. I will review was the Global Standards say and share with them as well.

     

    Tammy M. Cline

    Assistant Director, Gift Policy, Processing & Reporting

    West Point Association of Graduates

    698 Mills Road West Point, NY 10996

    Phone: 845.446.1540

    Fax: 845.377.3039

    WestPointAOG.org

     

    Serving West Point and the Long Gray Line

     

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  • 5.  RE: CGA Question

    Posted 07-27-2022 08:34 AM

    Hi Tammy....

     

    We have a couple of donors who charge six figures on their Amex cards (we believe to receive points).  I agree with John to wait for the charge to fully process before beginning work on the CGA.  It would also not be unusual to ask for all or part of the processing fee to be covered, though you might need to have a policy in place regarding the threshold for this ask.  When Rutgers had a gift acceptance fee we often asked corporations to cover the fee in order to provide full support to the unit, that was considered an additional gift and was part of a documented policy. 

     

    Terry Callaghan

    aaasp Executive Board

     

    Terry Callaghan, CIMP

    Associate Vice President,

    Information Technology, Analytics and

    Gift Processing

    Rutgers University Foundation &

    Office of Alumni Engagement

    O: 848-932-2001

    C: 908-930-7090

    Terry.Callaghan@RUF.Rutgers.edu

     



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  • 6.  RE: CGA Question

    Posted 07-27-2022 12:08 PM

    We had a similar situation with a donor paying off a seven figure pledge with six figure payments on credit card. I called, explained amex's crazy fees, and asked them to please wire instead.

     

     

    Aaron Forrest CPA

    Senior Director Gift and Donor Services

    University of Rochester Office of Advancement

    585.275.2799 | aaron.forrest@rochester.edu