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Realized Bequest or Other Gift Credit Type?

  • 1.  Realized Bequest or Other Gift Credit Type?

    Posted 14 days ago
    Good morning!

    We received a check from a deceased couple whose daughter is also listed on the check as an account holder. The check was signed by the daughter as her parents both recently passed away (within a month of each other). The note included with the check states that her father had asked her to send a donation prior to his death. We're debating on the best way to record this check as our standard business practice is to not give soft credit to deceased individuals. One thought was to give Realized Bequest credit to the deceased couple. But, because the daughter is listed on the account and was the signer of the check we're not sure if this is the best option.

    Has anyone else run into this situation? And if so, how did you handle crediting the gift?

    Thank you in advance for any recommendations or guidance!

    All my best,
    Gretchen

    ------------------------------
    Gretchen Armentrout
    Director Advancement Gift & Records
    James Madison University
    housergh@jmu.edu
    ------------------------------


  • 2.  RE: Realized Bequest or Other Gift Credit Type?

    Posted 14 days ago
    It is likely the daughter is the executor and acting on behalf of the deceased parents.

    I would record the gift on the record of the decedent.  Address the receipt to "The Estate of John & Jane Doe."  On the next line, indicate the daughters' name and ICO.

    If this is not sufficient for the daughter, she will let you know.

    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: Realized Bequest or Other Gift Credit Type?

    Posted 14 days ago
    Thank you for the super speedy reply John! This is very helpful!!

    ------------------------------
    Gretchen Armentrout
    Director Advancement Gift & Records
    James Madison University
    housergh@jmu.edu
    ------------------------------



  • 4.  RE: Realized Bequest or Other Gift Credit Type?

    Posted 14 days ago
    Assuming the daughter is the executor of the estate, this is a gift from the estate, not from her. If she is not the executor, then the estate has likely setteled, and  it's a gift from her, in memory of her parents.


    Thank you,
    Isaac Shalev
    Data Strategy Expert
    Sage70, Inc.
    (917) 859-0151
    isaac@sage70.com

    Schedule a 30-minute consultation now: