How to make additions to a gift

How to make an addition to a gift

You can record additions to a charitable remainder unitrust, a charitable lead unitrust, or a pooled income fund.

Additions to a gift are distinct from multiple gifts of the same gift type made by or for the benefit of a single person. When a donor adds additional funds to a charitable remainder unitrust, there is still just one trust instrument and one trust. Accordingly, it would be misleading to record and report the addition as if it were a second unitrust. In contrast, a person might fund multiple gift annuities, but each one is a completely separate gift and should be recorded as a separate gift record in GiftWrap. $image\chiclet.gif$ How?

Pooled income fund gifts occupy a gray area. Each time a donor makes a gift to a pooled income fund, the donor signs a new gift instrument. On the other hand, the units purchased by the addition are simply added to the donor's previously purchased units for purposes of determining future distributions to the gift's income beneficiaries and FASB liabilities. As a result, we find that some GiftWrap users like to treat pooled fund additions as additions to a previous gift (see below) and others prefer to treat each addition as a separate gift. $image\chiclet.gif$ How? GiftWrap can accommodate either approach.

To record an addition to a gift:

1. Open the Gift Information for the gift to which you want to make an addition. $image\chiclet.gif$ How?

2. Click the Assets/Additions tab.

3. Click $image\add.gif$ in the Gift Additions section of the tab.

4. Enter the information on the addition. There is help available on each field.

5. Click , and then click .

6. Repeat steps 3 - 5 to make further additions to the gift.

Notes:

· GiftWrap does not change the Market Value of the gift for you when you enter a gift addition. You may modify this field yourself in the General tab. If you are entering an addition to a pooled income fund gift, however, wait until the fund is valued again, then use Compute PIF Market Values to adjust the Market Value for all your pooled income fund gifts at once.

· GiftWrap updates the Total Gift Amount that appears below the Gift Amount on the Gift Information page with the sum of the Gift Amount and the Amounts of all gift additions. GiftWrap does not change the value shown in the Gift Amount field. This field holds the amount of the original gift only.

· For pooled income fund gifts only, GiftWrap updates the Total Units that appears below Units on the Trust/Term/PIF tab on the Gift Information page with the sum of the Units assigned to the original gift and the Units assigned to all gift additions. GiftWrap does not change the value shown in the Units field on the Trust/Term/PIF tab. This field holds the units assigned to the original gift only.