gift fees

 

akoyaGO utilizes a Business Central tool for assessing fees on a per-gift basis, eliminating the need to manually create journal entries to adjust deposits. Gift Fees are flexible enough to accommodate both fees charged by vendors (such as PayPal) or processing fees charged by your organization.

 

introduction

 

Vendor Fees allow you to immediately assess a fee expense against the fund receiving the gift, or optionally against your operating fund if the Foundation is covering the expense. Or, you can choose a different fund entirely to pay the fee. The net effect will decrease the deposit to reflect the amount held back by the vendor while still recognizing the full revenue amount.

 

Administrative Fees, do not affect the deposit amount. Instead, they allow the Foundation to assess an expense to the gift fund while simultaneously taking a portion of the payment as revenue to different funds (such as the Operating fund).

 

Note: Either fee type can be set to charge as a percentage of the total gift amount, as a flat amount per gift, or as a non-calculated amount.

 

creating a gift fee record

 

1. Navigate to the Tools workplace.
2. Select the Gift Fees entity
3. Click on the +New button in the top ribbon

 

 

 

On the new record, use the Business Process Flow (bullseyes) to enter Fee information.

 

• Fee ID:  short name for fee
• Fee Name: long name for Fee. This is a donor-facing value. The Fee Name gets transferred to Business Central, which gets transferred to GOfund and then the Fund Statement.
• Fee Type: Administrative or Vendor. Remember, Vendor Fees will not appear in Undeposited Funds. Administrative Fees will appear in Undeposited Funds.
• Fee Calculation: Percent, Flat rate or Non-calculated. 

(Non-calculated fees allow you to manually enter the fee amount on each individual gift.)

 

 

 

Click on Next Stage and enter the Fee Details. 

 

Vendor Fee Details

 

• Fee Percent (ex 2.25) or Flat Fee Amount (ex 20.00)

(This field will not populate if you selected a non-calculated fee)

• Fund Paying the Fee: Operating Fund, Gift Fund or Other. If Other, an additional field will appear where you can choose the fund to pay the fee.
• Expense Account: 5###  Account (the best practice is to use an expense account netting to accumulated earnings)

 

Administrative Fee Details

 

• Fee Percent (ex 2.25) or Flat Fee Amount (ex 20.00)

(This field will not populate if you selected a non-calculated fee)

• Fund Paying the Fee: Operating Fund, Gift Fund, or Other. If Other, an additional field will appear where you can choose the fund to pay the fee.
• Expense Account: 5###  Account (the best practice is to use an expense account netting to accumulated earnings)
• Fund Receiving the Fee
• Income Account: 4### Account

 

 

Click on Finish to complete the record.

 

using a gift fee

 

To add a Gift Fee to a Gift, select an option in the last field available under Payment Details.

 

 

 

Selecting a Gift Fee will automatically add an additional “bullseye” in the Gift Payment Process. This section will show the calculated percentage or flat rate amount chosen.

 

Note that there is the option to add a second gift fee. This may be necessary if you are utilizing our GOdonate portal, for example. In the case that there are multiple fees on a gift, the fee entered in Gift Fee 1 will be processed first and the fee entered in Gift Fee 2 will be processed second. 

 

Confirm that the Fee amount looks correct, then continue the Send to Accounting process as normal.

 

 

 

 

utilizing non-calculated gift fees

 

Having a non-calculated Gift Fee can be useful in different ways, as it will allow you to manually select a fee amount on a Gift-by-Gift basis.

 

To create a non-calculated Gift Fee, follow the above instructions, choosing non-calculated as the Fee Type.

 

 

 

 

To add a custom Fee amount to a Gift Payment, select the appropriate non-calculated Gift Fee in the Gift Payment business process flow.

 

As with the other Gift Fee types, this will automatically add a “bullseye” to the payment process.

 

 

Enter a custom amount in the Fee Amount field, then finish the Send to Accounting process as normal.