Tracking Gifts from Donor Advised Funds and Donor Directed Funds in DonorDock
ππ½ββοΈ Does DonorDock allow you to track gifts from donor advised funds and donor directed funds?
Yes. DonorDock allows you to track gifts from donor advised funds and donor directed funds, while also tracking the individual who advised or directed the gift.
Donor advised funds (DAFs) and donor directed funds (DDFs) are methods of giving that provide tax advantages to donors.
It is important that these types of gifts are tracked in a way that helps you acknowledge and report on them properly.
How to track a gift from a Donor Advised Fund in DonorDock
Create the DAF as a contact. Set the contact type as "organization". Consider adding a badge with a label like "DAF" to the contact so you can easily pull up a report of all DAFs in the future.
Create a gift with the DAF as the Donor. Add the amount of the gift as the "received amount".
Create a gift with the named advisor as the Donor. If you do not have the named advisor as a contact already, make sure to create that contact. Add the amount of the gift into the "soft credit" field. Consider adding the name of the DAF as a payment note or tag on the gift to easily find the relationship between these two gifts in the future.
How to track a gift from a Donor Directed fund (DDF) in DonorDock
In a Donor Directed Fund, a donor directly controls who receives a donation, and the funds are held by a financial institution. The process of tracking a gift from a DDF is similar to a DAF, but with the soft credit and hard credit reversed. The hard credit gift (using the "received amount" field) should be added to the donor, and the soft credit gift should be added to the DDF contact.
