Before recording a donation as an IRA gift, make sure to create a tax receipt template that will serve as an acknowledgement to the donor. This template can be attached to a Donation Type, named "IRA Gift," to automatically be applied to any donations with this type. Otherwise, the template will need to be assigned manually whenever an IRA gift record is created. Templates Overview provides several resources on Tax Receipt templates, building, and uploading templates in CommunitySuite.
Once the tax receipt template is created, an IRA Gift can be recorded.
- Navigate to the Donations page and click Create in the left-side menu.
- Search for the IRA company to set as the Donor, when choosing a profile.
- Enter the applicable Add Donation information, and then click Process.
- Date, Donation Type, Amount, Payment Method, and Fund are required fields.
- Donation Type - Set to the IRA Gift donation type that has the corresponding Tax Receipt template.
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Payment Type - Set to Check.
- Date, Donation Type, Amount, Payment Method, and Fund are required fields.
- Click [add donation advisor] to set the donation advisor to the donor profile giving the IRA gift.
- Once the donation advisor is set, click Post in the left-side menu.
- Click Tax Receipt in the left-side menu to email or print a tax receipt.
- Since the actual donor is set as the donation advisor, the tax receipt will be sent to them rather than the financial institution housing the IRA.