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Entities
- 05 Jul 2024
- 2 Minutes to read
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Entities
- Updated on 05 Jul 2024
- 2 Minutes to read
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- DarkLight
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Entities
What is an Entity
Admire Quick Tip!
Using Entities allows you to keep track of who are your real fundraising contacts while still billing and receipting the correct institution.
Keeping the pledge/payment under the true contact for fundraising while using a linked Entity to connect all the technical details about the institution whom this donation is stemming from is the key to Entities in Admire Rebuild!
The Admire Rebuild utilizes the concept of Entities to keep your database clean and keep your fundraising activities clear. Admire Entities are used to store all the financial data pertaining to the establishment the actual pledge/payment is arriving from while the pledge/payment stays under the original account who is your fundraising contact.
Examples of when you would use an Entity:
An employee of a large company secures a pledge for your non-profit. While the pledge and subsequent payment are recorded on the Employee as he is your fundraising contact, all the billing details are recorded on the Entity. The Entity is given the company's name, and all details (i.e. address) are recorded on it. Most correspondence relating to the pledge/payment like statement and receipts, will be sent to the Entity. Acknowledgements will be sent to the Admire Account linked Individual/the donor.
Mr. & Mrs. Cohen made a $36 pledge and then paid it from Mrs. Cohen's small home business "Cohen's Cuts". While the pledge & payment both are recorded on the Cohen's account the payment is linked to an Entity titled "Cohen's Cuts".
It's Important to Note:
An Entity can be linked to both the PLEDGE and PAYMENT .
OR an Entity can be only be linked only to the PAYMENT.
Linking the Entity only to the payment is treating it like a "third party payment".
Entity Types
Tax-Deductible VS Nondeductible
Only the Entity type Business generates tax-deductible receipts.
DAFs and Foundations do not need tax-deductible receipts due to their nature and therefore tax-deductible receipts will not be generated for their donations, instead an acknowledgement letter will be made available to send.
There are three different Entity types:
Business - Use this for both small and large businesses.
Examples: Hair & Wigs by Leah, H&W Realtors Inc. and Big Box Public CompanyDonor Advised Fund - Use this for a DAF which is a giving account established as a public charity.
Examples: Goldman Sachs Philanthropy Fund and Fidelity Charitable Gift FundFoundation - Use this for a charitable trust that makes grants to organizations.
Examples: The A&R Giving Foundation and The Klein Family Foundation
When to use DAF Entity VS Payment Method
Old Admire VS Admire Rebuild
A Business Account named for the DAF in Old Admire = Entity named for the DAF in the Admire Rebuild.
Using a Payment Method named for the DAF remains an option in the Admire Rebuild.
Many times when dealing with a commonly used DAF, it is preferred to set up the DAF as a separate Payment Method. The Payment Method should be set up to generate an acknowledgement letter instead of a tax-deductible receipt.
Examples: Fidelity Charitable Gift Fund, The Donors' Fund and The OJC Fund.
Click here to learn about Payment Methods and how to set them up.
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