Issue: Some portions of gift revenue in endowed gifts should not have been reclassified
Known Issue: Some portions of Gift Revenue in Endowed Gifts should not have been reclassified from Ledger 4500 to 4510.
Estimated Time to Resolution: 1 week
Details: We’ve become aware of an issue with gift revenues, which we are working to correct as quickly as possible.
You may remember that in January we noticed that all endowed gift revenues were stated in Ledger 4500 (categorizing them as able to be spent right away), so we took these revenues from 7/1-12/31 of 2020 and restated them to Ledger 4510. We now realize that some portions of these gifts are spendable, and are now working to move those portions back. Just over 200 gifts will be impacted by the correction.
We will follow up this communication with another once this issue is corrected.