New Gift Fee account
We created Ledger 6073 – Gift Fee on Endowments so gift fees associated with endowment contributions would be tracked in a separate ledger account. This will help in reporting by excluding amounts relating to endowments from the calculation of remaining spendable values available.
With this change, fees previously posted to Ledger 6071 – Administrative Fees Expense were reclassified to Ledger 6073- Gift Fee on Endowments, if the fee related to an endowment contribution. This adjustment was processed May 19, 2021.
If there is a current use spendable contribution, the accounts used to record the contribution and associated fee are:
4500: Gifts and Contributions
6071: Administrative Fees Expense
If there is a contribution to an endowment, the accounts used to record the contribution and associated fee are:
4510: Gift Contributions Endowed Funds
6073: Gift Fee on Endowments