Fair Market Value (FMV)
There are times when you are operating an event whose fees are partially deductible to the registrant.
AlumnIQ allows you to set the FMV on any (or all) of the following chargeable items:
event fee
activity fee
activity option fee
product fee
product option fee
If the FMV is not the same as the fee itself, then we'll automatically activate the FMV handling display rules. Please see the next section on important considerations.
Important Considerations
When using FMV features, please note that fees with an FMV and Gift split are not discountable. This is because discounts represent a unitary value offset against charged fees and have no ability to track a discountable offset as well.
So what if you need to discount or comp an individual? Create a new inactive fee reflecting the corresponding desired fee and FMV values, then assign that to the registrant's record.
This way the accounting from both the registrant's perspective and yours is correct and clear.
Note any fees created without and FMV/Gift split remain discountable.
Where will I find the money?
With your registration funds.
Setup
Setup is really, really easy. On the same form that you currently use to configure a fee you'll now see an FMV input.
If there is an difference between the fee and FMV, we'll show it on the setup screen so you can tell at a glance what they're configured to be:
Important: once used for an actual registration, the FMV amount cannot be adjusted. This is because the registrant is instructed to retain their confirmation for tax deductibility documentation purposes.
AlumnIQ will take the difference between the Fee and the FMV amounts to determine the deductible portion of this particular line item charge. We'll total those FMV and gift portions on a partywide basis to determine and display the deductible amount (inclusive of any elective gift) to the registrant on their confirmation.
Where it appears
If there is any deductible portion of the total registration fees for the party, the deductible amount and IRS-required substantiation/documentation text is visible in the following three locations:
on the checkout screen (exclusive of elective gift)
on the confirmation screen and in the confirmation email (both inclusive of elective gift). Both appear at the bottom immediately above event-specific contact information.
The checkout screen blurb and confirmation blurb are maintained separately as global configuration values. Submit a ticket to have them updated with your preferred copy. Within your copy you can place the deductible total using the token %{DEDUCTIBLE_AMOUNT}% and the FMV total with the token %{FMV_AMOUNT}%. Use one or both as your needs require.
Whether you choose to bias the copy to define the FMV portion only or to clearly state the total deductible portion is up to your institutional standards and practices.
Administratively, the FMV portions are also visible on the individual registration record.
Reporting and API
Use of the FMV functionality will make a new report link visible to you from the reporting home screen for the event.
This report shows you per-registrant what the breakdown of fmv and deductible portions are, and also highlights whether there's still an open balance on the registration record. It is critical that you not book the gift until the party balance has been settled; otherwise you cannot consider having received the cash.
Please note this is exportable to Excel with the usual accompanying additional identity fields for your convenience.
An API endpoint is available with the same report data (/events/{eventId}/fmv) for automation purposes; again we stress to not tap this data until the event is closed.
FMV/donation splits do not appear in the ledger at the present time.
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