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 an FMV/Gift split remain discountable.

Where will I find the money?

With your registration funds.

FMV-implied fees are part of registration configuration; this also makes them refundable. Therefore, we do not break off and run the gift portion of an FMV-implicated fee through the gift gateway.

These involuntary gifts should not be booked (nor receipted) until the event is over because of the potential for refunds. Pull the FMV report post-event to use as the basis for applying credit (hard and soft) to the net resulting registrants.

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

%{FMV_AMOUNT}%: the sum of the portion of registration fee(s) that are to be treated as a gift. (yes we regret the opposite naming)

%{GIFT_AMOUNT}%: the explicit, separately transacted gift-gift to the fund of the registrant's choosing in an amount they feel appropriate.

%{DEDUCTIBLE_AMOUNT}%: the sum of BOTH of the above

To keep this from getting too mealy-mouthed, let's assume this is all tax deductible. Of course individual circumstances will vary and I'm not a tax accountant (and in all likelihood neither are you), so be sure to never write in absolutes.

If the %{DEDUCTIBLE_AMOUNT}% is greater than $0 the configured receipt-like text is visible in the following three locations:

1. on the checkout screen (exclusive of elective gift)

1. 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 in a restricted global configuration setting. Submit a ticket to have this copy updated. Within your copy you can place the deductible total using the tokens %{DEDUCTIBLE_AMOUNT}% and/or %{FMV_AMOUNT}%, defined as per above. Choose wisely!

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. Furthermore, if you wish to include formal receipting language you're welcome to do so! Consult with your records folks for proper guidance and preferred treatment of this.

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.