Congratulations! Your organization just received a gift from a very generous donor... now what?
Here are the three quick steps for confirming your donation. (Don't worry - we'll break it down in more detail below).
1. Log in to your Overflow Dashboard
2. Confirm Gift Receipt*
3. Send Acknowledgment Letter
*Note that you won't be able to confirm a gift until more than 24 hours after the gift was initiated.
The process of acknowledging donations through the Overflow platform is different depending on if your organization chose the brokerage or liquidation payout method. This article will detail the process for liquidation clients. If you aren't sure which option your organization chose, please email support@overflow.co. Or, click this link to learn the differences and similarities between the two payout methods: Brokerage vs Liquidation. Which option is best for my nonprofit?
Visual learner? Watch a video walkthrough:
TRIGGER EVENT:
A member of Overflow's Donor Operations team will email all admins on your account when Overflow has received a stock transaction on your behalf. This email is your notice that the gift has been transferred and it is now possible to confirm receipt of the gift. The information provided in the email includes the date on which the gift was received, the date on which the gift was liquidated, and the value to expect in your bank account.
STEP BY STEP:
1) Log in to your Dashboard.
2) You can either use the Task bar on the home page or navigate to the Contributions tab to confirm the transaction.
3) Find the gift you wish to confirm. If you don't see the gift immediately within the Contributions tab, you can find the transaction you wish to confirm by searching by name in the Search bar or navigating to "Pending" transactions. Pending stock transactions are those that have not been confirmed as received into Overflow's brokerage account or your bank account.
4) Once you find the transaction, click anywhere on the transaction to open the gift information and follow the green button prompt to "Confirm Stock Receipt". Or, using the ellipsis on the far right of the gift, click "Confirm Shares".
5) Enter the date on which the transaction was received. The receipt date you choose is the date that will populate within the donor's acknowledgment letter. The donor will use this date to determine the value of the gift for tax purposes. It is important that you only select this date once you have confirmed the transaction has been received into Overflow's brokerage account or within your bank account, depending on your internal policy. Most organizations use the date the gift arrives in Overflow's brokerage account as the date received.
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- ⚠️ ⚠️ Be careful: The date you choose has to exactly match the day the stock arrived in Overflow's brokerage account OR the day the funds hit your bank account again because donors will use this date for tax purposes. Please talk with your tax professional about which is the best option for you.
6) Click "Confirm". This will update the status of the gift to Contribution Received and will record the date you chose in the Contribution Received Date column. The donation can now be found within the Confirmed tab. Note that the donor will receive an email letting them know the donation has been confirmed as received.
7) Send the automatically-generated acknowledgment letter. In the contribution details window, you'll now see the option to "Send Acknowledgment Letter". Click the green button to send the letter immediately from the Overflow platform. You also have the option to exit out of the contribution details window and, using the ellipsis on the far right, either send the letter or download it as a PDF to send from your own email alias.
- ⚠️ ⚠️ We recommend downloading every acknowledgment letter and saving it to a specified folder EVEN IF you send the letters directly from your Dashboard.
👉 If you prefer, Overflow can do this entire process for you! Simply email support@overflow.co and let us know that you'd like to opt-in to automatically confirming receipt of gifts on the day the stock is received into Overflow's brokerage account. You can also opt-in to Overflow automatically sending out the acknowledgment letters on your behalf. We're happy to take this administrative work off your plate!
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