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Administrator Guide
Last Updated: 2023-06-23
Create Gifts

Create Gifts

Configure the
Gift Event
 business process and security policy in the Endowment Accounting functional area.
Gifts in Workday store the individual gift, book value, and shares. They contain the restrictions and income distribution rules for the gift. You can also use gifts as worktags to associate with spending activities.
  1. Access the
    Create Gift
     task.
  2. As you complete the gift header information, consider:
    Option Description
    Gift Classification
    Classify your gift using one of these classification types:
    • Non-Pooled Investment
      : Gifts that aren't included in investment pools.
    • Pooled
      : Gifts included in investment pools.
    • Spendable
      : Gifts that you can spend according to the donor restrictions.
    • Undetermined
      : The donor hasn't determined whether to include the gift as part of an endowment or to allow spend on the gift.
    These classifications enable you to track and report on the gifts by type.
    Gift ID
    (Optional) You can either enter a unique ID, or leave the field blank to have Workday auto generate one.
    This value becomes the reference ID for integrations; only a system administrator can change it.
    Approval Level
    (Optional) Specify a required approver for all transactions on this gift. Workday includes this additional approver when routing the relevant business process for approvals.
    You must first configure the transaction business processes with the
    Approval Level
     report field and approvers as a step condition.
    Gift Company
    Assign the gift to the default company for the investment pool, or select a related company if it's a multicompany investment pool. Gift companies share the same account set and currency as the investment pool company and own shares in a common endowment pool.
    Workday identifies and accounts for all gift transactions in the investment pool by the assigned gift company, including:
    • Gift purchases.
    • Gift sales and payout distributions.
    • Gift reinvestments.
    • Gift transfers.
    Responsible Organization
    (Optional) You can associate an organization worktag to a gift for business process routing and organizational reporting.
    Assigning an organization worktag enables you to view, approve, and report on gifts that you own based on the organization that you belong to.
  3. As you complete the
    Related Worktags
     tab, consider:
    Option Description
    Worktag Type
    Set up related worktags for this object using the related worktag types that you configure on the
    Maintain Related Worktag Usage
     task. Workday automatically populates transactions with the values in the
    Default Worktag
     column when you select the object on the transaction.
    Required on Transaction
    Select to require a value for the worktag type in transactions where it's an allowed worktag type for gifts.
  4. (Optional) As you complete the
    Income Distribution Rules
     tab, consider:
    Option Description
    Mandatory
    You can only use this field for tracking purposes in custom reports. Indicates that reinvestment of the gift funds is required.
    Pay Flat Amount & Reinvest Balance
    Select to automatically reinvest the remaining balance of gift funds after a flat income distribution.
    Example: For a payout of $10,000, you want to reinvest $8000. In the
    Income Distribution Flat Amounts
     section, you would specify $2000 as the amount to distribute to beneficiaries. Workday reinvests the remaining $8000 in investment pool units.
    Reinvestment Amount
    You can specify a portion of your payout to reinvest in investment pool units. Workday calculates the unit price net of income distribution.
    If you aren't reinvesting a payout amount, you can leave this field blank.
    Reinvestment Percent
    If you don't select
    Pay Flat Amount & Reinvest Balance
    , you can record the percentage of your payout for reinvestment.
    If you aren't reinvesting a payout amount, you can leave this field blank.
    Until Principal Amount
    If you're reinvesting your payout, you can create a custom report with this field to see if any gift balances exceed the principal amount.
    Until Reinvestment Date
    If you're reinvesting your payout, you can create a custom report with this field to see if any reinvestments exceed this reinvestment date.
    Income Distribution Flat Amounts
    Specify the portion of income to distribute and the associated worktags that identify the beneficiaries for the distributed income.
    Workday determines the frequency for income distributions based on the payout rate period for the gift. Example: If the distribution flat amount is $10,000 total, the quarterly payout is $2500.
  5. On the
    Assigned Roles
     tab, assign 1 or more roles for the gift. Only workers with roles assigned to the gift can view gift information.
The
Create Gift
 task initiates the
Gift Event
 business process for review and approval.
You can use the gifts to record donor contributions and restrictions, and endowment gifts to account for a gift's portion of the investment pool and payout.
  • To fund the gifts, create a contribution for recording the donor cash transactions.
  • You can later change a nonpooled, spendable, or undetermined gift to a pooled gift for investing in investment pools. Select
    Gift > Change
    from the related action on the gift to change the classification type.
  • To group gifts together for reporting purposes, you can define gift hierarchies.
  • Select a gift to view its associated information consolidated in a tabular format. The tabs include:
    • Named professorships, including current and historical chairholders, and unfilled named professorships. This tab displays for gifts with
      Named Professorship
       selected as a gift purpose code.
      To display the
      Named Professorship
       tab, configure the
      Gift Composite View
       for the
      Named Professorships
       profile group on the
      Configure Profile Group
       task.
    • Income distribution rules.
    • Transactions and their worktags.
    • Restrictions on the gift.
    • Additional data such as any custom objects configured for the gift.