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How to Record Revenues from Ticketed Fundraisers

Transcription

Welcome to this module on “How to Record Revenues from Ticketed Fundraisers”

The objective of this module is to show you how to enter revenues into EFR that were received from a ticketed fundraising event for registered parties and associations.

For the purposes of this video, we will create an example where tickets were sold for a black-tie fundraising dinner.

In a ticketed fundraising event, the monetary contribution is the difference between the ticket price and the fair market value of the benefit received by the purchaser. The fair market value of the benefit received includes costs such as the rented venue, cost of dinner, and entertainment. However, it excludes promotional costs.

In this example, let's assume the following:

Now let's record these transactions in EFR for each ticket sold.

  1. Click on the Contributions Tab
  2. Click Add
  3. Enter the date the contribution was received
  4. Select the type of Contribution, monetary will be selected in this case
  5. Enter the amount of the monetary contribution, which is $300
  6. Enter the name of the contributor. Always use the drop-down menu to search for a contributor's name before adding a contributor. If the contributor is already in your database, simply click on the name and then click select. If the contributor does not exist in your database, click the details button or press F2 on your keyboard to enter contributor information.
  7. Enter the monetary amount given, which is $500, the price of the ticket
  8. Enter the value of the benefit received; $200
  9. Enter a Description of the Advantage received. For example, dinner and entertainment
  10. Click Save

In addition to recording the previous entries in EFR, registered associations must enter the total amount of revenues received from this fundraising activity. They are reported in the Statement of Revenues and Expenses in the Financial Statements Tab. In section 1a – contributions $90,000 is entered, which is calculated by multiplying the 300 tickets sold by the monetary contribution amount of each ticket, which is $300. Next, in section 1d, the amount received for fundraising activities is entered. In this case, the amount is $60,000, which is determined by taking 300, the number of tickets sold, and multiplying it by $200, the value of the benefit received. The total amount of revenue is $150,000, which equals 300 tickets sold at $500 each.

If you need help or have questions about EFR that were not covered in this module: