When setting up a new import or adding a new Gift to Virtuous, you will need to select a Gift Type. The list of Gift Types is hard-coded in Virtuous. The values include: 

  • Cash
  • Check
  • Credit
  • Cryptocoin
  • Electronic Fund Transfer (EFT)
  • Noncash
  • Stock
  • Other
  • Reversing Transaction

It’s important to note that there are many things about Gifts that can be changed once they have been entered and saved, but the Gift Type cannot be changed. This is because there are certain conditional fields that will be included on a Gift record, based on the Gift Type.

For example, selecting Check will display the Check Number field. Credit Gifts can include the Credit Card Type. Both of these are optional, but there some fields that are required, based on Gift Type.

Noncash Gifts, which would be the Virtuous term for Gifts-in-Kind, must include a Noncash Gift Type. If the Type is “Other,” then a description must be provided. And indicating that a noncash gift was sold for cash requires logging the date of the sale, the original item value, and the sale amount.

For Stock Gifts, Virtuous requires a stock ticker symbol and the number of shares. If stock is marked as being sold for cash, you’ll need to provide the date of the sale and the amount received from the sale.

Of all the Gift Types in Virtuous, Reversing Transaction is unique, in that it is the only Gift Type that allows for a negative Gift amount. Use this Gift Type to log refunds or other adjustments. In these cases, you may also need to include a negative Project amount, to make sure that your Project reporting remains accurate.

In addition to selecting these Gift Types during manual entry, remember that it’s possible to set a default value when setting up a new import. This can save time in file preparation, in the case of spreadsheet imports, or make manual entry a little easier.

Now that you know about Gift Types, check out our other videos to learn all about entering Gifts in Virtuous.

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