Events Fair Market Value

Follow

Organizations can collect the fair market value of an event plus a donation in the total cost of the event using the Fair Market Value option.  For example, this allows a client to set up a golf tournament that actually costs $25 per person and charge them $100.  The fair market value for that event would be the $25 and the remainder would be considered a tax donation that can be written off.  To keep things simple, iModules will always report on the fair market value.  We will not report out the donation portion.  The individual or the client will be required to calculate the donation.

This is only available on events.

TABLE OF CONTENTS

Adding Fair Market Value to an Event

The Utilize Fair Market Value option will be included when an admin is adding a commerce item to an event.  This option will be disabled by default and is available on Single Price items and Multiple Date Prices.

Single Price Items:  When the Utilize Fair Market Value option is selected for Single Price items, a new Fair Market Value input field will display under the Single Price input field.  This new field is a required field which allows the admin to enter the actual cost of the event item.  The Single Price input field will still be the amount that is displayed to constituents as the purchase price of the event item, and it is the price that the constituent will be charged for the event. 

Multiple Date Prices Items:  When the Utilize Fair Market Value option is selected along with the Multiple Date Prices option, a new Fair Market Value input box will be displayed when adding each price.  This new field is a required field which allows the admin to enter the actual cost of the event item at each price level.  The price input field will still be the amount that is displayed to constituents as the cost of the event item, and it is the price that the constituent will be charged for the event.

In addition, a column has been added to the Multiple Date Price grid to give admins a quick look at the Fair Market Value set for each item.

Free Items:  When the Utilize Fair Market Value option is selected and the Free radio button is selected, nothing will change.  Fair Market Value will not be supported for free tickets.

Event Registrant Flow

When a user is registering for an event, they will see the price of the commerce item entered by the admin and a system generated verbiage item displaying the Fair Market Value.  In the example below, a Fair Market Value was entered for the Alumni Dinner and the Alumni Dance, but not for the Alumni Tailgate Lunch.

The constituent will be able to enter the quantity for each item as normal and proceed to the billing page to enter their payment information.  There will be no changes to the billing page.  Once the user hits Next on the billing page, the credit card will be processed.  This is processed as one transaction for the total amount of the items. 

The confirmation and finish pages and the confirmation email will include an asterisk next to each item in the transaction summary that has a Fair Market Value associated with it.  Below the transaction summary will be a note showing the total Fair Market Value of the items.

Event Exports, Reporting and Adjustments

Form Exports

A new Fair Market Value column has been added to the event export after the Order Total.  When a field with the Utilize fair Market Value option enabled is added to the form, the field will be included in the export. This column will include the total Fair Market Value associated with the order. 

The Fair Market Value field is grouped with the billing fields, so if you choose not to include billing information in the export these fields will not be included in the export.

Reconciliation Exports

A Fair Market Value column will not be included in reconciliation exports.

Standard Reporting

A Fair Market Value column will not be included in any of the standard reports.

Manage Events Grid

A Fair Market Value column will not be added to the grid.

Adjustments

There are no changes to the adjustments.  If an adjustment occurs on an item that includes a Fair Market Value, the total amount (fair market value plus the donation) would be adjusted.

Manage Commerce Item Grid

The Manage Commerce Items grid that is accessed on the event under Manage Forms does not include the Fair Market Value.

Web Services

ControlQuery and the TransactionQuery have been updated to include a new fair market value element.  The following operators include the changes:

  • ControlQuery.GetMembersChangedDuring
  • ControlQuery.GetMembersChangedSince
  • ControlQuery.GetOneMember
  • ControlQuery.GetOneMemberByMemberID
  • TransactionsQuery.GetOneMember
  • TransactionsQuery.GetOneMemberByMemberID
  • TransactionsQuery.GetTransactionsAllBetween
  • TransactionsQuery.GetTransactionsAllSince
  • TransactionsQuery.GetTransactionsByControl
  • TransactionsQuery.GetTransactionsByControlBetween
  • TransactionsQuery.GetTransactionsByControlSince

In order to see the new element IncludeTransactionDetails must be TRUE.

When IncludeTransactionDetails is true, a <TransactionItems> element appears in the output.

This enhancement merely causes the appearance of a fairmarketvalue Column in each TransactionItem in the collection of TransactionItems.

 

<Transaction Transaction_Id="1138" IsSuccess="true" IsReviewed="true">
    ...
    <TransactionItems>
        <TransactionItem Type="CommerceItem" Transaction_Item_Id="Item-12">
            <Column Name="total" Value="100.0000"/>
            <Column Name="quantity" Value="2"/>
            <Column Name="fairmarketvalue" Value="40.0000"/>
        </TransactionItem>
    </TransactionItems>
    ...
</Transaction>

 

Business Rules

  • The Fair Market Value can never be more than the price of the item.   If a Fair Market Value is added that is greater than the price of the item a message will be displayed and you will not be able to proceed
  • An event with Fair Market Value is processed as one transaction.
  • It is up to the admin to enter the Fair Market Value for the items.  If an item is entered that does not include a Fair Market Value, it will not be included in the aggregate message on the confirmation page, finish page or confirmation emails.
  • Fair Market Value and Events with Donation can both be enabled on an event at the same time. The confirmation page, finish page and confirmation emails will have information for both.

  • Fair Market Value can be removed after items have been sold, but a warning message will display. If the admin continues, the Fair Market Value will continue to display in form exports, but the value would not be populated for transactions that occur after the Fair Market Value is turned off.

  • Fair Market Value will not be enabled on microsites.
  • Fair Market Value will not be included on PDF Receipts.
  • A promotion code does not change the Fair Market Value of an event. The discount will come off of the total cost of the event.
Have more questions? Submit a request