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You should separate the gift from the non-gift portions and record these
as separate transactions even if they are typically going to the same
It's important to watch for multiple transactions from a department or division that may represent an event that you were not informed about, and that you need to book the benefit portion separate from the donation.
There should be an institutional policy that all funds received from individuals for events need to flow through the gift processing and accounting department so these can be recorded correctly.
The issues of net proceeds and what types of accounts they flow into also needs to be considered. Some institutions have rules about donations not being used to pay operating expense accounts directly and may even have special accounts for managing events with restrictions on them.
With tax rules, the accounting for events can be complicated and it is also worthwhile to work with constituencies to help them determine which portions of an event are a donation, before they promise attendees a certain level of tax deduction which may or may not be appropriate.