We've cancelled an event due to low response. What do you do in Raiser's Edge for the refund? Take it to a 0 amount but leave it there? Remove the gift all together? Any thoughts would be appreciated!
I would adjust amount to $0, especially if it has already been recorded elsewhere/receipted etc. I genarallly don't delete gift records. Adjusting it to $0 will leave a clear trail for audits/reports/questions as to how much was refunded. We use a gift sub-type referencing 'cancelled - refunded.' Leaving it also gives you ability to query on the list of people if you find you want to at some point in the future.
Just an idea - we had a special event concert back in 2006 that was cancelled. We called the people who purchased tickets and asked if they'd like to make their ticket purchase a donation to the annual fund or have a refund. We found that many people made their ticket purchase a donation to the annual fund and made an additional annual fund gift when it came time for our fall appeal.