Below are the steps to resolve the issue if you encounter the following error message in query:
Error: Invalid filter value specified for field application
You will receive this error message if you have this filter in your query: Revenue/Application is equal to Event Sponsorship.
Event sponsorship is not an application in Altru and it was removed from query in the Altru 3.12 Release. Remove this filter from your query and you will be able to run your query successfully without error.