On 1/13/2020 3:13 PM, Adrien Monteleone wrote:
You can create it as a liability account but just know that it isn’t a legal
one. You’ll also want to make sure in any official reports you create, that you
do not include it since it is just a pledge.
May depend on your jurisdiction, but just as pledges are "receivables"
for the charity they are "liabilities" for the donor << those two going
together >>
The reason not so obvious is that it is rare for a charity, etc. to take
action to collect on an unfulfilled pledge. Rare exceptions would be
very large amounts and the estate of the donor << example, the donor
pledged 10 million to his or her uni but died before fulfilling the
pledge and the executor of the estate not doing so in spite of will
clauses about "just debts, unfulfilled pledges, etc."
The complications would be when the pledge is over some long period of
time. Thus a pledge "1000/year for the next five years" does not make
$5000 immediately receivable for the organization nor $5000 immediately
owed by the donor. But within a year probably best considered immediate.
It's not just for donors that pledge accounting is deficient -- software
for non-profits tends to also lack necessary features.
Michael D Novack
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