Home Page link  

can a non-profit show unpaid pledges as assets?

  
Groups | Search | About
User Password
Register Now! Lost Password?

Taxes General Forum - Tax professionals meeting place and answers to queries. (Moderated)

 Post an article  get this group's latest topics as an RSS feed add this group's latest topics to your My MSN content add this group's latest topics to your My Yahoo content  add this group's latest topics to your Google content  YahooMyWeb Yahoo!  Google Google  Windows Live Favorites Windows Live  del.icio.us del.icio.us  digg digg  Add to Netscape Netscape
Subject Author Date
can a non-profit show unpaid pledges as assets? jack 06-18-2008
Posted by dpb on June 19, 2008, 9:03 pm
Please log in for more thread options
 Stuart Bronstein wrote:
...

> You may have noticed that I did spend some time to research this a bit
> more - yes I have better things to do but I feel like procrastinating
> at the moment. The California courts actually do agree with Bill in
> concept, though in practice their definition of "consideration" for
> gifts to charity is considerably broader than in other cases, and they
> can generally find some reason to enforce a pledge.

Seems like I recall a case with an (Ivy League maybe?) school a while
back where they donor won although I'm not sure whether the suit
actually went to trial or the university/endowment association backed
off owing to the criticism received from the action...

--

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Gil Faver on June 20, 2008, 12:38 pm
Please log in for more thread options
> Stuart Bronstein wrote:
> ...
>
>> You may have noticed that I did spend some time to research this a bit
>> more - yes I have better things to do but I feel like procrastinating at
>> the moment. The California courts actually do agree with Bill in
>> concept, though in practice their definition of "consideration" for gifts
>> to charity is considerably broader than in other cases, and they can
>> generally find some reason to enforce a pledge.
>
> Seems like I recall a case with an (Ivy League maybe?) school a while back
> where they donor won although I'm not sure whether the suit actually went
> to trial or the university/endowment association backed off owing to the
> criticism received from the action...


I believe that case involved a substantial gift to be used for a specific
purpose, and the school just blew off the specific purpose.

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by dpb on June 20, 2008, 2:08 pm
Please log in for more thread options
Gil Faver wrote:
...

> I believe that case involved a substantial gift to be used for a specific
> purpose, and the school just blew off the specific purpose.

Sounds familiar when you mention it...

On a side note I've (at least so far) reneged on a "pledge" to the
school from which I received a degree owing to when they called for the
drive I asked for a pledge card to be mailed and I'd consider the amount
and timing having just taken a mostly unplanned early retirement owing
so finances were still pretty much up in the air. What they did was
enter it into their records as a committed pledge of a particular amount
which is not what I said I'd do...hence, so far they've gotten nothing
(although they have promoted my major professor to President which has
improved their standing so I've been thinking of softening my stance :) )...

Of course, not enough $$ involved here they're going to come after me w/
legals, but it is somewhat annoying to have the routine invoices
continue to come for a pledge I didn't actually make. Hmmmm....that
starts to get the bile flowing again--who _will_ win in the end:
altruism or spite? :)

--

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Gil Faver on June 20, 2008, 3:12 pm
Please log in for more thread options


> Of course, not enough $$ involved here they're going to come after me w/
> legals, but it is somewhat annoying to have the routine invoices continue
> to come for a pledge I didn't actually make. Hmmmm....that starts to get
> the bile flowing again--who _will_ win in the end: altruism or spite? :)


I vote for spite. Actually, if you speak to them (somebody with a head on
their shoulders) and explain their egregious behavior, you would be doing
them a favor. Spite PLUS altruism. And no cash out of pocket. A triple.

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Paul Thomas, CPA on June 18, 2008, 4:30 pm
Please log in for more thread options

> Seems wrong to me, but don't really know.







The larger charities generally show them as assets but fully disclose the
historical collectibility in the notes.

Smaller charities do not report those, mostly for ease of accounting.
Generally they get reported to the board though.

Often times how it's handled for the books depends on how the charity
handles it's pledges. Some account for them as receivables and send out
invoice looking things.




--
Paul A. Thomas, CPA
Watkinsville, Georgia
770-725-1433 Office

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Similar ThreadsPosted
How to tax a nonprofit? July 16, 2008, 5:12 pm
Nonprofit not llisted in publication 78 June 29, 2006, 12:35 am
Nonprofit Unincorporated Association Volunteer Fire Department October 9, 2008, 3:22 pm
Unpaid Overtime March 17, 2008, 9:59 pm
1099Q, does it show up on my return? February 14, 2008, 11:07 am
Where on 1120 does prev year refund show October 11, 2007, 10:20 pm
TaxAct Online doesn't show saved return unless you start over April 11, 2006, 3:50 am
Assets Deductible? February 12, 2007, 12:04 am
Transfering Assets January 4, 2008, 3:02 pm
Re: Basis Stepup on Trust Assets August 16, 2006, 4:50 am

Contact Us | Privacy Policy
This site is not affiliated with Intuit - makers of Quickbooks and Quicken software
This site is not affiliated with Sage Software - makers of Peachtree accounting software
XML SitemapXML Sitemap