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Posted by Bill Brown on June 21, 2008, 12:31 am
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On Jun 19, 6:59 pm, rdad...@panix.com (Dick Adams) wrote:
> > Seems wrong to me, but don't really know.
>
> This is covered under GAAP (Generally Accepted Accounting
> Practices) for Not-for-Profits. A Not-For-Profit is
> required to show pledges due with the fiscal year as
> Current Assets and pledges that will be due as Long-Term
> Assets. In the case of Long-Term Assets a contra-account
> for Uncollectible Pledges is required. If a currently
> due pledge is uncollectible, it must be added to both
> long-term pledges and the contra-account.
>
> This is required for written pledges and is not allowed
> for verbal pledges.
>
Well, I am persuaded that if I win the lottery (the BIG one, not one
of those piddling scratch off games) I will be using a highly skilled
and knowledgable attorney to help craft any charitable pledges I make.
If I'm going to be treated like I've received consideration for simply
pledging money then I, by God, am going to get some consideration.
--
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