Hello,
My organization is making a big push to do multi-year pledges, for example $3000 per year, for 5 years. Our accounting team prefers that these are all entered into the separate campaign years, but does not need the gifts to be otherwise restricted.
The only way I have found to do this is to change the start dates on campaigns and funds so that I can enter a gift in, say the 17-18 Giving Campaign, now. Is there a better way to accomplish this?
Also, if I am entering these pledges into these future campaigns, but not otherwise time restricting them, do I need to do anything to change them from future to current once the time comes?
Thank you,
Karen
Development Associate
Portland Center Stage
I would double check with your accounting folks because what they want isn’t exactly kosher. The full amount of the pledge is supposed to be shown in the year it was made, even though the cash comes in over five years. If you enter it as five separate pledges, that does not comport with GAAP.
(Yes, I think it’s a stupid way to do it but GAAP is GAAP.)
____________________________
Julie P. Hamre
Staff Accountant
Strathmore
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jhamre@strathmore.org
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From: Tessitura Development Forum [mailto:forums-development@tessituranetwork.com] On Behalf Of Karen Johnson Sent: Tuesday, November 11, 2014 3:16 PM To: Julie Hamre Subject: [Tessitura Development Forum] Entering Multi-Year Pledges
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Hi Julie,
Our Accounting department wanted it this way specifically for cash flow reporting from Tess, but they are not changing any of their procedures for Quickbooks entry. I think in this way, they are remaining GAAP compliant (though this isn't my area of expertise).
Best,