pledge procedural question

Dale

It depends (isn’t that always the answer).   For small matching grants we didn’t do it.  Then we got a big one and Development wanted to be able to see it in Tessitura – mainly because it was a match over several years and we needed to track the payments for year the conditions were met.    So the pledge went in with payment and temp restricted schedules.   Our auditors have not allowed us to carry either on the books so at the end of each year we do journal entries to correct the GLs.    We are in the last year of this particular one.    It is just a matter of having to do adjustments on the GL each year.

We have a second one about to start and am lobbying that it not be entered until conditions are met.    While monitoring the GL adjustments is not a burden, there is the issue of personnel changes and reflecting accurately what is valid within Tessitura.

Leslie

This is more of a general Devo question than a Tessitura question but...

I'm wondering if any of you Devo people have a policy in place for entering pledges when there are conditions attached.  Most specifically I'm interested in Matching grants.

Here's the situation.  We have received notification of a pledge for a specific amount from a Foundation however they are requiring that we raise the same amount from other sources before they pay us.  Does your finance department allow you to book the pledge in Tessitura now or do you have to wait until you have met the conditions and received notification that the money from the Foundation is on its way.

Any input you can provide would be greatly appreciated!

thanks,
Dale

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Dale

It depends (isn’t that always the answer).   For small matching grants we didn’t do it.  Then we got a big one and Development wanted to be able to see it in Tessitura – mainly because it was a match over several years and we needed to track the payments for year the conditions were met.    So the pledge went in with payment and temp restricted schedules.   Our auditors have not allowed us to carry either on the books so at the end of each year we do journal entries to correct the GLs.    We are in the last year of this particular one.    It is just a matter of having to do adjustments on the GL each year.

We have a second one about to start and am lobbying that it not be entered until conditions are met.    While monitoring the GL adjustments is not a burden, there is the issue of personnel changes and reflecting accurately what is valid within Tessitura.

Leslie

This is more of a general Devo question than a Tessitura question but...

I'm wondering if any of you Devo people have a policy in place for entering pledges when there are conditions attached.  Most specifically I'm interested in Matching grants.

Here's the situation.  We have received notification of a pledge for a specific amount from a Foundation however they are requiring that we raise the same amount from other sources before they pay us.  Does your finance department allow you to book the pledge in Tessitura now or do you have to wait until you have met the conditions and received notification that the money from the Foundation is on its way.

Any input you can provide would be greatly appreciated!

thanks,
Dale

This message was sent automatically to you by www.tessituranetwork.com because you subscribed to the Tessitura Development Forum. You may reply to this message to post to the Development forum or visit the site to search, read and post to the forums. In the interest of keeping the forum posts from becoming cluttered, we encourage you to delete previous message text from your reply before sending. Thank you!