Pledges or promises to give will be recorded on the books as a receivable only when they are in excess of $100,000 and are enforceable. For multiple year pledges, the $100,000 limit applies to the pledge in total and at face value. For purposes of valuation on the books, each gift will be discounted at 10%, plus an annual discount rate of prime plus 1%. For purposes of enforceability, the Foundation must be in receipt of a written, signed pledge statement from the donor. If a written, signed pledge cannot be obtained from a donor, a signed and dated memorandum from the appropriate staff member setting forth the circumstances of the pledge and a satisfactory explanation for the lack of documentation may be accepted by the Executive Director or his/her designee. |