What constitutes a pledge or contribution?
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What constitutes a pledge or contribution?
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Solution Summary
In a 320 word solution, the concept of pledges is clearly discussed and defined. Also included are the rules for recording pledges as revenue.
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A pledge is a promise, but it is not enforceable. Usually it is not a contract and does not have the force of law behind it.
A pledge can be a promise to donate future cash, but it can also be a promise to donate goods or services. For example, an individual could pledge to donate future earnings from a stock portfolio. Another example would be a pledge to provide services of some type to a not-for-profit entity.
A pledge can be a conditional promise. An ...
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