Promises to Give - Individual Promise

This template is designed to help determine the appropriate accounting entries and balances for an individual promise to give in accordance with FASB ASC 958-605,
Not-for-Profit Entities—Revenue Recognition
.
The template consists of two sheets:
  • Input - Enter all of the pertinent information about the promise to give on this sheet.  
  • Subsidiary Ledger - This sheet reports the information about activity and balances relating to the promise to give for that period.

Notes:

  • For promises to give arising in prior years, you need to enter your information initially as of the fiscal year in which the promise was made and roll forward to the current fiscal year using the Roll Forward to Next Year button.
  • You must enter the amount of the payments actually received for the period.  The template does not automatically assume that each payment is made when due.  
  • If a scheduled payment is missed, the template assumes that each of the remaining payments will be adjusted to make up for the amount of the missed payment.  If the party who made the promise is not expected to make up for the missed payment, the gross promise balance must be adjusted accordingly.