Effective Date: 01/01/2004
Last Updated: 01/13/2012
Policy Owner: Scott, Brandon
Pledges are commitments to give a specific dollar amount to one or more designated funds within a specified period of time, generally over a span of years. Only pledges of at least $1,000 to be paid in multiple installments will be booked for accounting purposes. Pledges totaling an amount less than $1,000 should generally be considered as annual gifts with an expectation of fulfillment within the same fiscal year the pledge is made. All pledges other than those made via the Annual Giving phone campaign or via our website are required to be in writing.
The following minimum information must exist to substantiate a pledge:
- the amount of the pledge must be clearly specified;
- there must be a clearly defined payment schedule or a specified end date;
- the pledge designation(s) must be identified;
- the donor may not detail specific contingencies or conditions; and
- the evidence of the pledge should include words such a "promise," "agree," or "will" rather than "intend," "plan," "hope".