bequests
Money In / Bequest Pledge -- our foundation deals with complicated bequests every year which need detailed reports for our Audit. Please create the ability to have a Pledges-Bequest section which can be booked to our GL account for bequests receivable, which could map to our correct net assets GL code. Using Opportunities for bequests receivable does not allow for our desired Audit reporting requirements. We have experimented in the Sandbox for setting up bequests as a pledge, but currently it is too cumbersome having to constantly change the pledge default codes.
Anne Reid
shared this idea
-
Catherine Kiesel commented
This is such a great idea. Pledges are expected in the near term and have a higher certainty of collection, whereas bequests are subject to the donor's lifetime decisions and the probate process. These are two very different donation streams. Having a separate bequest section would help split these out on financial statements (instead of having to manually do so) as splitting them out helps provide greater transparency to financial statement users (like donors), allowing them to better understand the nature and risk of each type of contribution. This also helps better streamline FASB standards for treatment and disclosure of distinct revenue types.