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Changing hard credit donor of pledge booked two fiscal years ago

  • 1.  Changing hard credit donor of pledge booked two fiscal years ago

    Posted 17 days ago

    Hello, wonderful community!

     

    There's a multi-year pledge that was recorded in our books two fiscal years ago, and the hard credit was incorrectly applied to the trustees of the family foundation when it should have been applied to the family foundation. The 990 for that fiscal year has the individual names next to the pledged amount.

     

    We're now asking ourselves whether we should make the adjustments in our accounting books and CRM. Obviously, we'd want this to be accurate in our records, but I'd love to hear if any of you have thoughts to share or experience with this.

     

    Thanks!

    ep

     

    Elizabeth Phung

    Pronouns: She/Her/Hers

    Development Operations Manager

    ACLU of Northern California

    39 Drumm Street, San Francisco, CA 94111

    Office: (415) 621-2493

    Direct: (415) 293-6331

    www.aclunc.org

     

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  • 2.  RE: Changing hard credit donor of pledge booked two fiscal years ago

    Posted 17 days ago
    You really do need to change your CRM.

    I was not aware that the 990 asked for pledge amounts.  I thought Schedule B only lists individuals who transferred tax-deductible gifts to you.  Here's a summary of what is to be reported.  You might not have an issue:

    "Contributors include individuals, partnerships, or corporations that have donated money, gifts, or property to your organization."

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987






  • 3.  RE: Changing hard credit donor of pledge booked two fiscal years ago

    Posted 17 days ago

    Hi John, thank you for the quick response!

     

    I apologize, I was not clear in my last email. The amount that appeared in the 990 that year was just the pledge installment we received in cash due for that period.

     






  • 4.  RE: Changing hard credit donor of pledge booked two fiscal years ago

    Posted 17 days ago
    Thank you for that clarification!

    Schedule B is an "informational" part of your return.  So I am not certain how critical it is to file an amendment.  However, it will have improperly reported donations from people who didn't give.  So I might inquire through my Business Office if there was a way to update that schedule, only, with the IRS.

    John

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987






  • 5.  RE: Changing hard credit donor of pledge booked two fiscal years ago

    Posted 17 days ago

    Thank you so much!