Accounting for Promises to Give Under GAAP, the term “promises to give” is used to describe donor agreements to contribute cash or other assets. These promises can be written or oral; however, organizations must have verifiable documentation before recognizing a promise as a receivable. Such documentation should include the donor’s name and contact details, the amount pledged, the due date, the date of the promise, and the name of the staff or representative involved.
Types of Promises: Unconditional and Conditional