FundSvcs Community

We had a donor make a pledge in FY24, for a 5 year commitment for $75k. It was for a family naming opportunity.  He made some payments, but then this year he has announced that his brother will be taking on part of the commitment, so reducing his overall amount.  MGO is asking that we cancel the original pledge and establish two new ones for the remaining balances.  We are currently in a campaign, so that original $75k is already reported.  We do not have any guidelines on amending pledges so I can't fall back on that.

I'm not sure how to move forward. I know I can't apply the brother's payments to the original pledge, but could I get a document from them both acknowledging that brother 2 will be committing to $x?  Can we have an addendum to a pledge document?  Sorry, kind of thinking out loud on the best way to handle it.

Does anyone have any suggestions for me please?  TIA!

We had a donor make a pledge in FY24, for a 5 year commitment for $75k. It was for a family naming opportunity.  He made some payments, but then this year he has announced that his brother will be taking on part of the commitment, so reducing his overall amount.  MGO is asking that we cancel the original pledge and establish two new ones for the remaining balances.  We are currently in a campaign, so that original $75k is already reported.  We do not have any guidelines on amending pledges so I can't fall back on that.

I'm not sure how to move forward. I know I can't apply the brother's payments to the original pledge, but could I get a document from them both acknowledging that brother 2 will be committing to $x?  Can we have an addendum to a pledge document?  Sorry, kind of thinking out loud on the best way to handle it.

Does anyone have any suggestions for me please?  TIA!

Oh that's great news, thank you John!  I'm going with option 3 - i really didn't think that was allowable, but it's what we wanted to do.

Thank you so much for your quick reply!

We had a donor make a pledge in FY24, for a 5 year commitment for $75k. It was for a family naming opportunity.  He made some payments, but then this year he has announced that his brother will be taking on part of the commitment, so reducing his overall amount.  MGO is asking that we cancel the original pledge and establish two new ones for the remaining balances.  We are currently in a campaign, so that original $75k is already reported.  We do not have any guidelines on amending pledges so I can't fall back on that.

I'm not sure how to move forward. I know I can't apply the brother's payments to the original pledge, but could I get a document from them both acknowledging that brother 2 will be committing to $x?  Can we have an addendum to a pledge document?  Sorry, kind of thinking out loud on the best way to handle it.

Does anyone have any suggestions for me please?  TIA!