In what amount should the institute recognize revenue

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A foundation pledges to donate $1 million to an art institute one year in the future. When, and in what amount, should the institute recognize revenue? The institute applies a discount rate of 10 percent to all pledges. Would your response be the same if the foundation promised to donate the funds only if and when the institute held an exhibition of nineteenth century American photography? Why do many not-for-profits object to the standards pertaining to revenue recognition of pledges?

Reference no: EM13120560

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