Under FAS 116, contributions with future payment dates beyond one year are not recognized in the financial statements.

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Under FAS 116 (now ASC 958-605), contributions, including promises to give (pledges), are recognized in the financial statements when the promise is made, not when the cash is received. This includes contributions with payment dates in future years, which are recognized at their present value.

Under FAS 116, Contributions with Future Payment Dates Beyond One