According to GASB, with respect to public colleges and universities, pledges receivable are recognized as assets and revenues when eligibility requirements are met.

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A public university must follow GASB standards. Pledges to be received by a public college or university in the future have an implied time restriction since funds cannot be expended until received. The restriction is an eligibility requirement and when the money is received the eligibility requirement is met.

According to GASB, with Respect to Public Colleges and Universities