# ASC 310-958-25: Receivables — Not-for-Profit Entities — 25 Recognition

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/310/958/#25-recognition)

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## ASC 310-958-25: 25 Recognition

[Read section](https://asc.understandingaccounting.org/asc/310/958/#25-recognition)

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#### Contributions Receivable

##### [310-958-25-1](https://asc.understandingaccounting.org/asc/310/958/#310-958-25-1)

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A [promise to give](https://asc.understandingaccounting.org/glossary/p/#promise-to-give "A written or oral agreement to contribute cash or other assets to another entity. A promise carries rights and obligations—the recipient of a promise to give has a right to expect that the promised assets will be transferred in the future, and the maker has a social and moral obligation, and generally a legal obligation, to make the promised transfer. A promise to give may be either conditional or unconditional.") is a written or oral agreement to contribute cash or other assets to another entity. A promise to give may be either conditional or unconditional. An [unconditional promise to give](https://asc.understandingaccounting.org/glossary/u/#unconditional-promise-to-give "A promise to give that depends only on passage of time or demand by the promisee for performance.") shall be recognized as revenue or gain in the period received and as an asset in accordance with paragraphs

[958-605-25-7 through 25-15](https://asc.understandingaccounting.org/asc/605/958/#605-958-25-7)

. Pursuant to paragraph [958-605-25-2](https://asc.understandingaccounting.org/asc/605/958/#605-958-25-2), to be recognized in financial statements there must be sufficient evidence in the form of verifiable documentation that a promise was made and received.