# ASC 605-958-35: Revenue Recognition — Not-for-Profit Entities — 35 Subsequent Measurement

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/605/958/#35-subsequent-measurement)

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## ASC 605-958-35: 35 Subsequent Measurement

[Read section](https://asc.understandingaccounting.org/asc/605/958/#35-subsequent-measurement)

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### Contributions Received

##### [605-958-35-1](https://asc.understandingaccounting.org/asc/605/958/#605-958-35-1)

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See Section [958-310-35-4](https://asc.understandingaccounting.org/asc/310/958/#310-958-35-4) for subsequent measurement guidance for [unconditional promises 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.").

##### [605-958-35-2](https://asc.understandingaccounting.org/asc/605/958/#605-958-35-2)

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Pursuant to paragraph [958-605-25-13](https://asc.understandingaccounting.org/asc/605/958/#605-958-25-13), if the maker of a [conditional promise to give](https://asc.understandingaccounting.org/glossary/c/#conditional-promise-to-give "A promise to give that is subject to a donor-imposed condition.") transfers assets before specified conditions are substantially met, the transfer shall be recognized by the recipient as a refundable advance, a liability. When the conditions are substantially met, the refundable advance shall be recognized as revenue or gain.

### Transfers of Assets to a Not-for-Profit Entity or Charitable Trust That Raises or Holds Contributions for Others

#### Specified Beneficiary

##### [605-958-35-3](https://asc.understandingaccounting.org/asc/605/958/#605-958-35-3)

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If the beneficiary has an unconditional right to receive all or a portion of the specified cash flows from a charitable trust or other identifiable pool of assets, the beneficiary shall subsequently remeasure that beneficial interest at [fair value](https://asc.understandingaccounting.org/glossary/f/#fair-value "The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.") (see paragraph [958-30-35-10](https://asc.understandingaccounting.org/asc/958/30/#958-30-35-10)). The fair value of a [perpetual trust held by a third party](https://asc.understandingaccounting.org/glossary/p/#perpetual-trust-held-by-a-third-party "An arrangement in which a donor establishes and funds a perpetual trust administered by an individual or entity other than the not-for-profit entity (NFP) that is the beneficiary. Under the terms of the trust, the NFP has the irrevocable right to receive the income earned on the trust assets in perpetuity, but never receives the assets held in trust. Distributions received by the NFP may be restricted by the donor.") generally can be measured using the fair value of the assets of the trust at the date of remeasurement, unless facts and circumstances indicate that the fair value of the beneficial interest differs from the fair value of the assets contributed to the trust. Annual distributions from a perpetual trust held by a third party are reported as investment income.