Editing an Installment Date

Melanie Moore

Challenge problem! We received a gift for $1.5 million (yay) for a project in 2020, to be paid with a large starting balance in 2020 and then in 10 annual installments of $100k, until the last year (2030) which will be around $80k (12 payments total). Whoever set the installments up in RE set up 10 payments of $150k each (I have no clue why she did this, this is not representative of the gift agreement).

The donor has continued to pay in $100k increments, meaning that RE shows “partial” payments for installments incorrectly labelled as $150k. I was able to fix every payment in RE except for two: the “current” payment, and the “last” payment, so I combined them into a $200k payment (seen as Inst No. 5). Can I change the date of this payment to be 12-30-2030? If I can do this, everything will be represented in RE as it is in the gift agreement, with the payments ending in an $80,394 payment. Let me know your thoughts. Thank you.

JoAnn Strommen

LOL - I can guess why it was set up that way. It was easier and/or user did not know how to set up an irregular payment schedule.

Rescheduling payments can done by clicking the reschedule button. In my experience sometimes it will let me easily correct/change the complete schedule. Which you should be able to do - create it like it should have been and then you will have window to distribute payments already made. Other times it will not give me the option I need of irregular which sounds like what you've encountered. If you look at the schedule window you may be able to click on each installment and change the date. It's a little hard to explain all the nuisances - I just kept trying until it let me save it.

For posted, partially paid pledges you probably need to do the rescheduling under a gift adjustment.

There are a number of knowledgebase articles on rescheduling pledges that might be helpful. Here's two: