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An Annual Contributor to a Nongovernmental Not-For-Profit Hospital Made an Unrestricted

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An annual contributor to a nongovernmental not-for-profit hospital made an unrestricted pledge in October 2016 that will be paid in March 2017.Assuming the hospital's fiscal year-end is December 31,2016,the pledge should be credited to:


Definitions:

Promises Under Seal

Legally binding agreements marked with a seal, signifying a formal commitment beyond a standard contract.

UCC

Stands for the Uniform Commercial Code, a comprehensive set of laws governing all commercial transactions in the United States.

Unconscionable

Describing actions or conditions that are so unfair or immoral that they shock the conscience, often leading to legal invalidation.

Fair Market Value

The price that property would sell for on the open market, reflecting the amount a willing buyer would pay a willing seller when neither is under pressure to buy or sell.

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