Unwanted Designated Gifts
My church's financial balance sheet has monies set aside as part of designated gifts that were collected over the years.
The church does not have any interest in pursuing some of the projects that the gifts were originally targeted for.
Some of the donors no longer attend our church, may have moved away, or simply passed away.
We would like to use these the monies for other purposes.
What is the easiest accounting solution?
Currently they are carried as liabilities on our balance sheet with the money just sitting in a cash account.
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