While Pledges and Recurring Gifts are technically different types of gifts, they are similar enough to occupy the same space in Virtuous. Typically, Pledges represent a commitment to give a set amount of money over a certain, pre-determined period of time, whether a few months or a few years. Recurring Gifts provide ongoing support, either on a monthly, bimonthly, quarterly, or annual basis, with a fixed gift amount for each payment. Recurring Gifts may be changed or cancelled at any time, so the total giving amount or the total duration is unknown.
To enter a new Pledge, click on the blue add button in the Pledges and Recurring Gifts section and enter your Pledge information. If entering a lump-sum pledge to be paid out over a certain period of time, select "Once" for the Frequency, enter the total amount pledged for the Pledge Amount, and use the "Expected Fulfillment Date" to set the end date for the pledge.
For Recurring Gifts, select the recurring frequency for your gift and enter the recurring payment amount for the Pledge Amount. For example, if someone makes a monthly gift of $75 per month, select "Monthly" and enter "75" for the Pledge Amount.
At the bottom of the pledge form are three checkboxes, two of which are checked by default:
- Future Payments to this pledge are automatic: If checked, this denotes that recurring payments have been scheduled to pay via credit card, automated bank withdrawal, or some other means that does not require any action on the part of the giver. If a giver offers to send a check each month, for example, then uncheck this option.
- Automatically track future payments against this pledge: If checked, Virtuous will generate a schedule of expected future payments for this pledge, which can be used to track the pledge balance and identify late or missed payments. The expected payments data is used in generating the Pledge Payment and Pledge Aging reports available on the Dashboard.
When entering a Financial Gift, the New Gift Form includes a Pledge field, which provides a drop-down of all open Pledges for the selected giver and lists any expected payments. Under each Pledge, you may select an expected payment to apply a gift to that payment. If making a payment that falls outside the parameters of an expected payment, simply select "New Payment" to ensure that the gift is reflected in the list of Pledge Payments. When entering payments for lump-sum Pledges, all gifts should be linked as New Payments.
Clicking the "Edit" or "Preview" icon for any Pledge will display all received payments, expected payments, and the total Pledge balance.