A pledge cannot be posted as an asset on a financial statement. Only when converted into cash can you count it. I was told yesterday I am wrong as I blogged maybe as many as $2 million in pledges to the PRM have been cancelled since the first pledge was made on____. You fill in the gap. That only $200,000 pledges have been cancelled. Whoa. Peoria County alone pledged $6 million only to find that County Administration had misplaced a decimal. The pledge actually was to be $600,000, not $6 million, paid out over 6 years. A yearly sum of $100,000 is being set aside by the county, as per former Administrator Patrick Urich.
Local State officials, like Dave Leitch, pledged $12 million and Ray LaHood pledged $12 million from Washington, D.C.
Opps, in 2007, there came a bigger recession than the one in 2003, and there went $24,400,000.00 in pledges. Now we learn that $5 million pledged by Governor Quinn; 18months later, is still just a pledge. $1.5 million vouchered but no money, at least, not for museums when the state can't meet payments pledged (owed) to the private and public sector; public like as in BelWood.
Enough about pledges. The museum is being built and when it opens in 2012, it says it will have the money, a fully funded endowment and enough money to meet the last 'projected' operating budget of $4.3 million.
Of course, I hope those who worked so hard are successful. All I've ever asked for was 'show me the money' and tell the truth.
I'm still waiting for both.
As to private pledges cancelled. Those will not be made public nor will the ones decreased. The large donations will be made public, already have been, unless they donate anonymously.