Private not-for-profit colleges and universities are subject to the same FASB standards as are other not-for-profit entities. Thus they have to follow the provisions of FASB Statement No. 117 as to the form and content of their financial statements. Hence the Statement of Net Assets must present the net assets according to the three categories of donor restrictiveness as you stated. Should the pledge be recorded at the time it was pledged or at the time the money was actually received?