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You should always consider the time value of money and encourage a donor
to pay the pledge over the shortest period of time.
In addition to the time value of money, you will have higher pledge collection rates if the pledge is over a shorter time frame.
A shorter pledge schedule also gives you the ability to ask for a new pledge sooner at a higher amount.
If a pledge is longer than 5 years, you may also need to break it down into 2 smaller pledges in order to comply with CASE reporting standards which allow reporting of a pledge with a maximum of a 5 year schedule.