Article Archives >> Behind the Numbers >> February 16-28, 2005
Preview of Article:
BEHIND the NUMBERS
In-Kind Contributions: How to Account For Them Correctly
By Eric Fraint, President
Your Part-Time Controller, LLC
Excerpt
Almost all nonprofit organizations have at some time received “in-kind”
contributions; also known as “gifts-in-kind.” These
non-cash contributions can take various forms such as gifts of long-lived
assets, services performed by volunteers, gifts of museum collection
items, gifts of inventory, gifts of items used for fundraising purposes,
free use of facilities and utilities or use of these at a discounted
cost, or gifts of supplies and other materials. This article will
explain the rules for accounting for these in-kind contributions
on financial statements. The rules for reporting on Form 990 tax
returns may be different.
Article Archives >> Behind the Numbers >> February 16-28, 2005
What our readers say about Nonprofit Issues
Once again you've tackled a tricky question and explained it so we all can understand the issue.--M.V.
Thank you for your informative and keen advice on nonprofit matters. I believe its a unique and concise place to get answers to this often wispy area called nonprofit. --R.T.
