Gifts-in-kind: Valuation, Presentation and Disclosures
Unpack the accounting and tax concepts surrounding in-kind contributions to ensure that your organization has reported these contributions correctly from both a GAAP and Form 990 reporting perspective.
Format
Webcast
NASBA Field of Study
Accounting
Level
Intermediate
CPE Credits
2
Instructor
Brian Yacker, Susan E. Budak
Availability
3 months
Product Number
WC4107545
The value of nonfinancial or noncash gifts
Measuring the value of nonfinancial or noncash gifts — commonly referred to as gifts-in-kind (GIK) — that not-for-profits receive presents a unique challenge.
This session of the Not-for-Profit Section’s monthly webcast series explains some of the issues surrounding GIK presentation and disclosure requirements from both a GAAP and Form 990 reporting perspective.
We'll provide answers to common questions regarding:
- Whether there is flexibility in presenting or disclosing immaterial items
- Which categories are used for disclosure
- Whether contributed cryptocurrency is a financial asset or a nonfinancial asset
- Whether expenses that are funded by GIKs should be presented separately from other expenses
- Whether assets donated for use in raffles/fundraising galas/auctions are within scope
Key Topics
- Valuation of hard-to-value noncash items
- Financial statement and Form 990 presentation
- GAAP and Form 990 disclosures for contributed nonfinancial or noncash assets (gifts-in-kind)
Learning Outcomes
- Identify situations requiring in-kind contributions to be reported or not to be reported.
- Calculate the value of in-kind contributions.
- Distinguish the accounting treatment for in-kind contributions.
- Determine the disclosure requirements.
- Discuss how noncash contributions are reported on charitable contribution acknowledgements.
Who Will Benefit
- Individuals with knowledge of or interest in the not-for-profit industry
- Accounting and finance professionals
- NFP tax preparers and users of NFP tax returns
Group ordering for your team
2 to 5 registrants
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