Available in:

OnDemand Course

Valuation and Reporting of Gifts and Service Donations

Learn to determine the value of such gifts and services as well as the financial statement implications.

Many nonprofits receive noncash gifts in the form of gifts-in-kind and donated services. It is important for organizations to accurately determine the values of such gifts and to present them appropriately within the financial statements. How do you know the value of these types of contributions? When should they be reported, when can they not be reported, and what are some options in presentation? This course will help the persons responsible for accepting donations, identifying various types of donations, and recording donations to better be prepared for gifts-in-kind and donated services. After this presentation, you will have more confidence in your abilities to determine the value of such gifts and services as well as the financial statement implications. This program will enable organizations to determine if donations are appropriate and ensure that they are properly valued and presented in accordance with FAS 116 and ASU 2020-07.

Learning Objectives

  • You will be able to recognize what constitutes a gift-in-kind.
  • You will be able to recognize how to determine the value of gifts-in-kind received.
  • You will be able to identify when and how to measure donated services.
  • You will be able to recognize how to report gifts-in-kind and donated services.

58 minutes
Course Exam
Certificate of Completion
Purchase Options

Add to Wishlist

More Program Information

Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

What Constitutes a Gift-In-Kind

  • Define What a Gift-In-Kind Is
  • Examples of Gifts-In-Kind
  • Considerations of Gift Acceptance

How to Determine the Value of Gifts-In-Kind Received

  • Inventory
  • Long-Lived Assets
  • Gifts Donated for Fundraising Purposes
  • Examples

When and How to Measure Donated Services

  • Criteria to Be Recognized
  • Creation of Nonfinancial Assets
  • Received From an Affiliate

Reporting Gifts-In-Kind and Donated Services

  • ASU-2020-07
  • Gifts Received as Part of an Agency Transaction
  • Presentation in the Financials

Summary and Questions

  • Recap of Definitions
  • Recap of Criteria
  • Recap of Reporting
  • Questions
Purchase Options

Add to Wishlist

More Program Information

Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on September 14, 2022.

Call 1-866-352-9540 for further credit information.

  • CPE/NASBA - QAS Self Study 1.6 including Specialized Knowledge 1.6
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.6 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Specialized Knowledge for 1.6 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     
Purchase Options

Add to Wishlist

More Program Information

Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Eric Hittle, CPA

Eric Hittle, CPA

Silver Spring Accounting LLC

  • Principal, Silver Spring Accounting LLC
  • Focus on outsourced accounting and advisory services for nonprofits
  • Conducts webinars with ASAE, Lorman, and various firm and client-sponsored training
  • AICPA, Maryland Nonprofits
  • Master of Professional Accountancy
  • Can be contacted at [email protected] or 406-209-7472
Purchase Options

Add to Wishlist

More Program Information

Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • OnDemand Courses
  • Live Webinars
  • MP3 Downloads
  • Course Manuals
  • Executive Reports
  • White Papers and Articles

Additional benefits include:

  • State Specific Credit Tracker
  • All-Access Pass Course Concierge

Questions? Call 877-296-2169 to speak with a real person.

Sign Up Today
With This Course

Access to all training products for one year
$699/year

Unlimited Lorman Training

With the All-Access Pass there is no guessing what you will need for your yearly training budget. $699 will cover all of your training needs for an entire year!

Easy Registrations

Once you purchase your All-Access Pass you will never be any further than one-click away from attending any Lorman training course.

Invest in Yourself

You haven't gotten to where you are professionally by luck alone; it's taken a lot of hard work and training. Invest in yourself with the All-Access Pass.

Product ID: 408205
Published 2022
Purchase Options

Available in Multiple Formats

Purchase this course and learn on your schedule!