Live Webinar

60-minute live streaming program
  • September 14
  • 1:00 - 2:00 pm EST

Valuation and Reporting of Gifts and Service Donations

September 14

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 define gifts-in-kind.
  • You will be able to describe contributed services.
  • You will be able to discuss financial reporting of gifts-in-kind and contributed services.
  • You will be able to explain the valuation of gifts-in-kind and contributed services.

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Why Lorman?

Over 35 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
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Why Lorman?

Over 35 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

Live Webinar Registration

  • Enrolled Agents 1.0
     
  • This program qualifies for 1.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     
  • CPE 1.2 including Specialized Knowledge 1.2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a 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: 1.2 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 1.2 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure 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. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     

Who should attend?

This live webinar is designed for accountants, executive directors, officers, controllers, CFOs, tax managers, and enrolled agents.

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Why Lorman?

Over 35 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

Eric R. Hittle

  • Principal
  • Helping charitable nonprofits and associations achieve their missions by providing accounting and advisory services
  • Lorman Education, UST Education, American Society of Association Executives, Aronson LLC webinars
  • Multiple blogs and videos published
  • AICPA, Center for Nonprofit Advancement, Maryland Nonprofits
  • B.S Microbiology, M.S. Cell and Molecular Biology, Master of Professional Accountancy
  • [email protected], 240-679-5881
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Why Lorman?

Over 35 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.

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Product ID: 408205
Published 2022
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