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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.

58 minutes
Course Exam
Certificate of Completion
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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

OnDemand Course

This course was last revised on September 14, 2022.

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

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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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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