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Organization Management
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Organization Management
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6 Things Not-For-Profits Need to Know about Non-Cash Contributions - AICPA Insights

6 Things Not-For-Profits Need to Know about Non-Cash Contributions - AICPA Insights | Organization Management | Scoop.it

Not-for-profits continue to encounter unique measurement challenges for gifts in kind. There are a variety of approaches available for not-for-profits to value GIK, which can result in large disparities between handlings by different not-for-profits and questions about the application of generally accepted accounting practices to GIK. Other issues such as identifying the applicable principle markets and the effect of nominal fees on GIK require not-for-profits to scrutinize their GIK practices to ensure GAAP is being properly applied.

Not-for-profits must measure all non-cash contributions such as items auctioned off for charity; excess or obsolete goods given to charity to help fulfill its mission; free print or web advertising space and even radio advertisement air time. However, measuring these intangible items can be challenging, as not-for-profits who receive such gifts would not otherwise purchase or sell them and not-for-profit administrators simply may not know the fair market value of these gifts or have access to valuation information.

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6 Things Not-For-Profits Need to Know about Non-Cash Contributions - AICPA Insights

6 Things Not-For-Profits Need to Know about Non-Cash Contributions - AICPA Insights | Organization Management | Scoop.it

Not-for-profits continue to encounter unique measurement challenges for gifts in kind. There are a variety of approaches available for not-for-profits to value GIK, which can result in large disparities between handlings by different not-for-profits and questions about the application of generally accepted accounting practices to GIK. Other issues such as identifying the applicable principle markets and the effect of nominal fees on GIK require not-for-profits to scrutinize their GIK practices to ensure GAAP is being properly applied.

Tom Fair's insight:

A good collection of thoughts to apply to the acceptance of gifts in kind, including observations on valuation, liability and discretion.

Written in accountantese, as one might expect from the AICPA. But that might make it valuable as a starting point for conversations with your own accountant.

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Not-for-Profit Entities Audit and Accounting Guide | AICPA

Not-for-Profit Entities Audit and Accounting Guide | AICPA | Organization Management | Scoop.it

This guide provides assistance in the unique preparation, auditing, accounting and reporting of financial statements for not-for-profit entities. All content is reviewed by industry experts and approved by the appropriate AICPA senior technical committees.

This new edition covers:

 

the unique accounting and auditing issues for not-for-profit entitiesreporting relationships with other entitiesreporting and measuring noncash giftsexpiration of donor-imposed restrictionsprogram-related investments and microfinance loansprinciples for reporting net assets and related disclosuresaccounting for contributions and receivablesaccounting for reporting investmentsauditing net asset classification and revenue and expense recognition

Tom Fair's insight:

This is the authoritative guide to nonprofit accounting, newly revised.

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