Valuation and Reporting of Gifts and Service Donations

$149.00

SKU: 408205

Description

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 giftsinkind 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 giftsinkind 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 202007.

Date: 2022-09-14 Start Time: 1:00 PM ET End Time: 2:00 PM ET

Learning Objectives

* You will be able to define giftsinkind.

* You will be able to describe contributed services.

* You will be able to discuss financial reporting of giftsinkind and contributed services.

* You will be able to explain the valuation of giftsinkind and contributed services.

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

Enrolled Agents ,CPE ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.

Eric Hittle, CPA-Silver Spring Accounting LLC