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Accounting for In-Kind Donations

09.09.16

Almost all nonprofit organizations receive some form of in-kind donation, whether it is a noncash contribution or a contributed service. The types of in-kind donations are endless and include gifts of tangible or intangible assets, such as food, supplies, clothing, medicine, trademarks, leased space, investment securities, vehicles, and advertising. They can also include services received by lawyers, accountants, doctors, architects, computer programmers, contractors, affiliated organizations and other volunteers.

The various types of in-kind donations received require careful analysis and consideration for how a nonprofit records these items in accordance with accounting principles generally accepted in the United States (U.S.GAAP). The following 10 tips will help you avoid some common pit falls related to in-kind donations.

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BPM for Nonprofits

BPM is one of the largest California-based accounting and consulting firms, ranking in the top 50 in the country. It has served the San Francisco Bay Area's emerging and mid-cap businesses, as well as high-net-worth individuals, since 1986. Our Nonprofit services group, one of BPM’s most established practice groups, consists of over sixty professionals across our tax, assurance and consulting practices. One of our founding goals was to make a difference in the manner nonprofits were served by our profession. Each member of our group brings differing expertise from our tax, audit, consulting and accounting departments – together we provide a comprehensive understanding of the functions needed to operate a nonprofit organization. For more information, contact Daniel Figueredo at (415) 288-6284, Nathan Farris at (925) 296-1014 or Shannon Silverman at (408) 961-6308.