The value of nonfinancial or noncash gifts (Bold)
Measuring the value of nonfinancial or noncash gifts — commonly referred to as gifts-in-kind (GIK) — that not-for-profits receive presents a unique challenge.
This session of the Not-for-Profit Section’s monthly webcast series explains some of the issues surrounding GIK presentation and disclosure requirements from both a GAAP and Form 990 reporting perspective.
We’ll provide answers to common questions regarding:
– Whether there is flexibility in presenting or disclosing immaterial items
– Which categories are used for disclosure
– Whether contributed cryptocurrency is a financial asset or a nonfinancial asset
– Whether expenses that are funded by GIKs should be presented separately from other expenses
– Whether assets donated for use in raffles/fundraising galas/auctions are within scope
*Valuation of hard-to-value noncash items *Financial statement and Form 990 presentation *GAAP and Form 990 disclosures for contributed nonfinancial or noncash assets (gifts-in-kind)
•Valuation of hard-to-value noncash items •Financial statement and Form 990 presentation •GAAP and Form 990 disclosures for contributed nonfinancial or noncash assets (gifts-in-kind)
*individuals with knowledge of or interest in the not-for-profit industry *Accounting and finance professionals *NFP tax Preparers and Users of NFP tax returns
Knowledge of the not-for-profit industry
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