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In-Kind Donations
We get a lot of in-kind donations of services and goods. What is the proper way to record these transactions? We’ve also donated our goods and services to other organizations so how to record those transactions is also needed.
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2 Replies
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Hi Kelly…thanks for joining us in the forums! You ask a great question and based on the questions received in conjunction with our latest webinar, in-kinds are on a lot of folks’ minds so stay tuned for future discussions and resources! For me, the two most important concepts are that you are recording a revenue with an offsetting expense (so no bottom line impact) and that you are valuing the contribution at its market value. You ask a good question about contributions your organization makes to others. I’d love to hear what other forum visitors might have to say about that one.
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