In-Kind Contributions: Accounting for Nonprofits
Determining Optimal Classification and Valuation of Gifts and Services, Appropriate Timing of Recording
Recording of a 110-minute CPE webinar with Q&A
This webinar will provide tax advisors to exempt organizations with a review of the material terms of accounting standards, tax rules and guidance for gift-in-kind (GIK) donations to nonprofits. The panel will explore challenges that arise in the actual recording of GIKs both conceptually and practically, including presentation and disclosures in Form 990.
- FASB pronouncements on GIKs
- Requirements to recognize contributed services
- Services received from personnel of an affiliate
- Requirements to recognize contributed goods
- International issues
- Typical issues surrounding GIKs
- Practical tips
- Noncash contributions: tax considerations
- Reporting on Form 990
- Donor reporting & acknowledgment
- GAAP/tax differences and reconciliation
- Special considerations
- Vehicle donation programs
- Conservation easements
- Trade or business income and UBIT
- Valuation issues
- Difference between donor’s and donee’s value
- GAAP standards: fair value/exit price
- Tax standards: fair market value
The panel will review these and other key questions:
- When is a “gift-in-kind” not a GIK?
- What are the key pitfalls in valuing in-kind gifts?
- How can advisors tackle valuation challenges?
- When are donated services reported under GAAP?
- How are GIKs reported on Form 990?
- What might raise concerns with the IRS?
- What are the recipient organization’s responsibilities to its donors?
- What are the best solutions to the critical challenges of tracking GIKs?
Robert C. Brackett
Crandall & Brackett
Mr. Brackett has served as president of Crandall & Brackett, Ltd. since 1991. His background includes 10 years of... | Read More
Mr. Brackett has served as president of Crandall & Brackett, Ltd. since 1991. His background includes 10 years of general business consulting, and he is active in professional organizations that provide training and standards setting for Certified Public Accountants who perform business valuations. He has authored and taught numerous courses in business valuation theory and practice through the Illinois CPA Foundation, the American Institute of CPAs, IACVA, and NACVA.Close
Bruce Levi, CPA
Lane Gorman Trubitt
Mr. Levi focuses his practice on audit and tax services with his firm's larger business clients which have... | Read More
Mr. Levi focuses his practice on audit and tax services with his firm's larger business clients which have multi-national operations in Europe and Asia including publicly held companies. His areas of focus include SEC reporting and filings, and advising manufacturing clients and wholesalers, not-for-profit organizations, and real estate clients. He collaborates with audit and tax professionals from many other countries and states in connection with these services.Close
Renee Ordeneaux, CPA
Ms. Ordeneaux has more than 25 years of experience in public accounting and industry―including serving as the CFO... | Read More
Ms. Ordeneaux has more than 25 years of experience in public accounting and industry―including serving as the CFO of a nonprofit organization―and brings an entrepreneurial approach to her work. She provides audit and consulting services to a broad range of clients, including nonprofit organizations, privately held businesses and public companies. In the nonprofit sector, her expertise extends to income tax matters pertaining to unrelated business income, gifts-in-kind and non-recurring business transactions.Close