In-Kind Contributions: Accounting for Nonprofits
Determining Optimal Classification and Valuation of Gifts and Services, Appropriate Timing of Recording
A live 110-minute CPE webinar with interactive Q&A
This webinar will provide tax advisers 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 and 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 essential questions:
- What are the primary pitfalls in valuing in-kind gifts?
- How can advisers 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
to be announced.
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