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 video webinar with Q&A
This course 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 recording 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, CPA, ICVS, CVA, CGMA
Hanlin Moss Yi
Mr. Brackett's background includes 10 years of general business consulting, and he is active in professional... | Read More
Mr. Brackett's 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
Magdalena M. Czerniawski, CPA, MBA
CBIZ Marks Paneth
Ms. Czerniawski is a member of the firm’s Nonprofit, Government & Healthcare Group. With over 15 years of... | Read More
Ms. Czerniawski is a member of the firm’s Nonprofit, Government & Healthcare Group. With over 15 years of nonprofit industry experience, she provides tax services to a wide array of nonprofits, including charitable organizations, schools, social welfare organizations, professional associations and private foundations.Close
Joseph J. Kanjamala, CPA, CGMA
Mr. Kanjamala is a Partner in the Nonprofit, Government & Healthcare Group at Marks Paneth LLP. His... | Read More
Mr. Kanjamala is a Partner in the Nonprofit, Government & Healthcare Group at Marks Paneth LLP. His responsibilities in this role include designing audit strategies, supervising and training staff, liaising with clients, and providing oversight so that audits are conducted in a timely and cost-effective fashion. During his more than 20 years of public accounting experience, Mr. Kanjamala has developed deep skills in serving nonprofit organizations and has served numerous charitable organizations, private foundations and educational institutions. He advises his clients on all facets of accounting and tax issues.Close