Furniture Appraisal - Non-Profit Organizations and In-Kind Contributions - Accounting
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Organizations do not get cash donations only. Many times they get furniture, tool and other items that are valuable, but are not in form of cash, check or credit cards funds. These types of donations are carefully to be in-kind contributions. If an item is expensive, for example ,000 and over, a formal evaluation may be needed, not just for accounting purposes, but for taxes as well. Often enough donors help to pay for the appraisals because they want the deduction in their earnings tax returns.
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Donated in-kind contributions are booked as expenses and revenues. The journal entry is:
Debit tool expense-In-kind 3,000
Credit Donations- In-kind 3,000
Donated in-kind contributions can also be booked as a debit to assets, in the case of items that can be capitalized, commonly costly things. Depending on the assets, they can be depreciated. The journal entry then would be:
Debit Asset- In-kind 10,000
Credit Donations- In-kind 10,000
The other type of in-kind offering is linked to donated services. Per accounting rules, only expert services can be recognized. For example, if volunteers work at special events as ushers and receptionists, their time is not recognized by accounting. However, if a physician provides services or a lawyer volunteer his time with expert services, then the time is accounted for using a inexpensive hourly rate. For example, a Cpa may supply high level accounting services for free and an hourly rate of 0 would be reasonable. If an lawyer provides legal services commonly billed at 0/hour, but charging the society only / hour, the difference- 0- is carefully in-kind. The journal entry to book this offering for 10 hours will be:
Debit Legal expenses - In-kind 1,700
Credit Donations- In-kind 1,700
In order to substantiate in-kind services, the expert could send the non-profit a note with his time spent. The organizations could send the expert a thank you note acknowledging his donated time. Note that services donated are not deductible in earnings tax returns.
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