New Non Profit - Recording of Asset Donation Correctly
How does a new non profit record the donation of an asset?
70
107
dNvUcgKY0r3PKzacfA8pyY
08/27/09 10:23am PDT
1 Reply
JoeHug
Questions asked: 1
Questions answered: 7
Points earned: 33
Questions answered: 7
Points earned: 33
Advanced Certified ProAdvisor
These ProAdvisors have successfully completed extended training, distinguishing themselves as highly proficient QuickBooks experts.
ProAdvisor
Members of the QuickBooks ProAdvisor Program
08/29/09 11:34am PDT
Latest post
It will make a difference whether the Assets are permanently dedicated to the exempt purpose use or for sale in a fundraiser. The total value of the asset will make a difference as well as the useful life.
Our clients usually use a $500 criteria for assets, those less than $500 are captured as income (Gifts in Kind – Goods) (990 Pt VIII will be Noncash Contributions) and expensed. Those over $500 are captured as income and capitalized. There is also an Asset test and a Support test for Private Foundations.
Remember, for internal reporting versus the form 990, the transactions can be handled completely different.
