Melissa Dunn

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Nonfinancial Gifts-in-Kind: Impact of ASU Update 2020-07 On Your Nonprofit Organization

Posted by Melissa Dunn on Jul 6, 2021 8:30:00 AM

As you receive gifts-in-kind, it's important to keep these new reporting requirements in mind.

The term “gifts-in-kind” is used broadly to refer to all noncash gifts, both tangible and intangible. Tangible gifts-in-kind include contributions of items such as stock, land and supplies. Intangible gifts-in-kind include contributions of items such as advertising and other professional services. While greatly appreciated by an organization, it can be challenging to account for these gifts.

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