Not-For-Profit Notebook

The Financial Accounting Standards Board (“FASB”) has issued a new lease standard (ASC 842) to increase transparency and comparability among organizations with leasing activities. Below are some key facts related to this new standard and its impact on your organization.

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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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