Contributed Services and Gifts-in-Kind
Recognizing Noncash Contributions
Certain donated services and noncash assets are recognized if they create or enhance nonfinancial assets or require specialized skills that would otherwise need to be purchased.
- Legal services.
- Medical services.
- Architectural services.
- Donated buildings or equipment.
Tip
General volunteer services typically are not recognized unless GAAP recognition criteria are met.
Summary
Only qualifying donated services are recognized in the financial statements.