The American Museum of Natural History makes the following statement in the footnotes to its annual report: "Hundreds of volunteers, including members of the Museum's Board of Trustees, have made significant contributions of time in furtherance of the Museum's mission." How does the Museum most likely report these contributions in its financial statements?

Question

Quizplus · Accepted Answer

Volunteer services are typically not reported in financial statements unless they create or enhance non-financial assets or require specialized skills, are provided by individuals possessing those skills, and would typically need to be purchased if not provided by donation. The statement does not specify that these conditions are met, so the contributions are likely not reported.

The American Museum of Natural History Makes the Following Statement