Donated materials are generally not recognized as contributions by a not-for-profit organization.

Name: Donated materials are generally not recognized as contributions by a not-for-profit organization.
Brand: Quizplus
Rating: 4.8 (41 reviews)

Question

Quizplus · Accepted Answer

Donated materials should be recognized at fair value with the debit to a noncash asset account or an expense account (if the materials are used immediately) with a related credit to contributions. Both FASB and GASB standards allow for recognition of donated materials.

Donated Materials Are Generally Not Recognized as Contributions by a Not-For-Profit