When should I record the value of contributed services?
GAAP requires that contributed services be recognized only if the services received meet any of the following criteria:
| They create or enhance a non-financial asset such as land, buildings, use of facilities, materials and supplies, intangible assets or services. |
Click images to enlarge. |
| or |
| They require specialized skills, are provided by individuals possessing those skills and would typically need to be purchased if not provided by donation. |
Click images to enlarge. |
Need More Information?
If you have any questions about this not-for-profit update, please contact your WithumSmith+Brown professional, a member of Withum’s Not-for-Profit & Education Services Group by filling out the form below. Learn more about our Not-For-Profit Services >>
The information contained herein is not necessarily all inclusive, does not constitute legal or any other advice, and should not be relied upon without first consulting with appropriate qualified professionals for your individual facts and circumstances.
How Can We Help?
