How are contributed assets or contribution of time valued by an NFP?
When a donor contributes assets or services (i.e. time), the NFP entity should record the donation at fair-market-value.
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You might also be interested in... What is included in the statement of financial position for an NFP?
The statement of financial position is essentially the balance sheet for not-for-profit organization. The visual below lists out the three main elements to the statement of financial position:
What types of industries apply not-for-profit (NFP) accounting?
In order to be recognized as a not-for-profit (NFP), the entity must be official registered as an NFP. As the name might suggest, an NFP operates for a purpose other than making a profit. The visual below lists out industries where not-for-profit entities are more frequent, but it doesn’t mean that ever entity in that...
What is included in the statement of financial position for an NFP?
The statement of financial position is essentially the balance sheet for not-for-profit organization. The visual below lists out the three main elements to the statement of financial position:
What types of industries apply not-for-profit (NFP) accounting?
In order to be recognized as a not-for-profit (NFP), the entity must be official registered as an NFP. As the name might suggest, an NFP operates for a purpose other than making a profit. The visual below lists out industries where not-for-profit entities are more frequent, but it doesn’t mean that ever entity in that...
