Gifts-in-Kind

SheryAnne Wui

Hello,

How do you report gifts-in-kind items that are not used nor distributed during the event or end of fiscal year. What is best practice in storing, dispose, recycle the leftover gifts?

Thank you,

SheryAnne

Elizabeth Perron

Hi,

I have moved this forum post to the Organizational Best Practices Community in hopes of getting more eyes & replies…

In harmony and inclusion,

Elizabeth

Blackbaud Community Team

Faith Murray

It sounds like your question is two-fold: how to handle the accounting end (reporting the gifts) and what to do with leftovers.

We report in-kind gifts in the year in which they were given. We pull a list for our auditors, and nothing has ever been required beyond that point. If you have a large gift, such as an automobile, then I suppose you would want to involve an accountant with regards to depreciation - but, as it has not been purchased by your org, depreciating it out may not provide much benefit.

As to what to do with leftovers, if we think we can use it the following year, we save it, tucked away in a storeroom. If we don't really have a use for it, we donate it to some worthy community charity.

Hope that helps!

SheryAnne Wui

Very helpful… good to know we have a similar practice. Thank you!