Gifts-in-Kind Transparency for Nonprofits: How to Apply FASB ASU 2020-07

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When a nonprofit organization receives a donation other than cash, it is known as a gift-in-kind (GIK). Nonfinancial contributions can be an important part of the donation mix at many nonprofit organizations. Gifts of appropriate supplies, equipment and expert services often can be used directly within your programs. Other items of value can be sold to fund your mission. An important aspect of accounting for these nonfinancial contributions is measuring fair value and making proper disclosures on your nonprofit financial statements.