In-kind donations are critical to many nonprofit organizations, and properly tracking and accounting for them are essential for your success. The Financial Accounting Standards Board recently issued a new standard, ASU 2020-07, Presentation and Disclosure by Not-for-Profit Entities for Contributed Nonfinancial Assets, which provides for some new and enhanced financial statement and disclosure requirements. This webinar will explain and provide details of these new requirements, which are effective for annual periods beginning after June 15, 2021.
We will also be providing a refresher on the existing framework for in-kind donations accounting and taxes, including topics such as:
- Accounting requirements and best practices for various types of in-kind gifts, including stock, cryptocurrency, supplies and inventory, special event and gala donations, property, and services
- Fair value measurement framework
- Valuation and qualified appraisals
- 990 presentation and disclosure
- Important requirements for donor taxes and charitable gift deductions (e.g. Forms 8283 and 8282)
- Issues and red flags to look out for
Participants in this webinar will learn how to:
- Properly communicate important requirements with donors for an appropriate charitable deduction
- Determine the appropriate level of detail and information needed to track and disclose in-kind gifts
- Apply the fair value measurement framework to various types of in-kind gifts
- Best present your financial story and disclose your in-kind contribution activities
- Ensure a qualified appraisal is obtained when necessary, and by a qualified appraiser
CPE Credit Available
Date: Wednesday, May 26, 2021
Time: 2:00 pm – 3:40 pm PDT
CPA, CGMA, Partner, Assurance
Nonprofit Industry Group Co-leader Daniel began his career at BPM, and for nearly 20 years he has helped the Firm and his clients grow and succeed. Daniel’s nonprofit experience includes working extensively with fair value and alternative investments, the Uniform Guidance and Single Audits, planned giving, and significant capital campaigns. He is deeply involved in serving nonprofit organizations and works with private foundations, social enterprises, trade associations, arts and culture, advocacy and political organizations, private schools, community foundations and higher education.
|Tami McInerney, CPA
CPA, Partner, TaxTami has 28 years of experience providing accounting and tax services to nonprofit organizations. She is experienced in creating strategies to minimize tax liabilities, stock option planning, preparing income tax projections, identifying and researching complex tax issues. She also has extensive experience working with charitable remainder trusts, private foundations and nonprofits.
CVA, CMQ/OE, Director, Advisory Kemp is a Valuation Director in Advisory Services at BPM. He has 16 years of experience in complex financial advisory matters, with a primary focus on valuation services. Kemp has played a lead role on over 100 business and asset valuations in his career. Kemp’s experience includes providing services to support forensic matters and dispute resolution for board-level and executive decision making. Deliverables include 409A analyses, gift and estate valuations, partnership/shareholder buyout analyses, purchase price allocations, transaction analyses, impairment testing and other value opinions.