Know the Right Way to Report Donations of Services

Posted by Jonathan D. Moll, CPA Donations of services can be useful to your organization during tough economic times. But should you record them in your financial statements? And, if so, what amounts should you assign? FASB Accounting Standards Codification (ASC) 958, Not-for-Profit Entities, specifies when a nonprofit should recognize the fair value of services in its financial statements. There are two … Continued