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PostPosted: Tue Jan 02, 2018 1:08 pm 
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Joined: Mon Jun 05, 2017 1:44 pm
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Hello,

A Private Nonprofit Foundation (Form 990PF) that I am keeping books for has received a fixed asset donation of land from the founders. The land was recently appraised at fair market value.

I plan to make the following general journal entry:
- Debiting a fixed asset account of Land, and
- Crediting in-kind contribution revenue

Question: Is the above correct?

Question: What type of income is the donation of land? Is it In-Kind Contribution, Individual Contribution, Founder's Circle (a line item for donations received from the founders only), or something else?

Question: What information do I need to pull from the appraisal?

My concern with booking it to a regular contribution income account that regularly receives cash is that it will wildly throw this year's remaining budget off. The foundation operates on a fiscal year based on Jan.-Dec. calendar year.

Thanks for any help you could provide.


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PostPosted: Wed May 02, 2018 10:20 pm 
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Donations will be record in a general ledger, Simple as any other financial transaction is recorded.
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