Welcome Guest. Register Now!  


Non-Profit Organisation Non Profit Organisation


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-14-2012, 11:14 PM
Junior Member
 
Join Date: Feb 2012
Posts: 3
Gift in Kind Donations

I work for a non-profit company and we had a clothing fund raiser this year. We received a huge amount of clothing. Normally, we would either keep the clothing or donate the rest out in the same year. This didn't happen last year. We had to store the remainder of clothing offsite and pay for a storage locker. We plan to donate or keep the rest of the clothing in 2012. How do I account for last years fundraiser since we still have clothing left over? Do I credit the FMV of the clothing to my Gift in Kind income account and debit the full amount to expense or only the portion that was kept/donated out? Any advice would be helpful.
Thank You
Kamie



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Salvation army donations boyzone02 Income 1 11-15-2011 09:18 AM
How do I deduct payroll donations? Kurple Itemized Deductions 1 10-02-2011 04:13 PM
New To Taxes - Advertising vs Donations musgod Itemized Deductions 1 06-03-2010 10:10 AM
medical donations gls1982 Itemized Deductions 1 01-02-2010 06:06 PM
What is a like-kind exchange and how does it benefit the taxpayer? adony Rental Real-Estate 0 06-09-2008 05:16 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.