[GNC] How To Record an In-Kind Charitable Donation?

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[GNC] How To Record an In-Kind Charitable Donation?

GnuCash - User mailing list
I performed some design work and provided custom-printed envelopes and
materials for a local 501c3 charitable ministry. I am not charging them
money for the items, but I would like to receive credit for their fair
market value as an in-kind charitable donation. The ministry's treasurer
said to send him an invoice for the material and he would acknowledge
its receipt as a donation. Am I able to use Gnucash to track this
donation and, if so, what is the proper way to record the activity?

--

--------Eric H. Bowen
[hidden email] <mailto:[hidden email]>

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Re: [GNC] How To Record an In-Kind Charitable Donation?

David Carlson-4
I am not an accountant, so this is not an official recommendation.  When I
make a contribution to a qualified charity, I put the acknowledgement in a
folder to hand to my accountant at tax time.  In GnuCash I enter a
transaction to record the transfer of some (usually) cash asset to
Charity.  For your case, I would probably use an income account for the
value of the work that was donated to charity.  However, that is probably
not report able as taxable income so I would identify the account as
non-taxable income.

David C



On Sat, Jun 30, 2018 at 2:10 PM, Eric H. Bowen via gnucash-user <
[hidden email]> wrote:

> I performed some design work and provided custom-printed envelopes and
> materials for a local 501c3 charitable ministry. I am not charging them
> money for the items, but I would like to receive credit for their fair
> market value as an in-kind charitable donation. The ministry's treasurer
> said to send him an invoice for the material and he would acknowledge
> its receipt as a donation. Am I able to use Gnucash to track this
> donation and, if so, what is the proper way to record the activity?
>
> --
>
> --------Eric H. Bowen
> [hidden email] <mailto:[hidden email]>
>
> _______________________________________________
> gnucash-user mailing list
> [hidden email]
> To update your subscription preferences or to unsubscribe:
> https://lists.gnucash.org/mailman/listinfo/gnucash-user
> If you are using Nabble or Gmane, please see
> https://wiki.gnucash.org/wiki/Mailing_Lists for more information.
> -----
> Please remember to CC this list on all your replies.
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>
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Re: [GNC] How To Record an In-Kind Charitable Donation?

Mike or Penny Novack-3
In reply to this post by GnuCash - User mailing list
On 6/30/2018 3:10 PM, Eric H. Bowen via gnucash-user wrote:
> I performed some design work and provided custom-printed envelopes and
> materials for a local 501c3 charitable ministry. I am not charging them
> money for the items, but I would like to receive credit for their fair
> market value as an in-kind charitable donation. The ministry's treasurer
> said to send him an invoice for the material and he would acknowledge
> its receipt as a donation. Am I able to use Gnucash to track this
> donation and, if so, what is the proper way to record the activity?
The proper way is the way your tax lawyer/accountant tells you to. Once
THAT has been settled, we can then tell you "how in gnucash".

I lack the "qualifications" to give this sort of advice, especially as
there are two parts to it. The "materials" part of it is easy, a debit
to donations and a credit to your materials inventory. The "design work"
part of it I would not be willing to hazard a guess. Maybe somebody on
this list who donates professional services might answer.

Michael D Novack
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Re: [GNC] How To Record an In-Kind Charitable Donation?

Rich Shepard
On Sat, 30 Jun 2018, Mike or Penny Novack wrote:

> The proper way is the way your tax lawyer/accountant tells you to. Once THAT
> has been settled, we can then tell you "how in gnucash".

   FWIW, I make non-cash donations to Goodwill several times each year. What
I did (and my accountant confirmed is appropriate, at least for Oregon and
the feds) is set up two accounts: an asset account, 'Goodwill,' and an
expense account, 'Donations (non-cash).' If I donate time and effort to a
non-profit other than Goodwill I'll add another asset account and use that
to offset the non-cash donation.

Regards,

Rich
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Re: [GNC] How To Record an In-Kind Charitable Donation?

Stan Brown
In reply to this post by GnuCash - User mailing list
What I do is record a debit to charities expense, and a credit to my own
expenditure. For example, if I do a mailing and use my personal stamps,
I debit Charities and credit Stationery. If I drive, I debit Charities
and credit Car Running Expenses.

--
Regards,
Stan Brown
Tompkins County, New York, USA
http://BrownMath.com
http://OakRoadSystems.com

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