Concerning donations: If a vet discounts her services because we are a non-profit organization, should that be recorded as a Donated Professional Service, per GAAP?
If not, what would be an example or two of a Donated Professional Service per GAAP?
Thanks!
Angela
I would ignore or book as discount received.
This is the tricky one. You would have to ask if the donated service should be treated as revenue. If so you will have to maks a reliable estimate based on say the normal charge out rate of the service provider.
Normally the charity will not record donated services as revenue. Some examples I've come across that is NOT recorded includes, management of renovations by a builder, repairs by a tradesman, accounting services provided by an accountant and free audit of a charity.
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