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

[Adrien Monteleone]

Definitely talk to a local CPA on this.

Materials and services which would otherwise have to be purchased by the 
ministry are generally recordable by both entities. However, the services are 
possibly not (at least in the US) deductible. If you regularly produce these 
materials for other customers without separate material and design fees, then 
you can invoice the full amount and get a donation receipt accordingly, but if 
the design fees are usually separate, the ministry may not be allowed to 
include that in their receipt to you. (this is why you need to talk to a local 
CPA)

Regardless, you can record the fair market value you would normally sell the 
materials for, not the cost. Yes, this would be a debit to some Charitable 
Expense account and a credit to Income/Revenue. (the debit/credit is the same 
for services rendered)

Note, you can’t ‘donate’ services as a professional that aren’t your 
profession. For example, an attorney stuffing envelopes for a non-profit 
mail-out doesn’t record a donation of his consultation time and the non-profit 
doesn’t record receipt of any professional service. But in your case, if you 
routinely handle mail-outs as a service to other customers you could maybe 
donate this to the ministry, though again, can’t likely deduct it or get a 
receipt for it. (but you should probably still invoice it so you can each 
record the gift/expense on your books)

Regards,
Adrien

> Eric H. Bowen on Sat Jun 30 15:10:52 EDT 2018
> 
> 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



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

[Stan Brown]

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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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?

[Mike or Penny Novack]

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?

[David Carlson]

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 <
gnucash-user@gnucash.org> 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
> e...@ehbowen.net 
>
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[GNC] How To Record an In-Kind Charitable Donation?

[Eric H. Bowen via gnucash-user]

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
e...@ehbowen.net 


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