Donation Receipt For Services Rendered In Salt Lake
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FAQ
The short answer is no.
Ing to the IRS, any kind of donation above $250 should require a donation receipt. The same applies to stock gifts/donations.
When you receive contributed services, record the transaction in your accounting system as a net zero transaction; the in-kind contribution is recorded as revenue with a corresponding expense for the services provided.
The accepted way to record in-kind donations is to set up a separate revenue account but the expense side of the transaction should be recorded in its functional expense account. For example, revenue would be recorded as Gifts In-Kind – Services, and the expense would be recorded as Professional Services.
Write in the total fair market value of your donation. This value is determined by you, the donor. Goodwill provides a donation value guide to help determine fair market value. Please note: Goodwill employees cannot help determine fair market value.
Example 2: Individual Acknowledgment Letter Hi donor name, We're super grateful for your contribution of $250 to nonprofit's name on date received. As a thank you, we sent you a T-shirt with an estimated fair market value of $25 in exchange for your contribution.
When you receive contributed services, record the transaction in your accounting system as a net zero transaction; the in-kind contribution is recorded as revenue with a corresponding expense for the services provided.
