For not-for-profit entities (NFPs), accurate financial reporting means more than keeping the auditors and creditors happy. NFP staff, those charged with governance, and donors rely on financial information to monitor the organization’s adherence to budgets, laws, and regulations, as well as to ensure the successful stewardship of its resources. As with most any industry, there are certain aspects of not-for-profit accounting that tend to draw frequent questions.
1. Are NFPs required to use fair value for gifts-in-kind?
The short answer