Gifts in kind, often called “in-kind donations,” are a type of charitable donation in which, rather than giving cash to a qualifying nonprofit NGO with which to purchase needed supplies and services, the goods and services are donated directly.
In-kind donations are distinguished from cash or stock shares gifts. While some nonprofit observers have debated the advantages of in-kind donations over giving cash, others have argued for the disadvantages of gifts in kind, particularly in the context of disaster relief. For a summary discussion, go to Wikipedia: Gifts in kind
Whatever the pros and cons, the annual volume of entering in-kind donations being made to nonprofits is on the rise.
So how does a nonprofit properly go about entering in-kind donations in QuickBooks?
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Cash-strapped businesses must make every dollar count. Excess inventory is a drain on resources as is idle unbilled time.
Increasingly companies are turning to barter as a way to boost sales by converting excess goods and capacity into something that can be used for business. And they’re doing it while saving precious cash for those things that require money to buy.
Different forms of bartering have been around throughout history. In its purest form, bartering is a way to re-distribute resources for the good of all parties involved.
CPA Lisa Aldrich explains some of the tactics and caveats, and the advantage of using a good “barter exchange” –
For one, you need to find someone who has what you want and is willing to trade it for what you have. And you have to agree on how much of each is fair. Direct barter trades are notoriously unequal.
With the growth of the internet, barter exchanges have blossomed worldwide. In 2010, there were estimated to be over 450,000 businesses using barter exchanges, with approximately 400 barter companies worldwide.
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Cloud based Financial Project Manager Software applications have enabled businesses to take advantage of software options that in years previously would have costs 1000s of dollars to purchase and load on even a single PC.
Take Project Manager Software, for instance…
Up until 2006, our options for project manager applications were few and expensive. Microsoft Project was the big player, priced at well over $800 per license, not including the extensive training that was needed in order to understand the Gantt Charts and set up of connected tasks.
Scott West, CEO of CloudSway writes: “When I was highly reliant on MS Project, we shelled out around $7,000 for the Microsoft project management software licenses and training. Back then (I sound like my grandfather, but the reality is, this whole technology world is changing so rapidly, we all sound like our grandfathers after only five years), it was my only choice, and all I really needed was a good way to manage 15 – 20 projects that had tasks associated with them. We even tried using shared task and calendars from Microsoft Office, to no avail.”
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May 2015 be a year in accounting for the value of change!
Have a happy and awakened new year!
CES Family
