and position of the person rendering the services, description of the services provided and program or activity benefited, gross valuation of the services, and amounts, if any, paid in cash the net contribution recorded. Donated supplies, materials, publications, etc. should be recorded as contributions and as inventory in the period received at fair market value. The amount of donated facilities to be recorded in the financial statements is the fair market value of the facilities less any contractual lease obligations if IGA receives the use of the facilities at below market rates. An acknowledgement of an in-kind contribution shall be sent to the donor with, where feasible, a valuation of the donation for the donor's records. In-kind contributions shall be recognized in the IGA annual report.
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IGA Accounting Policies and Procedures (guidelines)
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