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| Re: In-kind service tracking
Posted by LSSNF  on 5/31/2008, 6:39 am, in reply to "Re: In-kind service tracking"
Financial statements should trck both cash and in-kind.
The hospital president is absolutely correct. If I do not get the donation I must make the purchase.
Most NFP agencies have no idea of their actual cost of doing business. I have been tracking in-kind values through my accounting system for years. Usually it is a value in and an equal value out. Unless it is something that we are going to retain for our own use or something we plan to sell. Then the items either go into assets or inventory.
Now here is where most people get lost...
We own (no mortgage) 9 single family homes that are used to house people experiencing homelessness. The Homeless Housing Program books the rental value (HUD FMR) of the homes as an in-kind revenue and expense. The reason? If the agency did not own the homes, in order to run the program it would have to rent the housing. It is a legitimate program expense... and it serves as match on a $1 to $1 federal grant.
We are a small agency. Last FY revenue $371,556; In-Kind $157,938; Cash $213,618. Check our From 990 Part IV-A (Page 5): http://www.lssnf.org/documents/Form990.pdf
Jim Freeman, CEO
Lutheran Social Services of North Florida, Inc.
WWW.LSSNF.ORG
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