Many not-for-profit organisations (NFPs) depend on gifts from the general public and businesses to achieve their charitable purposes. The gifts received by NFPs are either tangible property or personal services, which can be referred to as nonfinancial gifts or in-kind contributions. This article helps NFPs account for in-kind contributions when filing tax returns. In-Kind Contributions Explained Although cash rules in as far as charities are concerned, it's also common for not-for-profit entities to receive other contributions in the form of gifts.
6 April 2021