How to record gift?

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  • NPH
    Member
    • Dec 2006
    • 52
    #1

    How to record gift?

    We are an affordable housing organization. We received 5 donated lands in the amount of $870,000 (FMV) from the County. How can we record the donated land?

    Gift = donated land = free of charge
    Tags: None
    • Bees Knees
      Senior Member
      • May 2005
      • 5456
      #2
      Are you a non-profit? If so, I would assume it goes on line 1, Part 1 of Form 990.

        Comment

        • NPH
          Member
          • Dec 2006
          • 52
          #3
          Journal entries:

          Debit: Land

          Credit: What

            Comment

            • JAinNC
              Senior Member
              • Oct 2006
              • 205
              #4
              Revenue: Contributions from municipality.

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