Seniors' Resource Center
Seniors’ Resource Center – Financial Management Policies: In-Kind Donated Goods and Services
The Agency receives in-kind contributions in the form of goods, specialized services and
non-specialized volunteer services. Donated goods will be recorded using the best estimate
of fair market value.
The value of in-kind specialized services is usually recorded from the vendor invoice
discount as reflected on the vendor’s monthly invoice when the vendor submits it for SRC
payment. The value of the specialized in-kind services is reflected at the same time that the
check request is prepared and entered into the accounts payable system, in accordance
with FASB 116. The Agency records the receipt of in-kind specialized services at their
estimated fair market value as both an income and an expense item.
The non-specialized volunteer services are recorded into our volunteer data base and a
report is generated to support the recording of these services. The hourly value assigned to
non-specialized volunteer services is the National Volunteer Rate per Hour as published
annually by the Independent Sector Research Group.
The non-specialized volunteer services are recorded on the Agency’s records for internal
tracking purposes only. During the preparation of the audited financial statements, these
amounts are removed and not reported on our year end statements. The values given for
the goods and specialized services are reported in the reports of the Agency.