FASB Accounting Standards Codification (ASC) 958-205, Not-for-Profit Entities— Presentation of Financial Statements, requires not-for-profits (NFPs) to present contributed nonfinancial assets as a separate line item in the statement activities and provide additional disclosures about contributions of nonfinancial assets. Contributed nonfinancial assets, commonly referred to as gifts-in-kind, include fixed assets (such as land, buildings, and equipment), use of fixed assets or utilities, materials and supplies, intangible assets, services, and unconditional promises of those assets.
This article provides nonauthoritative, illustrative examples