Board members contributions

USA Discussion in 'General Accountancy Discussion' started by Vicente, Dec 14, 2017.

  1. Vicente

    Vicente

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    Hi,

    Board members are making contributions for employees holiday gifts, as this is a not for profit, I'm wondering if this contributions need to be on our books as donations or should use only a pass through account?
     
    Vicente, Dec 14, 2017
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  2. Vicente

    Drmdcpa VIP Member

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    Sounds like donations to me.
     
    Drmdcpa, Dec 14, 2017
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  3. Vicente

    bklynboy VIP Member

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    If they make them out of their own pocket its not a company expense. If they are asking to be reimbursed by company then its a operating cost I think. Donations I thought were just for the recipients of the charity and not the employees.
     
    bklynboy, Dec 21, 2017
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  4. Vicente

    Drmdcpa VIP Member

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    Employee gifts are standard company related payroll expense.

    Nonprofit board members often pay for company expenses out of pocket. In such circumstances, the nonpro needs to record the income as well as the expenses.
     
    Drmdcpa, Dec 22, 2017
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  5. Vicente

    Nicole310796

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    would fringe benefit apply to those contributions?
     
    Nicole310796, Dec 28, 2017
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