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I tried searching online, as well as this forum but have not came up with a definite answer. Unfortunately working in the private sector now, I have no other accountants to bounce ideas off of. So thanks in advance for any help.
I work for a non profit organization that also has a foundation. The foundation received a donation in the form of equipment (under the cap threshold) that they will be passing onto the organization. Does anyone see a problem with the following entry?
Foundation
Donation Exp.
Donation Rev.
Non Profit Org
Equipment Exp
Donation Rev
I thought about just expensing the equipment at the foundation level (as the F/S are consolidated, and it is under the cap threshold), but being the equipment is used for the organization, I am not sure this is the correct thing to do.
I work for a non profit organization that also has a foundation. The foundation received a donation in the form of equipment (under the cap threshold) that they will be passing onto the organization. Does anyone see a problem with the following entry?
Foundation
Donation Exp.
Donation Rev.
Non Profit Org
Equipment Exp
Donation Rev
I thought about just expensing the equipment at the foundation level (as the F/S are consolidated, and it is under the cap threshold), but being the equipment is used for the organization, I am not sure this is the correct thing to do.