501c3 Donations

We are 501c3 organization that collects non monetary donations from businesses and individuals for items to be raffled off at our fund raising events. If we give a receipt for the non monetary item indicating the worth which is the retail price, ie $25.00 and sell $10.00 worth of raffle tickets, there is a difference of $15.00. The donor's receipt will show $25.00 but our bookkeeping will only show $10.00 of income. How do we do the bookkeeping? Also, some of the donations are given out as door prizes with no charge for the ticket. Thanks for your help.

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Donated Business Services

by Nancy
(Yuba-Sutter, CA)

I just began doing the books for a service company and found 2 donated services receipts for a little over 10k that was made to a church. I am not sure how to book this into the g/l. Shall I create an in-kind revenue account and post the other side to an in-kind expense to zero?

Thank you.

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Donated Equipment

by Kathy
(Hollister, CA)

How to do a Journal entry for equipment that is donated and was paid for from another budget unit? The budget unit that donated it was a government fund to a proprietary fund.

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Donation Recieved as Goods

by Riya
(Singapore)

What is the double entry for donation received as goods from supplier?

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How to Record Service Donations?

Hi, I am starting up my own fitness studio and I was wondering how I record donations of monthly passes or 10 visit punch passes?

I donate these items for both community and charitable events related to fundraising which I would think would be eligible for a donation receipt? I read that the way to record it for bookkeeping is to credit income and debit expense; is this correct?

Also, I donate some of these items for promotional purposes, so would this be advertising?

I did some searching online and saw that there is a different treatment for donations of property versus services, so I am unsure of how to deal with the donation of these passes which are a service.

Any help would be greatly appreciated!

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