Accounting for Gifts

by Delores
(New Port Richey FL USA)

Our church was given two cemetery plots worth, at the time, $2,500. Do we carry these on the books at $2,500 or do we find out what the value is today and adjust it accordingly? These may be sold or used for persons who have no money to bury their loved ones.

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May 18, 2010
Value of Cemetery Plots
by: Marcus in Texas

What is the basis for the value placed on the cemetery plots? It would seem that the correct way to record them would be to find out what comparable plots in the same cemetery were selling for on the day ownership changed hands and the church officially owned them, and that should be their value on the church's books.

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