Is volunteer time tax deductible - 0 views
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Justin S on 16 Oct 12"Nonprofits that want to report the value of volunteer service in external financial statements must follow generally accepted accounting principles (GAAP), which state: Contributions of services shall be recognized if the services received: create or enhance nonfinancial assets; or require specialized skills, are provided by individuals possessing those skills, and would typically need to be purchased if not provided by donation. Services requiring specialized skills are provided by accountants, architects, carpenters, doctors, electricians, lawyers, nurses, plumbers, teachers, and other professionals and craftsmen. Nonprofits must also report the number of full- and part-time volunteers who contributed services during the year. For more details, please see Form 990 Schedule A: Reporting Value of Volunteer Time."