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Accounting for Gift of Building in Charity

What is the Accounting Treatment of a gift of a Building to our Charity?

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We are a small Charity which has been generously given the gift of a Building. There are no restrictions on our use of the building.
What would be the accounting entries for the Building? The Asset would go into the Fixed Assets at fair value but where does the Credit entry go?

 

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By The Dullard
30th Sep 2020 13:52

So, this would have been a donated building?

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By johnt27
30th Sep 2020 15:12

The other side goes to donations.

If this is a building with a substantial fair value you need to be aware that this could trip you over a number of limits regarding what type of accounts you can prepare and whether or not an audit or independent examination may be required. You can't avoid these rules

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