Volunteers and Financial Reporting Requirements by Sherri Rose, CPA Nonprofit Auditor

Volunteers are an integral part of many nonprofit organizations. Some organizations depend on their very survival by incorporating volunteers. Since volunteers are non-paid staff, does your organization consider including in the financial statements the value of their contribution? As a nonprofit auditor, I have guidance to follow on recording the value of services performed by volunteers. The guidelines require that the fair value of donated services be recognized in the financial statements if the services create or enhance a nonfinancial asset; or, they require specialized skills, are provided by individuals possessing those skills, and the organization would typically need to purchase

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