Financial Transaction for Recording Charity Burials as Donationsat August 9, 2016 4:22 pm
Mark Christian asks –
We are investigating the proper way of booking the value of the goods and services we offer as charity to the indigent.
At present, we record the donation as the actual purchase price of the grave and the regular charge for the interment fee. Another approach suggested by our CFO is to record the donation of the grave at the wholesale unit cost and the interment fee at the actual labor cost. I believe l option one is correct but I am wondering what others may have to say about this. Thanks for your help.
Mark A. Christian
Catholic Cemeteries, Inc.
Diocese of Wilmington