blog posts UAFR Weekly Tips Sep 8, 2021 10:00 amAccounting and BudgetingFY 22Does your unit ever receive donated tangible items or donated services? If so, keep the following points in mind:Donations of tangible items or services should be reported through the UI Foundation as a Gift-in-Kind on a Gift Transmittal Form, similar to how monetary donations are reported (see UAFR’s applicable FAQ for further details). To ensure proper financial statement reporting, it is important to report these donated items or donated services in the same manner as you would report a monetary donation. This helps ensure that the University of Illinois System can include these donations in our annual financial statements. Also, it’s very important to report these donations on a timely basis (i.e., within the same accounting period that donated items or services were received). This is especially important as year-end approaches.ContactIf you have further questions, feel free to reach out to UAFR’s applicable subject matter experts within the Gift Funds section of UAFR’s Who to Ask list.