Financial Management Accounting for In-kind

Accounting and managing in-kind contributions is one of the hardest things that a research centre manager has to do. There's no easy solution - but you could try regular updates in meetings.

Transcript:

Just finished doing the webinar on financial management and budget setting for researchers.

One of the questions that came up was "How do you account for in-kind particularly into the future not so much into the past?".

One of the ways that I've found that works for me is to set up a regular meeting. Whether that be quarterly with your exec team, the people that are providing the in kind, and have a standing item that basically questions them on have they provided the amount of in-kind that they said they would. So that serves as a reminder to them that they need to be providing the in-kind, but also it serves as a trigger for have they provided it, and then an actionable, and definitive source of information is yes, they have provided the in-kind. That's often a sufficient evidence for say a granting body who is matching that in-kind with some kind of cash contribution.

Hope that helps.