Ask Question
27 August, 10:28

The Turtle Society, a nongovernmental not-for-profit entity (NFP), receives numerous contributed hours from volunteers during its busy season. Chris, a clerk at the local tax collector's office, volunteered 10 hours per week for 24 weeks transferring turtle food from the port to the turtle shelter. His rate of pay at the tax office is $10 per hour, and the prevailing wage rate for laborers is $6.50 per hour. What amount of contribution revenue should Turtle Society record for this service?

A. $1,560

B. $0

C. $2,400

D. $840

+1
Answers (1)
  1. 27 August, 10:39
    0
    B) $0

    Explanation:

    The IRS doesn't allow not-for-profit organizations to record any revenue from volunteer service, the same happens with individuals, since it doesn't allow them to deduct monetary value for their volunteer service.

    The organizations can record certain expenses related to the volunteer work, e. g. travel expenses, food, etc.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “The Turtle Society, a nongovernmental not-for-profit entity (NFP), receives numerous contributed hours from volunteers during its busy ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers