Forbes magazine dives into the nonprofit community’s GIK valuation issue in an article by William P. Barrett, Donated Pills Make Some Charities Look Too Good On Paper. (In print the article had a cooler title – Magic Pill, Magical Accounting)
GIK valuation is difficult and messy. Before anyone gets mad at me for airing dirty laundry from the NPO community, keep in mind that Forbes has a circulation that is somewhere in the range of, say, one gazillion times larger than this little blog. The article appears in Forbes magazine guys, and on their website. Don’t get mad at me.
My point in writing these posts? The issues we are struggling with in the religious NPO world are getting attention from secular media. It would be wise for NPOs and auditors to deal with this on our own. Quickly.