[j.pettaway@stonemountainpark.org]

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I think I would need to treat the asset like a donated item. Debit the Fixed Asset & Credit a Revenue account (i.e. bond revenue) for the total value of the asset. We don’t have the expenses recorded because we did not spend or receive the actual funds.

[j.pettaway@stonemountainpark.org]

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It’s an odd situation.

The funds were spent on our behalf on 1 of our projects.

[j.pettaway@stonemountainpark.org]

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That is the traditional way of how we would record the asset; however, this is a different situation. We would never receive the funding. It has already been expended.