Non-Profit
Donated Life Insurance Policy
Recording the change in ownership of a life insurance policy given to the NGO.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Cash Surrender Value of Insurance | Asset (+) | 5,000.00 | - |
| Contribution Revenue (Restricted) | Revenue (+) | - | 5,000.00 |
💡 Accountant's Note
If a donor gives the NGO their policy, the NGO records the 'Cash Surrender Value' (the amount the insurance company would pay if canceled today) as an asset.
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