[Verse 1]
In the world of NFPs where mission comes first
Capital assets have rules that must be rehearsed
Buildings and equipment, computers and land
Recording and reporting with a careful hand
Unlike for-profit entities with different aims
NFP asset rules play different games
[Chorus]
Record, Depreciate, Report with care
Donated assets show up everywhere
Fair value first, then straight-line decline
Impairment testing keeps values in line
NFP assets tell the story true
Of resources serving me and you
[Verse 2]
When someone donates a building or car
Record at fair value, that's the gold star
Recognition happens when the gift arrives
The donor's good intention truly comes alive
Contributed assets boost your balance sheet
Making your financial picture more complete
[Chorus]
Record, Depreciate, Report with care
Donated assets show up everywhere
Fair value first, then straight-line decline
Impairment testing keeps values in line
NFP assets tell the story true
Of resources serving me and you
[Verse 3]
Depreciation spreads the cost through time
Straight-line method works in most cases fine
Useful life estimates guide the way
Matching the expense to each working day
Even donated assets must depreciate
Time's effect on value we must calculate
[Bridge]
When assets lose their worth below the books
Impairment losses need a second look
Compare the carrying value to recoverable amount
Write it down when losses truly count
Collections and artworks have special rules
Different standards become your tools
[Chorus]
Record, Depreciate, Report with care
Donated assets show up everywhere
Fair value first, then straight-line decline
Impairment testing keeps values in line
NFP assets tell the story true
Of resources serving me and you
[Outro]
From donated buildings to equipment old
NFP asset stories must be told
Transparency in every line
Keeps your financial reporting fine