The term in kind (or in-kind) generally refers to goods, services, and transactions not involving money or not measured in monetary terms. It is a part of many spheres, mainly economics, finance, but also politics, work career, food, health and others. There are many different types of in kind actions throughout the mentioned branches, which can be identified and distinguished.
An in-kind contribution is a non-cash contribution of a good or a service. Those are either offered free or at less than usual charge for them. Similarly, when a person or entity pays for services on the committee's behalf, the payment is also considered as an in-kind contribution. In-kind services and contributions are valued at their fair market value or at their actual cost. In other words, they are valued at what you would pay for them if they were not donated. There are two types of receivers of in-kind contributions: individuals and companies. For individuals, the provider of in-kind contributions is either another person or government. But for companies, those are partners or an external organisation.
Voluntary workers should be entered under the staff costs budget line.
The contributed services have to be recognized in the financial statements if the services received:
It is necessary for in-kind contributions to be documented, accounted for and valued. All in-kind contributions should have supporting documentation, including why the transaction is allowable for the grant purposes.
Payment in kind is generally an exchange of goods or services for other goods or services with no medium of exchange.
They are one of the components of total earnings. That is why they should count as a part of the value on which social security contributions are based and calculated.
Income in-kind is then a non-cash reward received by an employee for work performed. This can include: drink, food, fuel, footwear, clothing, free or subsidized housing or transport, car parking, electricity, gym membership, nurseries, low or zero-interest loans or subsidized mortgages. According to the System of National Accounts (SNA 1993): "Income in kind may bring less satisfaction than income in cash because employees are not free to choose how to spend it. Some of the goods or services provided to employees may be of a type or quality which the employee would not normally buy."
The safeguard and a legislative is needed in case someone wanted to abuse those benefits.
In-kind transfer is a process of moving assets from one brokerage account to another brokerage account without any selling or buying. An in-kind transfer method can be an easier alternative to set up a new brokerage account than cash transfer.
A list of investments that can be transferred in-kind:
An in-kind transfer is also a type of public spending to help specific populations. It is in the form of specific goods and services, which recipients get for free or at a reduced rate from public organisation or government. By giving in-kind transfers, governments specify how individuals must use public assistance money. It simply covers only goods and services from predescribed areas, therefore it prevents receivers from misuse of such means. On the other hand, in-kind programs have sometimes been deemed "paternalistic" because they dictate that people spend assistance money on things governments deem most necessary.