19-24-1 Value of an in-kind contribu-
tion. The value of an in-kind contribution shall
equal the fair market value of the item or service
if it had been purchased, sold, or leased in the
ordinary course of business. When a charge is
made for an item or service which is less than the
fair market value, then the difference between the
fair market value and the charge shall be the value
of the in-kind contribution. The donor of the item
or service shall place the value on the in-kind con-
tribution when given. The treasurer may question
the value set by the donor if it appears unreason-
able and shall revalue the in-kind contribution to
a reasonable value. (Authorized by K.S.A. 25-
4119a; implementing K.S.A. 25-4143; effective,
E-76-56, Nov. 26, 1975; effective, E-77-20, May
1, 1976; effective Feb. 15, 1977; amended May 1,
1980; amended May 1, 1982; amended May 1,