Fixed Asset Value on Balance Sheet

@jakjr  Short answer: You don't.

Long answer: The value of the asset on your books is the value of the asset when you acquired it.

It is necessary to keep it at that value in your books to properly handle any future sales or disposals of said asset.

Otherwise, pretty much every asset's book value would constantly be fluctuating, depreciation calculation would be an absolutely unholy mess, and figuring the capital gains tax on the sale of assets would be an even worse legal minefield.

@jakjr 

As @FishingForAnswers mentioned, the asset stays on your books at historical cost BUT, the value of the property received should have been entered at the fair market value (FMV), not $10, when received.  This is because the donor is entitled to a tax deduction of the FMV and your non-profit should have had a corresponding donation of that amount.  At this point, you need a good CPA.