Re: One of our members rented equipment and doesn't want reimbursement. Without his donation, we would have had to pay this expense. How do we record this transaction?
What kind of member? Member of an LLC? It is equity contribution to their account. And then deduct the expense.
A non profit? An association? You record the value received same as if we're cash. However in my view you did not spend any money even though you could have. I do not think you get an expense deduction when you did not spend anything