As per US GAAP, Not for profit organisation are required to depreciate all their fixed assets except land. Not for profit organisation generally use straight line method for depreciating fixed assets.
Now, if they are donated assets, they are generally valued at fair market value. This is because here the organization is not the owner of the same. Fair market value is the value which the organisation will receive from the market from two unknown parties at arm's length price.
Also, many not for profit organisation like college, universities, hospitals etc keep their land and building in the financial statements at their cost. They may do certain impairment in the value of the same.
For certain assets such as tools for machine, furniture having negligible value, they can be charged of as expense in the same year.
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