FundSvcs Community

You are correct in handling receipts in this manner. They should have a standard QPQ look and feel. If you are not able to state a fair market value prior to the auction, the winning bid establishes the FMV and, therefore, there is no net tax-deductible gift amount. For folk who do not bid in excess of FMV they still deserve a thank you letter! John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Tue, May 21, 2019 at 8:49 AM Johnson, Lisa <LJOHNSO7@valleyhealth.com> wrote: > Good morning- > > > > We have a small silent auction running at an event this evening. Based on > past experience at other institutions, we have issued a receipt to the > winner only if the winning bid amount exceeds the value of the prize. (For > example, if the auction item was a $100 purse, and my winning bid was $250, > I’d get a receipt for a $150 donation.) > > > > Two questions: > > > > -Am I correct in what I stated above? And > > -How do you handle items that don’t have a value? (One of ours is “Mayor > for a Day”) > > > > Thanks so much to everyone who is able to help! > > > > Lisa > > > > Lisa M. Johnson > > Manager, Development Services > > The Valley Hospital Foundation > > Phone: 201-447-8427 > > Cell: 973-865-4797 > > Ljohnso7@valleyhealth.com > > >

Good morning- We have a small silent auction running at an event this evening. Based on past experience at other institutions, we have issued a receipt to the winner only if the winning bid amount exceeds the value of the prize. (For example, if the auction item was a $100 purse, and my winning bid was $250, I'd get a receipt for a $150 donation.) Two questions: -Am I correct in what I stated above? And -How do you handle items that don't have a value? (One of ours is "Mayor for a Day") Thanks so much to everyone who is able to help! Lisa Lisa M. Johnson Manager, Development Services The Valley Hospital Foundation Phone: 201-447-8427 Cell: 973-865-4797 Ljohnso7@valleyhealth.com<mailto:Ljohnso7@valleyhealth.com>

Great- thanks so much! Lisa M. Johnson Manager, Development Services The Valley Hospital Foundation Phone: 201-447-8427 Cell: 973-865-4797 Ljohnso7@valleyhealth.com<mailto:Ljohnso7@valleyhealth.com> From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG> On Behalf Of John Taylor Sent: Tuesday, May 21, 2019 12:13 PM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: Re: [FUNDSVCS] Silent Auction Receipting Questions CAUTION: This email originated from outside of the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe. You are correct in handling receipts in this manner. They should have a standard QPQ look and feel. If you are not able to state a fair market value prior to the auction, the winning bid establishes the FMV and, therefore, there is no net tax-deductible gift amount. For folk who do not bid in excess of FMV they still deserve a thank you letter! John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Tue, May 21, 2019 at 8:49 AM Johnson, Lisa <LJOHNSO7@valleyhealth.com<mailto:LJOHNSO7@valleyhealth.com>> wrote: Good morning- We have a small silent auction running at an event this evening. Based on past experience at other institutions, we have issued a receipt to the winner only if the winning bid amount exceeds the value of the prize. (For example, if the auction item was a $100 purse, and my winning bid was $250, I’d get a receipt for a $150 donation.) Two questions: -Am I correct in what I stated above? And -How do you handle items that don’t have a value? (One of ours is “Mayor for a Day”) Thanks so much to everyone who is able to help! Lisa Lisa M. Johnson Manager, Development Services The Valley Hospital Foundation Phone: 201-447-8427 Cell: 973-865-4797 Ljohnso7@valleyhealth.com<mailto:Ljohnso7@valleyhealth.com>

I found this thread and have a follow-up question. We had a silent auction several months ago and a donor received a receipt indicating the FMV of item they received. They did not take "advantage" of what they received. It was a dinner with individuals that never happened and are now inquiring about a complete gift receipt for the full amount. How would you handle this?

------------------------------
Erica Bolenbaugh
Northern Kentucky University
bolenbauge1@nku.edu
------------------------------

Original Message:
Sent: 05-21-2019 08:12 AM
From: John Taylor
Subject: Silent Auction Receipting Questions

You are correct in handling receipts in this manner. They should have a
standard QPQ look and feel.

If you are not able to state a fair market value prior to the auction, the
winning bid establishes the FMV and, therefore, there is no net
tax-deductible gift amount.

For folk who do not bid in excess of FMV they still deserve a thank you
letter!

John

John H. Taylor
Principal, John H. Taylor Consulting
2604 Sevier St.
Durham, NC 27705
johntaylorconsulting@gmail.com
919.816.5903 (cell/text)

Serving the Advancement Community Since 1987


On Tue, May 21, 2019 at 8:49 AM Johnson, Lisa <LJOHNSO7@valleyhealth.com>
wrote:

> Good morning-
>
>
>
> We have a small silent auction running at an event this evening. Based on
> past experience at other institutions, we have issued a receipt to the
> winner only if the winning bid amount exceeds the value of the prize. (For
> example, if the auction item was a $100 purse, and my winning bid was $250,
> I'd get a receipt for a $150 donation.)
>
>
>
> Two questions:
>
>
>
> -Am I correct in what I stated above? And
>
> -How do you handle items that don't have a value? (One of ours is "Mayor
> for a Day")
>
>
>
> Thanks so much to everyone who is able to help!
>
>
>
> Lisa
>
>
>
> Lisa M. Johnson
>
> Manager, Development Services
>
> The Valley Hospital Foundation
>
> Phone: 201-447-8427
>
> Cell: 973-865-4797
>
> Ljohnso7@valleyhealth.com
>
>
>

Original Message:
Sent: 2/6/2024 1:14:00 PM
From: Erica Bolenbaugh
Subject: RE: Silent Auction Receipting Questions

I found this thread and have a follow-up question. We had a silent auction several months ago and a donor received a receipt indicating the FMV of item they received. They did not take "advantage" of what they received. It was a dinner with individuals that never happened and are now inquiring about a complete gift receipt for the full amount. How would you handle this?

------------------------------
Erica Bolenbaugh
Northern Kentucky University
bolenbauge1@nku.edu
------------------------------

Original Message:
Sent: 05-21-2019 08:12 AM
From: John Taylor
Subject: Silent Auction Receipting Questions

You are correct in handling receipts in this manner. They should have a
standard QPQ look and feel.

If you are not able to state a fair market value prior to the auction, the
winning bid establishes the FMV and, therefore, there is no net
tax-deductible gift amount.

For folk who do not bid in excess of FMV they still deserve a thank you
letter!

John

John H. Taylor
Principal, John H. Taylor Consulting
2604 Sevier St.
Durham, NC 27705
johntaylorconsulting@gmail.com
919.816.5903 (cell/text)

Serving the Advancement Community Since 1987


On Tue, May 21, 2019 at 8:49 AM Johnson, Lisa <LJOHNSO7@valleyhealth.com>
wrote:

> Good morning-
>
>
>
> We have a small silent auction running at an event this evening. Based on
> past experience at other institutions, we have issued a receipt to the
> winner only if the winning bid amount exceeds the value of the prize. (For
> example, if the auction item was a $100 purse, and my winning bid was $250,
> I'd get a receipt for a $150 donation.)
>
>
>
> Two questions:
>
>
>
> -Am I correct in what I stated above? And
>
> -How do you handle items that don't have a value? (One of ours is "Mayor
> for a Day")
>
>
>
> Thanks so much to everyone who is able to help!
>
>
>
> Lisa
>
>
>
> Lisa M. Johnson
>
> Manager, Development Services
>
> The Valley Hospital Foundation
>
> Phone: 201-447-8427
>
> Cell: 973-865-4797
>
> Ljohnso7@valleyhealth.com
>
>
>

Original Message:
Sent: 2/6/2024 1:14:00 PM
From: Erica Bolenbaugh
Subject: RE: Silent Auction Receipting Questions

I found this thread and have a follow-up question. We had a silent auction several months ago and a donor received a receipt indicating the FMV of item they received. They did not take "advantage" of what they received. It was a dinner with individuals that never happened and are now inquiring about a complete gift receipt for the full amount. How would you handle this?

------------------------------
Erica Bolenbaugh
Northern Kentucky University
bolenbauge1@nku.edu
------------------------------

Original Message:
Sent: 05-21-2019 08:12 AM
From: John Taylor
Subject: Silent Auction Receipting Questions

You are correct in handling receipts in this manner. They should have a
standard QPQ look and feel.

If you are not able to state a fair market value prior to the auction, the
winning bid establishes the FMV and, therefore, there is no net
tax-deductible gift amount.

For folk who do not bid in excess of FMV they still deserve a thank you
letter!

John

John H. Taylor
Principal, John H. Taylor Consulting
2604 Sevier St.
Durham, NC 27705
johntaylorconsulting@gmail.com
919.816.5903 (cell/text)

Serving the Advancement Community Since 1987


On Tue, May 21, 2019 at 8:49 AM Johnson, Lisa <LJOHNSO7@valleyhealth.com>
wrote:

> Good morning-
>
>
>
> We have a small silent auction running at an event this evening. Based on
> past experience at other institutions, we have issued a receipt to the
> winner only if the winning bid amount exceeds the value of the prize. (For
> example, if the auction item was a $100 purse, and my winning bid was $250,
> I'd get a receipt for a $150 donation.)
>
>
>
> Two questions:
>
>
>
> -Am I correct in what I stated above? And
>
> -How do you handle items that don't have a value? (One of ours is "Mayor
> for a Day")
>
>
>
> Thanks so much to everyone who is able to help!
>
>
>
> Lisa
>
>
>
> Lisa M. Johnson
>
> Manager, Development Services
>
> The Valley Hospital Foundation
>
> Phone: 201-447-8427
>
> Cell: 973-865-4797
>
> Ljohnso7@valleyhealth.com
>
>
>