Yes, you do.
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 Mon, Jun 3, 2019 at 3:57 PM Hornbeck, Cynthia <
CHornbeck1@twu.edu> wrote:
> The FMV of the socks is the manufacturer’s price since they are Logo socks.
>
>
>
> I would love to change the minimum, but the material has already been sent
> and no one asked before it was sent.
>
>
>
> This conversation also makes me want to ask about the “legacy” cords
> (these are cords that the graduates can ware when they walk at graduation)
> that can be purchased each year. They can get cord for the minimum gift of
> $20.19 (changes every year) and the cost of the cord is $6.20 we would need
> to be taking the FMV out of these gift also, if I am understanding the
> rules correctly.
>
>
>
> *From:* Advancement Services Discussion List <
>
FUNDSVCS@LISTSERV.FUNDSVCS.ORG> *On Behalf Of *Marianne Pelletier
> *Sent:* Monday, June 3, 2019 2:31 PM
> *To:*
FUNDSVCS@LISTSERV.FUNDSVCS.ORG
> *Subject:* Re: [FUNDSVCS] FMV of socks
>
>
>
> I’m also curious about the fair market value of the socks. Is that the
> eBay price? Or the price I could get if I bought them through Alibaba? Or
> are they socks with logos, and so I am stuck with the manufacturer’s price?
> What if the FMV is really lower than $4?
>
>
>
> --Marianne, down a rabbit hole
>
>
>
>
>
> ________________________________________
>
> Marianne M. Pelletier
>
> Staupell Analytics Group
>
> 607-592-3797
>
>
marianne@staupell.com
>
>
http://www.staupell.com
>
>
>
>
>
> *From:* Advancement Services Discussion List <
>
FUNDSVCS@LISTSERV.FUNDSVCS.ORG> *On Behalf Of *Eric Valdescaro
> *Sent:* Monday, June 03, 2019 3:29 PM
> *To:*
FUNDSVCS@LISTSERV.FUNDSVCS.ORG
> *Subject:* Re: [FUNDSVCS] FMV of socks
>
>
>
> Hi Cindy,
>
>
>
> It may be better and easier for everyone involved if you give away two (2)
> pairs of logo socks for a donation of $70.
>
>
>
> The two pairs would only add up to $8.40 which is below the low-cost
> article limit of $11.10, and the $70 would exceed the $55.50 minimum gift
> amount.
>
>
>
> You wouldn’t have to deduct the socks and your donors could get a tax
> deduction for the full amount. J
>
>
>
> Just a thought,
>
> Eric
>
>
>
> Eric F. Valdescaro
>
> AVP, Advancement Services
>
> University of Hawaii Foundation
>
>
>
>
>
>
>
> *From:* Advancement Services Discussion List [
> mailto:
FUNDSVCS@LISTSERV.FUNDSVCS.ORG <
FUNDSVCS@LISTSERV.FUNDSVCS.ORG>] *On
> Behalf Of *John Taylor
> *Sent:* Monday, June 3, 2019 9:23 AM
> *To:*
FUNDSVCS@LISTSERV.FUNDSVCS.ORG
> *Subject:* Re: [FUNDSVCS] FMV of socks
>
>
>
> The values change every year and 1771 does not keep up with those. This
> year the minimum required payment is $55.50. And YES - you MUST reduce
> gifts below that amount by the FMV of the socks.
>
>
>
> 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 Mon, Jun 3, 2019 at 3:20 PM Hornbeck, Cynthia <
CHornbeck1@twu.edu>
> wrote:
>
> I have a question about FMV when the donor is getting a pair of socks. I
> was reading the IRS publication 1771 to see if we needed to take the coast
> of the logo socks ($4.20) out of the gifts we have coming in. The
> requirements to get the socks is you have to give a minimum of $35.
>
>
>
> When I was looking over the 1771 publication it had an example of a
> minimum gift of $53 and a FMV logo gift of $10.60.
>
>
>
> Since our minimum does not meet the $53 do we need to take the $4.20 out
> of the charitable amount?
>
>
>
> Cindy Hornbeck
>
> Gift Processing Specialist
>
> University Advancement
>
> 940-898-3894
>
>
CHornbeck1@twu.edu
>
>
>
>
>
>
>
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