Well, it seems not all parking is free. Some apparently now costs $1,000!
John Taylor
919.816.5903
johntaylorconsulting@gmail.com
Big ideas; small keyboard
> On Jul 2, 2019, at 7:19 AM, Michael Wyland <
michael@sumptionandwyland.com> wrote:
>
> John:
>
> Thanks! All city-owned parking, including the nearest public parking, is free weekdays after 5:00 p.m. and all day during weekends, the times when the performances are held.
>
> I'm curious to see how "creative" the gift receipts will be in estimating the FMV of the many benefits received.
>
> Michael
>
> <image001.jpg>
> Michael L. Wyland
> Sumption & Wyland
> 818 South Hawthorne Avenue
> Sioux Falls, South Dakota 57104-4537
> (605) 336-0244 or (888) 4-SUMPTION
>
> Web site:
http://www.sumptionandwyland.com
> LinkedIn Profile:
http://www.linkedin.com/in/michaelwyland
>
> "I never considered a difference of opinion in politics, in religion, in philosophy, as cause for withdrawing from a friend." - Thomas Jefferson to William Hamilton, April 22, 1800
>
> From: Advancement Services Discussion List On Behalf Of John Taylor
> Sent: Monday, July 1, 2019 7:15 PM
> To:
FUNDSVCS@LISTSERV.FUNDSVCS.ORG
> Subject: Re: [FUNDSVCS] Value of goods & services...?
>
> You are correct on the lawn chair use value. $300 regardless of whether they attend or not (unless they opt out initially).
>
> And, yes, it would seem that the value of the parking is the value of being a platinum member. Although I have seen similar cases where the organization has used the highest public parking costs nearest the venue. While a good base, I have counseled them to add a premium (20% for the sake of conversation). After all, the IRS tells us to make a good faith estimate - so for me, that's either the full platinum cost or some reasonable estimate as suggested above.
>
> 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, Jul 1, 2019 at 5:28 PM Michael Wyland <
michael@sumptionandwyland.com> wrote:
> To all:
>
> A charity offering outdoor entertainment offers a "Platinum" annual fund donation level of $1,000. For this gift, the donor receives all the benefits of "friend" and "gold" status, plus other benefits. I'm concerned that the benefits outvalue the amount of the donation, making the gift a purchase.
>
> Platinum benefits include two complimentary lawn chair rentals per performance. There are 30 performances per season and lawn chairs rent for $5 each per performance. So, value equals $300, right?
>
> The tougher part of platinum benefits is free preferred parking for each of the 30 events. During event times, the preferred parking lots are only accessible to: 1) platinum donors; and 2) cars displaying disabled parking permits (disabled parking permit holders park free without being platinum donors). The preferred parking lots are contracted by the charity and owned by local government or by businesses. There is no option for the public to pay a fee and park in the preferred lots when attending performances.
>
> Has the charity set the value of the preferred parking at the amount of the residual gift (gift amount of $1,000 minus FMV of the other benefits received)?
>
> <image002.jpg>
> Michael L. Wyland
> Sumption & Wyland
> 818 South Hawthorne Avenue
> Sioux Falls, South Dakota 57104-4537
> (605) 336-0244 or (888) 4-SUMPTION
>
> Web site:
http://www.sumptionandwyland.com
> LinkedIn Profile:
http://www.linkedin.com/in/michaelwyland
>
> "I never considered a difference of opinion in politics, in religion, in philosophy, as cause for withdrawing from a friend." - Thomas Jefferson to William Hamilton, April 22, 1800
>