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  • 1.  Gift-in-Kind Reception Food, Entertainment

    Posted 01-10-2024 08:17 AM

    Hi,

     

    We have a donor who covered the costs for a fundraising reception and was looking for documentation to give to their accountant. We handled this as we normally do with a receipt that provides a description of what was contributed (cost of food, entertainment, etc), but I am questioning whether what we provided will be sufficient for the donor. The total cost of the reception was $5,800. Will the donor need to complete and have us sign an 8283? If yes, how do they handle the question of an appraisal?

     

    Many thanks for any insights.

     

    Molly

     

    ----

    MOLLY A. BODNAR

    Office of Advancement

     

    mbodnar@coloradocollege.edu

    o (719) 389-6351

    c (719) 368-9139

     

    COLORADO COLLEGE

    14 E. Cache La Poudre St.

    Colorado Springs, CO 80903

    www.coloradocollege.edu

     

     



  • 2.  RE: Gift-in-Kind Reception Food, Entertainment

    Posted 01-10-2024 08:22 AM
    This is not the sort of donation that will require you to sign an 8283. But that is for the donor and their CPA to determine. You have done right - although in the future you should pay all event expenses and allow the donor to offer an underwriting payment.

    John
    John H. Taylor 
    919.816.5903 (Cell/Text)

    Big Ideas; Small Keyboard



    Original Message


  • 3.  RE: Gift-in-Kind Reception Food, Entertainment

    Posted 01-10-2024 08:48 AM
    Hello,

    Tagging on to this question. I am curious how others handle when funds are given to underwrite events that the donor has actually attended and received benefits for.

    Do you deduct the QPQ regarding their attendance? and how do you communicate those benefits if you do separate the underwriting payments?

    Thanks,

    Karen

    --
     
    Karen A. Sims-Harrell, M.Ed.
    Pronouns: She/Her/Hers
    Director Gift and Records Management
    Advancement Services
    NC State University
    1210 Varsity Drive
    Campus Box 7474
    Raleigh, NC 27695-7474
      



    Original Message


  • 4.  RE: Gift-in-Kind Reception Food, Entertainment

    Posted 01-10-2024 09:05 AM
    This is little different from a corporate sponsorship. Yes, there is a QPQ if the donor participates. And a standard QPQ receipt as outlined in Publication 1771 is issued.

    As with any activity where a donor stands to receive a benefit in exchange for their donation they should be apprised in advance. Donors don't like surprises!

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987





    Original Message


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