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  • 1.  GIK for Discounted Venue/Food?

    Posted 03-13-2024 10:40 AM

    We're trying to judge whether any GIK value can be recorded for donor recognition in this case: a corporate venue provided their space to us, entirely removed the venue fee, and steeply discounted the food for an event we held.  Based on everything I'm seeing, I don't believe a GIK can be recorded or receipted in this case, but we're receiving internal pushback on that.  Is my assumption correct that this does not qualify as an in-kind donation?

    Thanks,

    Jaimie



    ------------------------------
    Jaimie Lane
    Boston Symphony Orchestra
    jlane@bso.org
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  • 2.  RE: GIK for Discounted Venue/Food?

    Posted 03-13-2024 10:43 AM
    Unfortunately, you won't be able to offer a receipt to use the space (partial interest). However, you can offer GIK credit for the difference between the food's FMV and the price you actually paid. That is considered a "bargain sale."

    However, ensure that none of the discount applied to service - only the food.

    John

    John H. Taylor, Principal
    John H. Taylor Consulting, LLC
    2604 Sevier Street
    Durham, NC     27705

    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987




    Original Message


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