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  • 1.  In Kind Donations?

    Posted 08-23-2023 10:55 AM

    Hello,

    A company recently reached out to us about holding a raffle on our behalf. They plan on handling the tickets and just donating the proceeds to our organization. They have asked us for a procurement form for them to get items for the raffle. Would the people who provide the items being raffled off qualify for some kind of tax deduction? Would we want to record this as an in-kind gift? I don't think that we do since we aren't actually accepting these in-kind gifts, but I am not sure why the company is looking for a procurement form from us. Does anyone have any experience with this type of set up?

    Thank you!
    Annie



    ------------------------------
    Anne Pires
    Year Up
    apires@yearup.org
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  • 2.  RE: In Kind Donations?

    Posted 08-23-2023 11:41 AM
    Donors could only claim a tax deduction if you ran the entire event and took the company mostly out of the picture. The in-kind donations would have to be made to you. The auction purchases would have to be made through you.

    Your attorney could make the company your legal and fiscal agent. But I would not go that route. If this train has already left the station, it is best to treat this as a proceeds-to-benefit event, with the only deductible gift being the cash given to you by the company.

    John

    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


  • 3.  RE: In Kind Donations?

    Posted 08-23-2023 11:43 AM
    To add to John's wise advice, I would also offer that raffles are governed by state law, and you certainly don't want to be involved in procuring items for a raffle whose operations your legal counsel hasn't vetted.


    Thank you,
    Isaac Shalev
    Data Strategy Expert
    Sage70, Inc.
    (917) 859-0151
    isaac@sage70.com

    Schedule a 30-minute consultation now:





    Original Message


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