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  • 1.  Parking Space Auction

    Posted 06-12-2024 12:40 PM

    We have a professor who won an award that gave him a prime parking space on campus for a year. He would like to auction off the space to faculty and staff as a single bid, closed envelope auction. Anyone who wants to submit a bid can do so and the highest bidder wins. No one knows what anyone else has bid for the spot, or even how many bids there are. The proceeds would go to a memorial fund for a professor who passed away last year.

     

    Is there any advice/words of caution that anyone has to offer around this sort of thing?

     

    Thanks in advance!

     

    Ashley Patton (she/her)
    Director of Advancement Services
    Vermont Law and Graduate School
    164 Chelsea Street, PO Box 26, South Royalton, VT 05068
    T: 802-831-1230
    vermontlaw.edu

     

    Text Description automatically generated with medium confidence Vermont Law and Graduate School

     



  • 2.  RE: Parking Space Auction

    Posted 06-13-2024 04:43 PM
    Make sure you publish a fair market value for this parking spot prior to taking bids. If there is not a known FMV prior to the auction, the winning price is considered to be the MVP by the IRS, and there is no gift portion for the contribution. Also, the professor needs to donate the spot to you and get a GIK receipt for it. 

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

    Schedule a 30-minute consultation now:




    Original Message


  • 3.  RE: Parking Space Auction

    Posted 06-25-2024 09:44 AM

    I would imagine in this case @Isaac Shalev, the FMV would also be the value of the in-kind gift.



    ------------------------------
    Dariel Dixon
    Chautauqua Institution
    ddixon@chq.org
    ------------------------------

    Original Message


  • 4.  RE: Parking Space Auction

    Posted 06-25-2024 09:59 AM
    Yes, at least as far as your accounting is concerned, if your accounting team books it at all. But you're not going to include a value on the GIK receipt to the donor, and the donor and their tax advisers will decide what size deduction to claim. 


    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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