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  • 1.  "Selling"" game worn jerseys and have the amount paid be counted as gift

    Posted 01-24-2024 02:27 PM

    We have a coach (and have in the past) want to "sell" game worn jerseys and/or other athletic worn apparel (warm-ups, etc) for a set price and that amount be counted as a "gift" because they feel there is no market value associated with old uniforms/jerseys/etc.  Can anyone offer any guidance as to if this can/should be done?  The price being discussed for the jersey is $125, warm-ups - $40.  I just don't feel comfortable recording gifts without a quid pro quo statement if the donor is getting something, unless these items truly do not hold value after usage/time.  Thank you in advance.



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    Jana Hunt
    Gannon University
    hunt001@gannon.edu
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  • 2.  RE: "Selling"" game worn jerseys and have the amount paid be counted as gift

    Posted 01-24-2024 02:56 PM
    I evaluated a similar planned program for another University a year or two ago. My research found that there is a market and "going rate" for game-worn jerseys. Certainly, some are more valuable than others (a Michale Jordan 1982-83 season jersey sold for over $1MM!).

    You will want to research your NCAA division teams to see their costs (without a charitable component). But my research found $150-$250 to be common.

    There is a fair market value for these. Per the IRS, you must make a good faith estimate as to what that is. Any amount paid in excess of that is a gift. But you cannot claim the entire amount as charitable - the individuals are receiving something of value.

    John

    John H. Taylor

    Principal

    John H. Taylor Consulting, LLC

    2604 Sevier St.

    Durham, NC   27705

    johntaylorconsulting@gmail.com

    919.816.5903 (cell/text)

     

    Serving the Advancement Community Since 1987




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  • 3.  RE: "Selling"" game worn jerseys and have the amount paid be counted as gift

    Posted 01-24-2024 03:46 PM
    A game-worn jersey that's not from a major program may not have much collectible value but it's still valuable as used clothing. You can find non-vintage used jerseys from D2 schools for $20-$50 on eBay. I imagine that if you sold these jerseys at the stadium our arena you would be able to sell them for some amount. You will need to establish a reasonable FMV here, you cannot treat these as of no monetary value. 

    Isaac Shalev
    Data Strategy Expert
    (917) 859-0151
    isaac@sage70.com

    Autocorrect was used in composting this email, please excuse any typos




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