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Charity Auction

  • 1.  Charity Auction

    Posted 12 days ago
    Is there anything more than the IRS guidance on charity auctions to say that the fair market value of an item can be established by it's publication in an online catalog?

    We recently had an art auction and there is some debate that the estimates provided by the auction house were intentionally low to create "spirited bidding" and should not be used as a value in receipts to those who paid above the high estimate?

    I think we need to provide the information (item purchased, price paid, and the high estimate value) and then it is up to the purchaser and their tax advisor to determine if there is a deduction to be claimed. Any additional information is appreciated.

    Daniel Snyder
    Assistant Director of Advancement Services
    Bennington College

  • 2.  RE: Charity Auction

    Posted 12 days ago
    See IRS Publication 561.  The published values must represent the fair market value (per your reference ).  FMV is what is typically regarded as the retail price.  If that is not available (you normally can find that online), then per 561, it is the amount a willing buyer would pay a willing seller.

    John H. Taylor 
    919.816.5903 (Cell/Text)

    Big Ideas; Small Keyboard

  • 3.  RE: Charity Auction

    Posted 12 days ago
    Thanks John.

    vertical black pipe, a design featureDan Snyder (he/him/his)
    Assistant Director of Advancement Services 
    Office of Institutional Advancement 

    Bennington College 

    One College Drive 
    Bennington, VT 05201 
    Office: +1 (802) 447-4238 
    Fax: +1 (802) 440-4351

    The World Needs More Bennington 
    The Bennington campaign aims to raise $150 million in support of students, faculty and renewing the campus with a focus on building the endowment for Field Work Term, financial aid, the Writing Seminars, and Public Action.

    To make a secure online gift click hereOr, for more information on ways to make a gift, including stock transfer instructions, please visit our website.