One of our gift officers has been asked about a virtual event and has posed the question to the gift processing secretary to make sure they know the rules. It is a two part question and I would like to know if anyone else has dealt with this and could give any advice.
Is this allowable under IRS rules?
If allowed, what are the procedures for doing door prizes?
If allowed, how do you determine the cost of the homecoming kit?
Cost of supplies in the kit + donation = homecoming kit price
Fair market value of the kit + donation = homecoming kit price
If allowable under IRS rules does anyone have any wording they would use.
With more and more virtual events we are getting some different questions about how to fund raise and we want to make sure we are compliant with IRS rules.
Thank you in advance for any assistance you provide on this.