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How to Value a Ride in SWAT Vehicle?

  • 1.  How to Value a Ride in SWAT Vehicle?

    Posted 12-13-2019 07:26 AM

    Greetings All,

    The Athletics Department auctioned off an afternoon ride along with the area SWAT team.  The donor listed its value as priceless, but I need to determine an amount for processing purposes.  Any suggestions on how to value a ride in a SWAT vehicle?



    ------------------------------
    Tatiana Walzer
    Assistant Director Advancement Services
    University of Saint Francis
    twalzer@sf.edu
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  • 2.  RE: How to Value a Ride in SWAT Vehicle?

    Posted 12-13-2019 07:41 AM
    This is not a gift so there's nothing to record.  If the listed value was "priceless" at the auction then the winning bid set the FMV of the ride.  Therefore the winning bidder received a vlue equal to what they paid.  So there is not gift on that end, either.

    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






  • 3.  RE: How to Value a Ride in SWAT Vehicle?

    Posted 12-13-2019 09:28 AM

    Is this not considered a gift because the value of the item was listed as priceless?  It was my understanding that if a person made a purchase at a fundraising auction they could receive tax credit for any amount over the value of the item.  Is that not the case? 

    On the flip side if these are not considered gifts how should they be recorded?  And do we need to send any form of acknowledgment to the purchaser?  Thank you for your help.    



    ------------------------------
    Tatiana Walzer
    Assistant Director Advancement Services
    University of Saint Francis
    twalzer@sf.edu
    ------------------------------



  • 4.  RE: How to Value a Ride in SWAT Vehicle?

    Posted 12-13-2019 09:35 AM

    To me, a ride-along is donated labor and therefore not a gift.

     

    Regards,

     

    Lesley

     

    Lesley T. Pratt

    Assistant Vice President, Advancement Services

    Office of University Advancement

    Northeastern University

    716 Columbus Avenue, 402 CP, #427

    Boston, MA 02120

    le.pratt@northeastern.edu

    CASE DISTRICT 1 TREASURER

     






  • 5.  RE: How to Value a Ride in SWAT Vehicle?

    Posted 12-13-2019 10:21 AM
    The buyer must know the FMV of the item they are bidding on for any gift to be considered.  This will help you:


    You may certainly send these donors a thank you letter for participating in the auction, but no "gift" should be entered.  Some organizations will enter a soft-credit only transaction but that's up to you.  I tend to not enter soft-credit when there isn't a corresponding legal gift.

    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