Good morning, all –
If we give away low-cost items (e.g. facemasks with our school's logo) in response to gifts, and the gift is LESS THAN $56.50, what is the maximum value the goods can be before we need to disclose their fair market value on the receipts?
I believe it's 2% of the value of the gift, but I just wanted to check to see if there are any other exceptions to this rule.
Michael Halverson, Ed.D. Senior Director of Advancement Services Loyola University Chicago T. 312-915-7283 | C. 320-363-4987 email@example.com | www.luc.edu/advancement
That's what I thought; thanks so much!
Corie, as long as the benefit meets the criteria you reference as a token item (option 2), then that is the rule you follow.If the token items value (cumulative value) exceed the annual maximum limit ($11.30 in 2021) - or the donation amount falls below the annual minimum gift ($56.50 in 2021) - then the 2% or $113 (whichever is less) rule applies.JohnJohn H. Taylor 919.816.5903 (Cell/Text)Big Ideas; Small Keyboard