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Games of Chance, Raffles, Auctions

  • 1.  Games of Chance, Raffles, Auctions

    Posted 09-02-2022 12:45 PM
    Happy Friday!

    Might anyone have a policy/procedural document on these revenue-generating activities? I understand that some transactions may be charitable (certain items donated to the auction, the winning bid amount that exceeds the item's FMV...)  

    We need to revise what we have in place now, so I was hoping to gather some information from others. 

    I checked the library and found a few older documents. 

    Many thanks, and have a nice holiday weekend.

    ------------------------------
    Tracy Forkin
    Director of Stewardship & Donor Engagement
    Johnson & Wales University
    tracy.forkin@jwu.edu
    ------------------------------


  • 2.  RE: Games of Chance, Raffles, Auctions

    Posted 09-02-2022 12:49 PM
    Most of these are not charitable other than the in-kind donations and payments in excess.  See page 7 of IRS Publication 526.

    Here is the citation regarding charity auctions:


    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: Games of Chance, Raffles, Auctions

    Posted 30 days ago

    John, thank you for your reply. I agree with you.

     

    I am hoping someone on this listserv has a document that is similar to a checklist.

     

    ·        Request permit from your state XXX – see local Gaming Unit resource

    ·        What is charitable?

    ·        Assigning a FMV?

    ·        Etc.

     

     

     

    Best regards,

     

    Tracy

     






  • 4.  RE: Games of Chance, Raffles, Auctions

    Posted 30 days ago
    Tracy, when it comes to registration every state is different.  You might find these two links useful:



    As to the issues of charitable deductions and FMV, the IRS must be consulted.  There are far too many variables to consider.

    As I mentioned, Publication 526 is going to answer most of your questions.  561 helps you with the IRS definition of FMV (page 2).  1771 is also useful although it has not kept up with the current QPQ limits.

    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