Neighbors and friends gathered at last year's fundraiser
It's time again for the Jimmy Valentine’s Lonely Hearts Club’s Annual Fundraiser for Youth Programs. The event takes place will be Thursday, October 2, from 7-10pm at 1103 Bladensburg Rd. Last year's event was a huge success. Thanks to your generosity, they were able to supply everything from iPads to basketball uniforms for Trinidad youth. The suggested donation is $20 and as a token of thanks for your donation you’ll receive free drinks (3 max), and Mother Rucker’s Subs catering. Every little bit helps, and please, tell your friends. Donations will be accepted at the door, and donations can be made online through the Trinidad Neighborhood Association.
3 comments:
Please consult your tax advisor to determine the tax deductibility of your gift.
Robby
So, here's what to keep in mind/discuss with your tax advisor:
1. The Trinidad Neighborhood Association is to whom you're actually donating the funds. They're a 501(c)(3) so that part is totally kosher -- your money is a true donation and not a gift. http://trinidadneighborhood.org/2014/09/29/jimmy-valentines-lonely-hearts-clubs-annual-fundraiser-for-youth-programs/
2. HOWEVER, if you're going to the event and accept the food and three drinks generously provided, then you need to reduce your donation amount by the fair market value of the drinks and food. Depending on what you drink (three cocktails at $5 or so each = $15) and eat (a sub = $5 or so), the fair market value may be close to the suggested $20 donation. (See #3 at http://www.irs.gov/uac/Eight-Tips-for-Deducting-Charitable-Contributions)
This is NOT to suggest that you shouldn't go and contribute generously, just a caveat that, were you ever audited, the IRS could cite you for misrepresenting the donation amount.
Pub78.
Thanks for breaking that down for everyone.
They will have paper receipts available at the event. In my experience, many people at the event give far more than the $20 suggested, so those folks will certainly have something they can deduct.
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