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Gift in Kind received for Event seats

Erica Austin

Hi, I'm wondering how I should document in NXT when a constituent donates a GIK and we give that constituent event tickets/sponsorship in exchange. The GIK FMV is $500, however the sponsorship we gave them, we sold for $2,000 but had a FMV of $1,315. The constituent also donated 2 hours of their time at the event.

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Comments

Dariel Dixon

@Erica Austin AFAIK, GIK have to be for tangible items. You can't give a gift in kind for a service. So I don't think they would be able to get a donation for their “time”. I think you could offer some type of recognition credit, but not hard credit.

JoAnn Strommen

@Erica Austin @Dariel Dixon is correct, “time” is not legally a GIK. I'm not sure I follow the “GIK FMV of $500”? If you determined the FMV of $1315 for what they paid $2000 IMO the only charitable contribution portion would be $685.

Dariel Dixon

@Erica Austin @Dariel Dixon is correct, “time” is not legally a GIK. I'm not sure I follow the “GIK FMV of $500”? If you determined the FMV of $1315 for what they paid $2000 IMO the only charitable contribution portion would be $685.

@JoAnn Strommen: It appears there is no tax deduction here at all. Actually, the way I read it, it sounds like there was a tangible gift with a “service” component, for instance an item and it's installation. While the item might have a value of $500, the installation might be worth more. However, the FMV of the sponsorship was for $1,315, so they would be valuing the “service” at the $815.

I'm not sure how this balances, but that's not our call.