>As we enter our banquet season, I am struggling with trying to figure out
>how to enter dinner, raffle ticket, and auction item purchases between
>contribution and events/purchases. I want to keep things simple and I
>don't want to lose track of contributions by entering it all in the
>events/purchases category. But for example, most of the dinner ticket
>does actually go to the value of the meal. I think they put $10 towards
>the total that is tax-deductible. On the auction item issue, some people
>buy many items and I'm thinking it's going to be time intensive to try and
>figure out how much of each item they bought was tax-deductible. What are
>others doing in this situation?
I think you'll find that the tax-deductible amount is a pretty
important number to many of the auction participants. What I have
seen people do is to capture the market value of the item from the
donor at the time it is acquired. When you post the purchase, the
total amount gets recorded as a purchase, and the nondeductible
amount gets posted separately. That way you can run receipts showing
the total and nondeductible amount for the purchaser's tax records,
and track for your own records how the auction $$ fall out between
value and donation.
>
>Thanks for the help.
>Ali Duvall Jonkel
>Five Valleys Land Trust
>
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Dave Shaw Northwest Classics, Inc
tel: 206-954-7526 fax: 206-625-1338
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