> >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.
>
Thank you for the suggestion, I do have a follow-up question. When I post
the purchase price and post the nondeductible amount seperately, do I
enter the non deductible amount in that field and enter $0 in the amount
field? If so the how do I show the donation amount (assume item was
purchased for more than market value)?
> >
> >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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