How does Dinner Belles raise money for MSM?
Dual participation from MSM supporters is needed in order for funds to be raised. The party donor contributes the actual gift to MSM by paying for the goods and services needed to throw the party. However, MSM does not receive any funds until the party is bought by the party purchaser. The party is given by the donor, the buyer writes the check, and the funds benefit Mount St. Mary’s Annual Fund. Is my Dinner Belles gift tax deductible? Even though the nature of this fundraiser requires participation from two parties, only one can claim the gift as a tax deduction. While the funds from the party purchaser are necessary to the fundraiser, the gift is not a 100% charitable contribution due to the fact that benefits (a party) were received in return. The IRS guidelines state that one can deduct only the amount that exceeds the fair market value of the benefit received. On the other hand, the party donors have given a party without receiving any benefits in return, therefore, they may rece
Related Questions
- It seems like the Chamber is always trying to raise funds and is always asking for donations or sponsorships. What does the Chamber do with all that money?
- How much more money will we need to purchase and install the pipe organ? How do we expect to raise that money?
- Does Troop 221 use e-Scrip to raise money?
