I want to hold a special event with items donated by local business and since we are a 501(c)3 organization, will the value of these itmes be tax deductible for the donors?
Robert Shriner of the Shriner-Midland Company in Falls Church, Virginia, replied on April 27, 2004: Donations by businesses to a charity are not usually treated as a tax-deductible charitable contribution but as a deductible business expense (for marketing, promotion, etc.). In some cases, larger corporations may make charitable contributions from profits; but more frequently small and medium sized firms simply treat the donation amount as a business expense. Offering them ‘tax deductibility’ therefore isn’t much of an incentive to a business to make a donation. If they are persuaded of your cause and see an opportunity to get visibility for the company or its products/services through a donation, those are the factors that will result in donations. Also, as Tony Poderis points out (see http://www.nonprofits.org/npofaq/18/80.html), your organization cannot set the amount nor provide a guarantee that a donation will be tax deductible. It is the responsibility of the donor to provide ind
Related Questions
- I want to hold a special event with items donated by local business and since we are a 501(c)3 organization, will the value of these itmes be tax deductible for the donors?
- Will Edenwald allow me to hold a business meeting, party, or some other special event on campus?
- Can I host a party, business meeting or special event at the Art Center?
