No matter what type of fundraiser your agency, affiliate foundation or fund holds, we want to make sure everything goes smoothly when handling donations. We’ve put together a few resources to help you better understand the deductibility and processing of donations.
Please fill out this form following your fundraiser by listing the name of the donor and their donation. When complete, please mail the donations and the completed form to: Community Foundation of the Ozarks, Attn: Finance, P.O. Box 8960, Springfield, MO, 65801; or deliver them to the CFO’s Springfield office.
The document is a form-fillable PDF with auto-tabulating totals. Simply enter the tax- and non-deductible amounts of each donation.
- The CFO does not host fundraisers. Affiliate community foundations and component funds may host fundraisers.
- The CFO must be informed about a fundraiser before it occurs, and any information regarding fundraisers (sponsorship information, etc.) must be provided to CFO staff. Any gifts to a fund due to a fundraiser must be accompanied by the fundraiser donation form.
- Proceeds from the fundraiser may be deposited into a fund in the following fashion:
- Sponsorships: These gifts may be tax-deductible, but any good or service received as part of the sponsorship (i.e., event tickets) must be deducted from the tax-deductible part of donation.
- Ticket sales/entry fees: These gifts may be tax-deductible, but any good or service received as part of the event (i.e., hard cost of meal, t-shirt, golf green fees) must be deducted from the tax-deductible portion of the donation.
- Live/silent auctions: These gifts may be tax-deductible, but only if the donor pays above the assigned value of the item. The assigned value must be deducted from the tax-deductible portion of the donation. The CFO relies on the fundraiser organizer to provide this information.
- T-shirts/raffles/paddle parties: These are NOT tax-deductible contributions. The donor is receiving a good, service or chance for payments.
- All proceeds should be mailed directly to the CFO (Attn: Finance, P.O. Box 8960, Springfield, MO, 65801) and should not be deposited into a local account. We cannot send out tax acknowledgement letters for gifts that are not deposited through the CFO. Checks should come to CFO divided and labeled into the categories mentioned above. A fundraiser donation form must accompany checks to the CFO office. CFO reserves the right to determine the most appropriate method of posting gifts, if no direction is received.
- The CFO does accept credit card gifts. An automatic email acknowledgement letter is sent when the donor clicks “Make Donation.”
- The CFO recommends laptops with wireless internet connections to accept credit cards at events. This ensures no one has individual credit card information. The CFO staff does not enter credit card information, nor should anyone other than the individual cardholder to be in compliance with data-security standards of the payment card industry.
- If event proceeds are being deposited into a fund held at the CFO, event organizers may use the CFO’s sales tax exemption letter for purchases associated with event. Contact CFO staff to obtain copy of letter.
- The CFO does not have a website designed to capture information regarding fundraising records, such as tickets, table sales, etc.
- Bills associated with the fundraiser may be paid from the charitable fund held here at the CFO. They can be submitted to CFO staff. This is categorized as a fundraising expense for the fund. Reimbursements to individuals and/or businesses that are not the vendor charging the expense cannot be made.
- Acknowledgement letters can be sent for in-kind donations to a fundraising event. CFO staff requires the name and address of donor, description of item(s) and the donor’s assigned value. The onus on the proof of value rests with the donor, not the CFO.
Note: Fair market value (FMV) is defined as “the price for which you could sell your property to a willing buyer, when neither of you has to sell or buy and both of you know all the relevant facts.” To determine your property’s fair market value, the best method is to compare the prices others have paid for something comparable.
- Golf tournament/event sponsorships
- Table sponsorships — Only if the table is donated and not utilized by the buyer or buyer’s guest.
- Ticket purchases — Only if the ticket is returned to the organization for resale.
- Jeans day
- Brick sales
- Donations with no benefits
- Membership fees of $75 or less
- 5K entry fees — The FMV of promotional items received such as t-shirt, water bottles, etc. must be deducted from the entry fee. Example: If the entry fee is $25 and they receive a $10 t-shirt-that makes the tax-deductible amount is $15)
- Table sponsorships — If utilized by the buyer, the FMV of the meal/entertainment is deducted from the cost of the table. Example: The table is $1000 and seats 10 people. If the FMV of the meal for each ticket is $25, the tax-deductible amount is $750.
- Membership fees over $75 — The FMV of the benefit received (tickets, t-shirts, etc.) is deducted from the membership fee. Example: If the membership fee is $250 and includes six $10 tickets, the tax-deductible amount is $190.
- Live/silent auction items — Only the amount over the FMV is tax-deductible. Example: If four baseball tickets are valued at $30 each ($120 total) and the buyer pays $150, the tax-deductible amount is $30.
- Donut/food sales — The amount over the retail price of the donuts or food is tax-deductible. Example: If the FMV is $12 per dozen donuts and sold for $20, the tax-deductible amount is $8 per dozen.
- Golf tournament entry fees — The FMV of green fees and promotional items is deducted from the entry fee.
- Games of chance (raffle ticket sales, bingo sales, casino nights, paddle parties, horse races, etc.)
- Product sales