Advancement · Grants & Funding
Log each item as it arrives with a description bidders can trust, its fair market value, an opening bid and a minimum raise. Print a bid sheet with the ladder of bids worked out and the value stated, and keep the thank-yous and acknowledgments on track.
Included with Caveat Classroom and Whole-school licenses. Or get it in the Grant writer’s desk, $49 for 32 items.
The worked example is three made-up items for a school’s spring auction: a cabin stay, a class quilt and a year of pizza. Items save on this device only.
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Advancement · Grants & Funding$12 · included with Classroom and Whole-school licenses
A winning bidder receives something of value, so only the amount paid above the item’s fair market value can count as a charitable contribution. Stating the value on the bid sheet and in the catalog lets bidders know where that line sits, and when a payment is over $75 and partly a gift, the charity must give a written disclosure.
A business or family that gives goods worth $250 or more needs a written acknowledgment to claim a deduction: describe the item, but do not put a value on it. People who donate their own time or services cannot deduct its value. Your treasurer or tax adviser has the final word.
The worked example is made up. Tax points are stated in general federal terms and are not tax advice; your organization’s treasurer or tax adviser comes first. Nothing you type is sent to Caveat. Support: team@caveatacademic.com.