Legal Rules and Regulations Nat Carmichael, JD Lorraine Jordan, CRNA, PhD, FAAN Advancing the science of anesthesia through education and research

Fundraising Restrictions You would like to hold a live auction and a raffle at your next state meeting. Prior to holding the fundraiser you should: A)Prepare tax receipts in advance to give out to your donors. B)Call your attorney general’s office to let them know the details of your fundraiser. C)Call the Foundation to see if these activities are allowed within your state. D)All of the above. Advancing the science of anesthesia through education and research

Fundraising Restrictions You would like to hold a live auction and a raffle at your next state meeting. Prior to holding the fundraiser you should: C) Call the Foundation to see if these activities are allowed within your state. Advancing the science of anesthesia through education and research

Fundraising Restrictions You are encouraging members to give to the Foundation at your state meeting and you are giving a donut to everyone who makes a gift. Are you allowed to do this? Does this affect the donor’s tax deduction? Advancing the science of anesthesia through education and research

Fundraising Restrictions Donors may be offered “token” gifts that are less than $9.60 in value and it will not affect their tax deduction! Advancing the science of anesthesia through education and research

Fundraising Restrictions Events – Quid Pro Quo You are holding a “Cooking Class” fundraiser at your next state meeting and charging $75 per person to attend. The cost per person is $30 Which of the following are not true: A)You should inform the Foundation prior to holding an event like this. B)You should give attendees a gift receipt for the full $75 fee. C)You should inform attendees that $45 of the ticket price is tax deductible. Advancing the science of anesthesia through education and research

Fundraising Restrictions Events – Quid Pro Quo You are holding a “Cooking Class” fundraiser at your next state meeting and charging $75 per person to attend. The cost per person is $30 Which of the following are not true: C) You should inform attendees that $45 of the ticket price is tax deductible. The Foundation will send these event gift receipts when the money is processed at the home office. Advancing the science of anesthesia through education and research

Gift Acceptance Challenge! Advancing the science of anesthesia through education and research

Tax Deductibility When does a donor need a written acknowledgment for a donation? A)For gifts that are $500 or more B)For gifts that are $250 or more C)For gifts that are $100 or more D)A donor needs written acknowledgement for any gift. Advancing the science of anesthesia through education and research

Tax Deductibility When does a donor need a written acknowledgment for a donation? B) For gifts that are $250 or more Advancing the science of anesthesia through education and research A donor is responsible for obtaining a written acknowledgment from a charity for any single contribution of $250 or more before the donor can claim a charitable contribution on his/her federal income tax return.

Tax Deductibility When does the AANA Foundation issue gift receipts? A)For gifts that are $250 or more. B)For gifts that are $100 or more. C)For gifts that are $50 or more. D)For any gift regardless of size. Advancing the science of anesthesia through education and research

Tax Deductibility When does the AANA Foundation issue gift receipts? D) For any gift regardless of size. Advancing the science of anesthesia through education and research

Tax Deductibility You are holding a raffle at your state meeting for two tickets to an NFL game. The raffle tickets are $20 each. Can the buyers of the raffle tickets take a full tax deduction for tickets they purchase? Advancing the science of anesthesia through education and research

Tax Deductibility Can the buyers of the raffle tickets take a full tax deduction for tickets they purchase? No. The IRS deems the cost of raffle, bingo, or lottery tickets are not deductible as charitable contributions. Advancing the science of anesthesia through education and research

Tax Deductibility Deduction for Donated Property - Quilt A donor has given you a handmade quilt to be auctioned at your next state meeting. Which of the following are true? Advancing the science of anesthesia through education and research A)The donor may take a tax deduction for the winning bid on the quilt. B)The donor may take a tax deduction for the cost of materials used to make the quilt. C)The donor may use the fair market value for determining the deduction. D)The Foundation is required to get an appraisal for the quilt.

Tax Deductibility Deduction for Donated Property - Quilt A donor has given you a handmade quilt to be auctioned at your next state meeting. Which of these are true? Advancing the science of anesthesia through education and research C) The donor may use the fair market value for determining the deduction. Winning bidders receive a tax receipt from the AANA Foundation stating the total of their winning bid and that they may be entitled to a charitable deduction for the amount of the bid over the fair market value of the item.

Legal Rules and Regulations QUESTIONS Contact: Nat Carmichael Phone: