Greetings!
We're auditing our non-deductible, goods and services portion for annual membership contributions. What's your method of estimating, in good faith, the value of benefits? And would you be willing to share how you've valued your benefits? Thanks for your help!
Clare Kiklowicz, American Film Institute
Hi Clare
I am happy to talk about how we calculate the FMV on our benefits.
For us it is pretty straight forward. Many of or benefits are experiential and happen at our performances. Donors at a certain level get 2 tickets to the pre-show dinner and valet parking, those are fixed per item costs for us and stated by the venue. We also know the per item cost of the swag that we give to donors. The only thing that requires some calculation is access to the all inclusive donor lounge. We know what our costs are and average attendance numbers so we calculate the prior seasons average per person and go with that. I have a spreadsheet that breaks down each benefit item and I plug in the updated value each year. I am happy to share it with you if you would like to shoot me an email at rjorgensen@atlantaopera.org
It always seems like an arduous task each year, but in reality it is pretty easy. I run the numbers by Finance to make sure I have their sign off before we publish them.
Best,
Rachel