I am looking to audit our organizations Fair Market Value numbers for our donation categories and I was wondering if the hive mind had a good set of resources for arts organizations on how to calculate this for certain types of benefits. It is very clear regarding physical items, such as event tickets, merchandise, etc. Less so for things like pre and post show receptions where they may receive food and beverage for free.
If anyone has a great resource for calculating fair market value on perks that arts orgs typically offer as part of membership/donations, or sharing out how you calculate your own orgs FMV, it would be greatly appreciated!
Thanks!
JeffPatron Services AssociateCal Performances
Hi Jeff - linking some documentation from the IRS:https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contributions-quid-pro-quo-contributions. I found the section where "Good Faith Estimates" were discussed very helpful! Thanks - Tele