Event Items At Cost

Howard Marmorstein

Where do you record items given for an event that are actually sold at-cost?

It's not a Gift-in-Kind because we paid for it (Gift-in-Kind is solely used for a donated for free).

We'll add an Action for the Constituent but where do you record it on the Participant for the Event?

Thanks.

Melissa Graves 2

Howard Marmorstein:

Where do you record items given for an event that are actually sold at-cost?

It's not a Gift-in-Kind because we paid for it (Gift-in-Kind is solely used for a donated for free).

We'll add an Action for the Constituent but where do you record it on the Participant for the Event?

Thanks.

Are you talking about something the IRS would consider a "bargain sale" gift?

Howard Marmorstein

Melissa Graves:
Are you talking about something the IRS would consider a "bargain sale" gift?

Never heard or that term.  Looked it up.

The answer is "no" - it's not a bargain sale.  It's just a regular sale without the mark-up normally sold at.

Melissa Graves 2

Howard Marmorstein:

Never heard or that term.  Looked it up.

The answer is "no" - it's not a bargain sale.  It's just a regular sale without the mark-up normally sold at.

Unless it is a bargain sale (which I still think it could be) then you do not have a gift and you do nothing.

What makes you think it is not a bargain sale? If they are giving you a discount (even if it is down to "cost") I think it could be a bargain sale.

Howard Marmorstein

Melissa Graves:

Unless it is a bargain sale (which I still think it could be) then you do not have a gift and you do nothing.

What makes you think it is not a bargain sale? If they are giving you a discount (even if it is down to "cost") I think it could be a bargain sale.

It's our Finance's policy.  Essentially I guess we can think of them as a Vendor and wish to record on the Event what the Vendor supplied.

Melissa Graves 2

Howard Marmorstein:
It's our Finance's policy.  Essentially I guess we can think of them as a Vendor and wish to record on the Event what the Vendor supplied.

The IRS decides whether something you are given is a contribution or not - your finance office has no control over how it should be counted. If a vendor sells you something at a deep discount on the retail value - they qualify for tax deduction of a bargain sale and you have received a bargain sale contribution that you can/should book.

If you are still not counting this as a gift - the only way to reflect this in the events module is in the expenses tab but it is not set up to show you any discounts you received - just how much the expense was which would be the amount you paid - not the retail value.