NONPROFITS: The deadline to update your Giving Day profile was August 31. Thank you for your interest and we hope you will participate in North Texas Giving Day next year!
De Minimis Benefits: A donor can take a full deduction if the fair market value of the benefits received in connection with a gift does not exceed 2% of the donation or $101 (2013 inflation-adjusted amount), whichever is less.
1. The fair market value of the benefits received does not exceed the lesser of 2% of the payment(donation) or $101, or
2. The payment (donation) is at least $50.50, the only items provided bear the organization’s name or logo (e.g., calendars, mugs or posters), and the cost of these items is within the limit for “low-cost articles,” which is $10.10.
Do not offer to enter your donors into a drawing or raffle if they donate to your nonprofit on Giving Day. “Drawings’ are considered a “games of chance” by the IRS and regardless of whether they win or not, their ‘donation’ would then not be tax deductible.