[LM_NET] TARGET: Birthday Book programs

[Karen Rinke <rinke.k@SBCGLOBAL.NET>]

Hello 'Netters

 

I have had a Birthday Book program, later expanded as a "Commemorative Book"
program for years, and it has been a major source of income for my library.
I am wondering, though, if any of you can share some insight into the tax
implications involved (deductibility for the donor, reporting to the IRS for
the school).  

 

Recently someone posted a message and described receiving donations and
thanking the donor but putting a bookplate in the book.  That, along with a
personal thank you note or letter from me, was how we did things in the
beginning.  In recent years, for various reasons, the situation at my school
has gotten much more complicated.  One person whose expertise is in
fundraising, insists that the donations are not fully deductible as the
donor is "buying a bookplate" to honor their child, grandchild, etc.  She
wants me to report to her the titles and ISBN numbers of the actual books
chosen for each donation.  Official letters using that information are then
sent out to the donors to use for tax purposes. She handles those letters
and the all record keeping necessary for the IRS on our end.  Thank
goodness, I don't have to do all of that.  Still....

 

I'm curious about how this issue is handled by other schools.  I'm wondering
if changing the wording on our donor forms could in some way affect the
legal issues regarding tax deductions and reporting.  Is it legal to simply
report the amount of the cash donated to the library and for the donors then
to get a full deduction for that amount.

By the way, we are a private school, if that makes any difference.

Any thoughts?

 

Karen Rinke, Librarian

St. John School

1208 Kentucky

Lawrence, KS 66044

rinke@saint-johns.net

 


--------------------------------------------------------------------
Please note: All LM_NET postings are protected by copyright law.
  You can prevent most e-mail filters from deleting LM_NET postings
  by adding LM_NET@LISTSERV.SYR.EDU to your e-mail address book.
To change your LM_NET status, e-mail to: listserv@listserv.syr.edu
In the message write EITHER: 1) SIGNOFF LM_NET  2) SET LM_NET NOMAIL
 3) SET LM_NET MAIL  4) SET LM_NET DIGEST  * Allow for confirmation.
 * LM_NET Help & Information: http://www.eduref.org/lm_net/
 * LM_NET Archive: http://www.eduref.org/lm_net/archive/
 * EL-Announce with LM_NET Select: http://lm-net.info/
 * LM_NET Supporters: http://www.eduref.org/lm_net/ven.html
 * LM_NET Wiki: http://lmnet.wikispaces.com/
--------------------------------------------------------------------