Important Tax Information
The IRS requires that charitable organizations such as St. Ursula Villa inform contributors about the deductibility of payments and donations made by patrons for fundraising activities. The following are guidelines provided to assist in your tax preparation. Dinner Tickets: The cost of each dinner ticket is tax-deductible to the extent that it exceeds $ 40, the fair market value of the meal. Items purchased at the auction are deductible for the amounts paid in excess of the fair market value of each item. Cash Contributions are 100 % deductible. For contributions of $ 250 or more, a written receipt is required for proof of tax deductibility. For non-cash donations, it is advised that you consult your tax professional regarding tax deductibility since the IRS has specific requirements for filing which may apply to you. Raffle tickets are not tax-deductible. The emailed event receipt serves as your official receipt of items purchased at the auction. The value set for each item is a“ good faith estimate” as required by the IRS.