You’ve got enough on your plate with planning your upcoming charity auction, so it’s easy to forget some of the tax and compliance standards that are required to run a legitimate fundraising event in your state. Such standards include charitable solicitation registration requirements, special event insurance, documentation for each transaction, accounting requirements and even specific regulations regarding sales tax.
The following infographic lays out a few of the key items to bear in mind as you plan your next charity auction event.
These are only a high-level overview of regulation and compliance issues that you may encounter with your fundraising event, so be sure to work with a tax, accounting, and compliance expert that can provide guidance for the requirements in your region.
Please note that the information in the following infographic is provided as general guidelines. Contact a tax or accounting professional for an official opinion on the regulation requirements for your nonprofit organization.
Sources:
- http://www.blueavocado.org/content/nonprofit-auctions-complete-compliance-guide-and-sample-forms
- http://www.insureanonprofit.com/insurance-quotes/nonprofit-special-event-insurance
- http://www.nonprofitaccountingbasics.org/special-events/charity-auctions-reporting-tax-rules
- https://www.irs.gov/Charities-&-Non-Profits/Unrelated-Business-Income-Tax-Returns
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