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KBLX 102.9 FM Radio Nonprofit Weekend Tip! What is a Quid Pro Quo Gift?

What is a Quid Pro Quo Gift? NOT SURE!!!

This is a payment a donor makes to a charity partly as a contribution and partly for goods or services received.  For example, if a donor gives a charity $200 and receives a concert ticket valued at $100, the donor has made a quid pro quo contribution and has received a gift from the charity   

For the Charity to avoid penalties -- It must tell   IRS about any Quid pro quo gifts given to a Donor   A penalty is imposed on a charity that does not make the required disclosure of a quid pro quo contribution of more than $75  

In the above example, the charitable contribution part of the payment is $100 and the Quid Pro Quo gift is $100         
 

To avoid penalties -- You must tell IRS about any Quid pro quo from a donor for goods and services received that is more than $75 in value. So in this case you will have to report the $100 concert ticket as a Quid Pro Quo gift 

Quid Pro Quo Gifts: As described above, when a donor contributes $75 or more and receives something of value in return, it is called a "quid pro quo" gift (which essentially means the donor received something in return for the donation). Read more about quid pro quo gift acknowledgments from the IRS website.


This is a payment a donor makes to a charity partly as a contribution and partly for goods or services.

A second  example, if a donor gives a charity $100 and receives a concert ticket valued at $40, the donor has made a quid pro quo contribution. In this example, the charitable contribution part of the payment is $60.There is NO required disclosure for this example.

Failure to make the required disclosure may result in a penalty to the organization.  

Penalty for Failure to Disclose A penalty is imposed on a charity that does not make the required disclosure of a quid pro quo contribution of more than $75. The penalty is $10 per contribution, not to exceed $5,000 per fundraising event or mailing. The charity can avoid the penalty if it can show that the failure was due to reasonable cause.  

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3 Comments to KBLX 102.9 FM Radio Nonprofit Weekend Tip! What is a Quid Pro Quo Gift?:

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