Entering "Auction" gifts

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Kristi
Posts: 133
Joined: Tue Feb 10, 2004 9:24 am
Location: Lea Joyner UMC Monroe, LA
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Entering "Auction" gifts

Post by Kristi »

Our church is planning on hosting an Auction in October with all the proceeds going to our new sanctuary fund.

We held our first art sale last year. Is an auction treated the same way...do I have to turn in a state sales tax for items sold?

Since the donor donated the item, they would not have to file a state tax like a craft vendor, correct?

Wouldn't the person who donated an item receive a "gifts-in-kind" letter?...but would I enter this "gift" on their contribution statement in any way? I had 2 $1,000 "gifts to be given at the auction" included in with their pledges during our recent building pledge campaign. I only entered in the actual pledge amount and will make a notation of the gift's expected value on their pledge statement I mail to them. Is this correct?

Thank you for your help~Kristi
"Trust in the Lord with all your heart and lean not on your own understanding." Proverbs 3:5

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