Fair Market Value
Donation receipts act as official proof of monetary contributions and help donors claim a tax deduction. A very important part of that receipt is specifying the fair market value of the goods provided so that donors can figure out the amount of the donation that is tax deductible.
Ticketstripe’s donation software allows 501(c)(3) tax-exempt organizations to input the Fair Market Value for tickets and donations which can be displayed on the purchaser’s receipt automatically.
To specify payments/donations are tax deductible:
- Go to My Account in your Ticketstripe dashboard
- Click on Profile
- Tick the box that says “Payments/donations made to my organization are tax deductible”
- This will enable your organization’s name and ID to display on donor receipts
To enter the fair market value for your donations:
- Click on Donations from the left menu in your Ticketstripe Event dashboard
- To edit an existing donation, click Edit next to your donation
- Click More Options
- Scroll down to Fair Market Value and enter the value into that field
- Click Update or Save