Ideas

Add Fair Market Value to Event Registration in Finance

0

Login To Vote

Add Fair Market Value to Event Registration in Finance

Finance

When a church has fundraising events, like a Charity golf tournament, it would be nice to have a way to input the Fair Market Value (FMV) of what the Registrants are receiving. Then Rock would be able to automatically calculate and record the Non-Tax Deductible amount (FMV of Event fee) and the Tax-Deductible amount (Contribution portion of fee above FMV of entry to event). For example, the church determines that the FMV of playing in the golf tournament is $65, so when a registrant registers and pays the $100 fee, their Rock account reflects $65 as Event Registration (not tax-deductible) and $35 as Contribution (gift that is tax-deductible). 

Adjust the Event Registration Template to be able to add and figure this in during Registration. 

Photo of Jenny BrunsvoldSubmitted by Jenny Brunsvold, Currey Creek Church  ·   ·  Finance
Remove Votes
Login to add a comment...

Submission Success Tips

Cultivate your ideas for maximum impact with these helpful submission tips that will increase the chances of your brilliant concepts becoming reality.

  • Clear Title: Craft a straightforward and descriptive title that instantly conveys the essence of your idea.
  • Concise Description: Provide an idea description that is succinct, ensuring it effectively communicates the concept without unnecessary verbosity.
  • Provide Additional Details: With a concise description complete, now provide any other details that are needed to better understand the requirements.
  • Thorough Ministry Need Review: Provide a comprehensive overview of the ministry need your idea addresses, emphasizing its significance.
  • Cover the WHY: Clearly articulate the rationale behind your idea, explaining why it's essential and how it aligns with the organization's goals and mission. Oftentimes a clear "why" sheds light into other possible options.