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Wed, 10 May 2006 13:21:24 -0400 |
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There is no issue at all with the Historical Society's fundraising goal of soliciting and
receiving donations to purchase the house. It is merely acting as a second party -
like a community foundation might with a donor-advised fund. Once purchased, the
Society can choose to do whatever it wants to with the property, including
transferring ownership to the City. It would be best for the Society to make public its
intentions from the start so as not to mislead its community of supporters into
believing that the Society will be the owner and responsible for the home's ongoing
maintenance - or exhibits and tours or whatever else. To that end, it would be best
for the Society and the City to clarify and agree in a Memorandum of Understanding
all intentions and ongoing responsibilities for both entities during the fundraising
campaign and after the transfer.
You have already answered your own question regarding the quid pro quo
statement. Here's what we use at UC Santa Cruz: "No goods or services were
exchanged for this charitable contribution unless otherwise noted. The full amount of
your contribution is tax deductible to the extent allowed by law." This second line
places the oenus and deduction claim on the donor and makes it clear that tax laws
may limit the amount of deductions based on annual gross income.
Don't forget to include the gift amount, Society's full name, tax exemption status
(501(c)3 I presume) and Federal Tax ID number.
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