'Like' us on Facebook - www.facebook.com Follow us on Twitter - www.twitter.com Visit us on www.BalconyTV.com FILMED DURING CANADIAN MUSIC FEST 2011 BALCONYTV TORONTO IS BROUGHT TO YOU IN ASSOCIATION WITH INDIE WEEK AND THE UNDERGROUND GARAGE PRESENTED BY SARAH RICHES http www.indieweek.com Following the breakout success of the Raine Maida (Our Lady Peace) produced EP, The Lost Cause, Vancouver singer Billy the Kid (Billy Pettinger) decided to give back to her fans by recording a new album which will be given away for free on the internet. In order to pull this off, Billy launched a fan funding campaign on her website www.billythekidonline.com to raise the money necessary to record her new album. Her fans pulled through in droves, pre-ordering a variety of different album bundles, and the album was recorded over the course of two months, in three different cities in early 2011. Now that recording is complete, the album needs to be mixed and mastered, which is another considerable expense. So Billy decided to launch phase two of her fan funding campaign. However this time around, she has one-upped herself and has created some incredibly creative new fundraising options. New fund raising options include a hand drawn cartoon of you for , a night on the town with Billy for 0, a weekend with her for 0, co-writing a song with her for 00, an original song written for you or a loved one for 00, have Billy mailed to your house for 00 and hang out with her for a ...
http://webtaj.com BILLY THE KID
"The other side is spending more money than we've ever seen before," Mr. Obama said. "I mean, you've got billionaires just writing $ 10 million checks. They just, they're spending money like nobody's business." Obama's fundraising thus far has enabled ... Obama lags behind Romney in fundraising
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Question by mportdflows: Should I file as a nonprofit JUST to host one fundraising dinner for a friend? I have a friend/hero who enjoyed hell so much, she's taking a second trip! cafepress dot com fwd slash helpshellyan Anyhow, I'm doing the great friend thing and I've reserved a nice big boat, with fabulous food and entertainment, we've got items autographed from all over the sports world to auction off and we're setting sail in late October for the night of her LIFE! I even have a guy at the newspaper to write an article to help us sell these tix. The print vendor is in line and EVERYBODY is donating their efforts! Then it hit me,.will the feds haunt us in April? Can the already taxed out of pocket donations be subject to additional tax for a dinner auction fundraiser? I read briefly about Non-Profit Orgs and whatnot but this seems like a ridiculous expectation if I'm doing this as a one night help a friend gesture. But, I'd never forgive myself if we raised 40k that night and every penny got spent on her meds and the feds came knocking on her door for 10k in April? Best answer for Should I file as a nonprofit JUST to host one fundraising dinner for a friend?:
Answer by politicaladvisor2
It is not non profit it is IRS 501(c)(3) you need to worry about. Call CPA society and see if someone will do it for you for good cause pro bono.
Answer by JQT
If one of the attendees try to claim their donation (minus the value of dinner/entertainment) on their tax return, you might have a problem. In the past, IRS has been really relax about charitable donation. Starting this year, however, even donate old cloth and books to Salvation Army require receipts. Better safe than sorry. Look into it. Best wishes.
Answer by Katherine W
No, you don't need to file a non-profit tax deductible status for this one event. You just have to make clear to people that donations are not tax deductible. Frankly, they wouldn't be, anyway. When people get a benefit, like a dinner or an item, even if it was donated, they get a form back that says, "You paid $ 200 for this painting. The actual value was $ 300. Therefore, your contribution is not tax deductible." Even when you get a mug from PBS, they have to tell you the retail value, even if they paid wholesale for it. So, just make clear that people shouldn't deduct their gifts, and you'll be fine. Email me if you have more questions.
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