When you are organizing a silent auction for your school, charity, fund-raising group, or non-profit, you would need a silent auction donation receipt. It is important that you prepare a well-structured receipt for your event to stay compliant with regulations. This silent auction donation receipt at WordLayouts has been designed to make sure that all relevant details are properly captured. Use this template to create a professional document for your event.
A silent auction donation receipt is used for donors who contribute items to be auctioned off at a silent auction event. It can be issued either at the time of the donation or shortly afterwards.
This receipt is a necessary document as it helps the donee organization by providing a detailed record of all donations received, which is essential for IRS compliance and filing IRS Form 8282 (Donee Information Return) if donated items are sold, exchanged, or disposed of within three years.
It also helps your organization during audits by verifying the original donation details, helping track the disposition of donated property, ensuring accurate reporting, and preserving your organization’s tax-exempt status. Donors may also claim any tax deductions by using these receipts as proof.
This silent auction receipt template has been carefully created to fulfill all the essential requirements for documenting donations made during a silent auction. The template starts with the fields for Event Name, the Donor Name and Contact No. The next section includes columns for the Name of Item, Quantity, and Total Value. The Total Value field represents the fair market value (FMV) of the donated items. This is the estimated price at which an item would sell on the open market and determined by the donors.
The receipt also has a section to specify the Date of Donation. An important note at the bottom clarifies that no goods or services were provided in exchange for the donation, aligning with tax regulations that only allow deductions for donations that are purely charitable. The receipt includes a space for an Authorized Signature.
The template’s footer includes a message expressing gratitude to the donor and contains placeholders to add your organization’s name and also specify the cause for which contributions are being sought.
Important: Under IRS regulations, the tax deduction for donated items that are sold at a silent auction is generally limited to the donor’s tax basis in the property and not the fair market value. Therefore, donors must consult with a tax professional when filing for taxes.
FAQs
Can I access this template in multiple formats?
This template is available in DOCX, DOTX, Google Docs, and ODT formats.
Is this a customizable template?
Yes this template is fully customizable. You can edit all text fields according to your requirements. You can add custom fields or remove and field. The font size, colors and style can also be customized according to your preferences.
Can I print this receipt?
Yes. This receipt is print-ready and can be printed on any office printer. If you want to create a receipt book, you can print it in bulk and make a durable receipt book. The Mail Merge function in MS Word can be used to add unique receipt numbers.
