Safekeeping groups may conduct silent auctions as fundraisers. Please contact Accounts Receivable for assistance prior to the event at email@example.com.
Because safekeeping groups are not nonprofits, no part of silent auction purchases are tax-deductible for the purchaser.
Silent auction purchases are subject to sales tax on the value of the item sold. Amounts over and above the item value are considered a gift and are not subject to tax. Accounts Receivable can assist with calculating and remitting sales tax on silent auctions.
In addition to cash and checks, safekeeping groups can accept credit cards as payment for silent auction purchases. For more information on accepting credit cards, please see Accepting Credit Card Payments.
Questions? Contact Accounts Receivable at 978-3333.