We are planning a bingo fundraiser and are asking local businesses for monetary donations to purchase supplies, baskets, bags, etc. We will acknowledge sponsors by listing their name on a flyer at the bingo and also saying "this basket was donated by xyz." Are we required to give a receipt for donation? Can the business deduct the donation if we are acknowledging them at the bingo? Does it matter? Thank you! We are 501c nonprofit. - de233
The business can deduct the donation if you are a non-profit and supply them with a receipt. Whether you acknowledge them in your flyer or not, they can deduct the cost if you furnish them with a receipt. Why not ask them to donate their own filled basket? I would worry that someone might drop the ball and that the donors would not be happy with what you put in a basket with their name on it.
BEWARE that all states consider Bingo gambling and might require a gaming license to play even if its for a nonprofit. You might even be required to purchase Bingo cards/supplies from the state gaming board.
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