Disclaimers
1. FVLD reserves the right to restrict the presentation of items donated for the event as space considerations and hotel regulations permit.
2. Donors will assign the Fair Market Value (FMV) of the item, opening bid, and appropriate incremental bid, to be published by FVLD.
3. Donors acknowledge and will assist in compliance with all ACCME requirements (including the signing of a letter of agreement, as deemed necessary).
4. Donor will provide contact information that FVLD can distribute to the winning bidder to claim the auctioned prize.
5. The receipt that the FVLD issues to the successful bidder at the time of payment for the item will reflect both the amount paid and the donor’s estimated fair market value of the item.
6. For contributions of inventory, the deduction will be limited to the donor’s cost of the item.
7. For professional services contributed to the FVLD Silent Auction, a contribution deduction is never allowed for the donation of services - whether as an auction item or for services performed directly for a charity - by federal / state regulations.
8. All donors and successful bidders need to consult with their tax accountants to determine the amount of deduction they are eligible to receive on their tax returns. FVLD assumes no responsibility in establishing tax deduction values related to the Silent Auction.
9. A charitable contribution to the FVLD occurs only if the amount paid for the item exceeds its declared fair market value.
10. Donors of property to be auctioned may have a requirement to file Form 8283, Non-cash Charitable Contributions, with their tax return to report details of the gift. Individuals, partnerships, and corporations must file Form 8283 if the amount of their deduction for all non-cash gifts is more than $500. Any required reductions from fair market value are applied first in order to determine the amount of the deduction. Regular C corporations, other than personal service corporations and closely held corporations, must file Form 8283 only if the amount claimed as a deduction is over $5,000.