Blogs

Experience raffles are worth more than money

When it comes to fundraisers, it's fun to offer something different. If your organization is looking for an unusual drawing, think about experience raffles. At first glance, this drawing looks much like many others: you print out your customized raffle tickets and sell them throughout the community. What makes this type of event unique is that the prizes aren't tangible. Instead, entrants enter to win the chance to do or participate in something the...

Blogs

Promote hometown businesses and crafters with locally-sourced raffle prizes

Promote hometown businesses and crafters with locally-sourced raffle prizes When it’s time to find unique prizes for your next raffle drawing, take a close look at the small businesses and crafters in your community! Offering high-quality locally sourced and handcrafted items can provide the missing ingredient that elevates your fundraising event to a whole new level by helping to promote local businesses and their one-of-a-kind products. Your organiza

Blogs

Raffle prizes, winnings and taxes – Part 2

How to figure the fair market value for tax reporting Last time, we looked at how to determine whether a raffle prize must be reported to the IRS. Now let’s look at some of the perhaps lesser-known or less-understood aspects of income tax law as it relates to raffle prizes, winnings and taxes. Backup withholding applies to raffle prizes, to the tune of 28% of the total proceeds, if the prize is otherwise subject to reporting (that is, the amount of
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