Benefit Question....

broknlgs24 · #1 04-16-2007, 12:48 PM

a friend of mine's fiancee' and i are holding a benefit bull roast for said friend to
raise money to try and offset the cost of his medical expenses and treatments
for cancer that his insurance won't cover. does anyone know if there is
anything special that we need to do for those that may not be able to attend
the bull roast, but would like to send in cash/check donations? i'm setting up a
separate bank account and all, but that's about all i know.

thanks in advance,
brian

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jwilburn · #2 04-16-2007, 12:51 PM

Try setting up a paypall account so that people can give by credit cards. I know that has worked for people I know.

Thunder22 · #3 04-16-2007, 12:56 PM

If you're going to video the roast, send the "non-attenders" a dvd copy?

broknlgs24 · #4 04-16-2007, 01:14 PM

Quote:

Originally Posted by jwilburn

Try setting up a paypall account so that people can give by credit cards. I know that has worked for people I know.

that's a great idea. i never thought of that.

broknlgs24 · #5 04-16-2007, 01:15 PM

Quote:

Originally Posted by gresch

If you're going to video the roast, send the "non-attenders" a dvd copy?

it's not a roast in the sense of what they do to celeb's. it's basically a bunch of
friends and family getting together for music, drinks, etc.

Thunder22 · #6 04-16-2007, 01:16 PM

Quote:

Originally Posted by broknlgs24

it's not a roast in the sense of what they do to celeb's. it's basically a bunch of
friends and family getting together for music, drinks, etc.

sorry, misunderstood.

broknlgs24 · #7 04-16-2007, 01:21 PM

i've been told that bull roasts are common in other parts of
the US; so, it's all good.

motordavid · #8 04-16-2007, 01:48 PM

B,
Good thing you are doing, but in some states it's a freakin
quagmire, tax-wise. Dunno about MD.

If you think you might get to/above $10Gs, it sometimes
alerts the bank(s), and I believe the Fed limit is $11Gs or
$22Gs a couple to receiver...no CPA, but worth considering.

If it's less than 10Gs, I wouldn't worry; seperate no interest
checking acct., in the name of the recepient with you and
an add'l person as co-acct. holders/admins.
(You don't want to have to do an IRS non-profit deal to handle
any interest; we use a non-interest acct for Geezer golf dues and monies
to avoid any interest on the $15ish Gs that flow through in a season.)

If it's a short term fund raiser, it should be simple; if you really think
dough is going to come in for months or longer, I'd call your bank
and ask them for guidance.
GL and hope you raise some dough for your friend.
BR,mD

jwilburn · #9 04-16-2007, 01:54 PM

Quote:

Originally Posted by motordavid

B,

If you think you might get to/above $10Gs, it sometimes
alerts the bank(s), and I believe the Fed limit is $11Gs or
$22Gs a couple to receiver...no CPA, but worth considering.

Agreed. Watch out for that magic $11g mark. If it goes over that you might want to think about splitting the money among a couple of people and then donating it seperatly to your friend.

broknlgs24 · #10 04-16-2007, 01:59 PM

great info. mD and jwilburn! thanks.

i'll check w/ my bank tomorrow.

a friend and i are working on registering a domain name and creating a website
as we speak. the paypal account, i've just finished creating. thanks again 4
that idea jwilburn.

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