​​COLEMAN HIGH SCHOOL BLUECATS
Sponsored by CHS Alumni Association

COLEMAN HIGH SCHOOL ALUMNI ASSOCIATION​​
TAX DEDUCTIONS FOR CONTRIBUTIONS


Cash or check contributions direct to the Associations’ bank accounts are fully tax deductible as a Charitable Contribution. 

The actual cost of purchased items donated to the Association, for what ever reason, are fully tax deductible.  The cost must be supported by a receipt.

For items donated but not purchased, a cost must be established.

If an item donated to the Association that is not purchased, whether a used item or an item made by the donor, the donor can deduct the fair market value of the item.

For a used item for which there is a used market, such as dealers in that particular market, the fair market value would be whatever such a dealer would sell a similar item for.  If no such market exists, the fair market value would be the garage or yard sale price.

For an item made by a donor, the fair market value would be whatever a similar item would sell for at a trade and or craft show, such as First Monday at Canton.
If there is no trade or craft show, or that value is unknown to the donor, the value can be determined by the cost of materials and the time spent by the builder.

Cost determined by the above are deemed to be the fair market value or the established cost.

All donations, other than cash, must have a cost supported by a receipt or a cost established by some means.  This applies regardless of whether or not the donor receives reimbursement.

The amount paid by the buyer of donated items is the excess of the amount paid over the established cost.  Again, this applies regardless of whether or not the donor receives reimbursement.