Auctions provide persons the opportunity to bid openly or silently for one or more items. The revenue from auctions is tax deductible to the extent that payment for the item exceeds the value of the item. The purchaser must be informed of the value of the item prior to the bidding.
- Submit all literature advertising the event to the attention of the USM Foundation Staff Accountant and Grant Administrator for review prior to printing the literature or it may be impossible for the USM Foundation to accept and deposit the funds. He/she will inform the department as to whether the literature meets the criteria or if it needs to be modified.
- Send a copy of the list detailing the fair market value of the items to the USM Foundation Business Office.
- Send revenue with the completed Non-Gift Revenue Form to the USM Foundation Business Office.