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SMoM Fundraising FAQs

Frequently Asked Questions

Click on a question below to learn the answer to a frequently asked question.

  1. If my external event is approved and I hold the same event next year, can I use the same agreement from the previous year?
  2. If I conduct an external event, can I reserve funds for the next year’s event in a special account?
  3. If I am soliciting for a Southern Museum of Music event, is there anything I need to do before contacting a sponsor/vendor?
  4. What type of credentials can I provide when I solicit funds?
  5. Are there any events or types of fundraising that the Southern Museum of Music does not permit?
  6. Does Southern Museum of Music have insurance that covers liquor liability, gambling, raffles, bingo, etc.?
  7. May I contact celebrities for my event?
  8. May I invite Southern Museum of Music founders and executives to attend my event?
  9. Can I sponsor a specific exhibit, music genre or educational program?
  10. What are the IRS and Better Business Bureau laws and regulations regarding charitable contributions?
  11. How is Fair Market Value Determined?

Answer 1:

No. The licensing agreement is good for only the event and timeframe outlined in the agreement and expires at the conclusion of the event, one year from the date of approval, or upon the decision of Southern Museum of Music Executive Board. Annual events are common and encouraged, however, the second year takes less time to approve.

Answer 2:

No. The money raised from a fundraising event must be turned into the Southern Museum of Music and will be recorded as donations received for the purpose of supporting the museum.

Answer 3:

Yes. The Southern Museum of Music will require a list of businesses that you are interested in contacting before planning your event, so that we will not jeopardize existing relationships with existing donors, sponsors and members.

Answer 4:

Upon request, each approved event will be issued an acceptance letter on official Southern Museum of Music letterhead, verifying that your event has been approved by the executive board.

Answer 5:

The Southern Museum of Music policy states that fundraisers are NEVER permitted to use telemarketing or door-to-door solicitation in our fundraising efforts. Authorized fundraisers also cannot raise funds via Internet, through vending machines, or solely from liquor sales (proceeds from all food and beverage sales combined are acceptable).

Answer 6:

Southern Museum of Music does not provide insurance coverage for external events. The event host must obtain insurance when necessary. Please note: special permits or licenses can take up to 4-6 weeks

Answer 7:

Southern Museum of Music has approval procedures in place for contacting celebrities on behalf of the organization. Even if you have personal contact with celebrities, please talk to your Southern Museum of Music contact before you contact anyone. Southern Museum of Music will not contact celebrities on behalf of your event. This policy is in place so that we do not jeopardize our celebrity and music industry contacts, sponsonsors and supporters..

Answer 8:

We are happy to discuss inviting one of our executive leaders to attend or speak at your event. This is decided on a case by case basis as we must be respectful of each individual’s time and their privacy..

Answer 9:

YES. You can be provided the marketing material of a specific area of interest with details to use to demonstrate how your event donations can specifically be used. Generally all funds from events go into our active operational fund.

Answer 10:

A quid pro quo donation is when a donor gives money to a charity that is partly a contribution and partly an exchange for goods and/or services. Only the excess contribution from the money given less the value of the goods and services is allowable for the donor to use as a charitable deduction (e.g. the concert VIP Access Experience cost $350 per ticket; the estimated value for the performance was $40, so the difference of $110 may be tax deductible). The percentage or amount that is deductible MUST be disclosed at the point-of-sale (printed on the concert ticket, poster, advertisement, etc.).

Answer 11:

IRS Publication 561 defines fair market value as “...the price that property would sell for on the open market.” The fair market value of goods or services that generally are not commercially available may be determined by using the fair market value of similar or comparable goods or services. Goods or services may be similar or comparable even if they do not have the unique qualities of the goods or services being valued. A “good faith estimate” must be made in determining the value of the exchange.