1988 E30 M3 Raffle / Donation!!! Input needed

[europeanplates]

Guys,

Some of you may have looked at my other threads. It does look like this will be a go and when it does an official thread will be posted. I am hoping to get a sticky thread here at R3V, E30 and S14 upon this starting.

First I should be clear this is not a raffle, that would be illegal. However what can be done are donations to a great cause (Children's) and some great prizes. The grand prize would be the M3.

I am trying to raise about 25,000 for the charity, get my asking price out of the car and get some cool flyers and decals out to the community. I really see no losers if this can happen + someone is getting a M3 for 50.00 -100.00 dollars.

So hopefully some input from the forum!!!!

1000 donations at 50.00+ per donation or 500 at 100.00+ per donation

Additional prizes? I will be buying these on my dime.

For each donation a flyer (E30 M3 art or image) and decal for each donation?

Any other ideas?? Pros / Cons!!!

Thanks,

Tyler

[shiftbmw]

So you plan to take 25k off the top to cover the cost of your M3. Is that correct?

If that's the case, a possible con I see is that if you fail to raise more than 25k, your charity ends up getting nothing and people end up donating money to you instead of the hospital...

[mrsleeve]

^
He has a good points, and thats about the biggest crux I see for you.


I would be down for 2 tickets at 50 bucks a pop though

[ethrtyiS]

id be willing to donate. ive got nothing to lose. it goes to a good cause and hopefully have a chance at an m3.

[TexasTerp]

How are you planning on getting you're asking price out of the car? That's my biggest question. because effectively you would be raffling off the car if you keep any of the donations for yourself...

I'd be down to donate but gotta know where the money is going. Besides, if you donate the car as a "prize" towards raising the donations, it would be considered a tax write off and you'd be able to add a stated value to the car more than the probable market price...

[Van Westervelt]

I would be in at 50.

There should be a cap on how many tickets someone can buy, like 5 or something.

[bernzpeed]

So you plan to take 25k off the top to cover the cost of your M3. Is that correct?

If that's the case, a possible con I see is that if you fail to raise more than 25k, your charity ends up getting nothing and people end up donating money to you instead of the hospital...

the details are still shady... no offense, but I kinda feel that the charity is just being used to get money for the m3.

i'd feel more comfortable giving ALL the money to charity. If you are raffling off the E30, you need a permit for that.

I've done fundraising before, and items for auction are usually donated and does not cost the charity anything.

I think this thing should be thought out some more. Maybe consult with a lawyer and a CPA before you jump into this.

Again, no offense. Not thread-crapping either.

[Shangsta]

Maybe consult with a lawyer and a CPA before you jump into this.

^this

[stevofthahill]

Very interesting idea, and depending on when this would happen, I would be interested as well. I am also in agreement with the above posters though, we definitely need more details as to how this will all work out and how the money will be distributed.

[5Toes]

I would be down for $50 tickets.

Jalopnik would pick up on this, and tickets would be sold by the dozens

[xAZxE30x]

I am in if this goes down! but yes, i would talk to a lawyer and get the details all figured out.

[Van Westervelt]

If you have a charity drive, typically prizes are donated AND purchased. In this case, I think the purchase price of the vehicle would be allowed.

Am I correct in understanding this is how its allowable? And there would have to be a paper trail of every dime spent, transferred etc.

[Sailor37]

An odd (i.e. shady) way to sell your car...

[europeanplates]

Good points addressed above and exactly why I am bouncing ideas off the forum members.

I am confident that we will easily meet the donation amount and I will be having my lawyer and CPA look over all of this. Our CPA is already looking into the 501C for charitable contributions. 50.00 tickets seems to be the best. A cap at 5 per person is wise.

In regards to how most donations work it is very common to give prices etc. I have looked at several of these in the last few years and know that even after the prizes are deducted more money is going to the charity then most I have seen. My contact at Childrens thinks it is a great idea.

Keep in mind someone is getting a very nice E30 M3, Children's is getting tons of money, everyone who enters gets a flyer and decal?

Yes I get money out of the car. I can also sell the car outright; but then the donation part does not happen. For the couple who thinks it shady then you just don't get it!!


How about runner up prizes?? Any other idea's etc.

Thanks,

Tyler

[europeanplates]

BTW here is one I have seen in the past. He donated only a fraction of this to a charity.

http://www.vwvortex.com/cgi-bin/artman/exec/view.cgi?archive=7&num=1608

This one is current. I plan to wait until this is over. $25.00 tickets

http://www.tunedbyrbm.com/charity.html

Thanks,

Tyler