Session Overview
I executive produce a growing jazz festival in Los Angeles. In November of 2023, we received our 501c3 status from the IRS and I have begun forming a Board of Directors. I need guidance on rudimentary, practical matters, including determining the amount of donations that would be tax deductible. For example, we have a limited VIP section at the festival which includes a meal ticket, drink ticket, shaded table seating and other perks. How much, if any, of the ticket price would be considered tax deductible if the ticket purchaser is receiving the foregoing benefits? Similarly, how would this be handled with the sale of festival merchandise (e.g., tee shirts, sweatshirts, posters, etc.). Also, it is probably the case that I don't know what I don't know so anticipate a conversation with a nonprofit professional would prove beneficial.
Nonprofit Overview
What started as a neighborhood block party in the summer of 2015 has evolved organically into the Leimert Park Jazz Festival, drawing a steadily growing audience that is multicultural and diverse in age and socioeconomics. It is a celebration of jazz, community and the cultural heritage of the historic Leimert Park neighborhood in South Los Angeles. We aim to:
• preserve, nurture and promote jazz and jazz culture in Los Angeles through this free festival held annually on the last Saturday of August and educational programs to attract seasoned jazz lovers and new jazz audiences alike;
• support and provide a platform for emerging jazz artists;
• support and provide a platform for local visual artists through our companion art competition;
• serve as an economic driver in the community by supporting small businesses; and
• support local non-profit arts organizations.