This raffle is a fundraising event, and all net proceeds benefit the Brevard Music Center (BMC). Brevard Music Center is a 501(c)(3) nonprofit organization. EIN# 56-0729350
The drawing will take place on Tuesday, November 15, 2022 at 3:00pm EDT. All mail, phone, and internet orders must be received by 11:59pm EDT on Monday, November 14, 2022.
The cost to purchase a single entry (“Ticket”) for the Raffle is $125 (U.S. Funds only) and is not tax deductible.
- By entering this raffle, entrants accept and agree to be bound by all the rules, limitations and restrictions set forth here and that their names and/or likenesses may be disclosed to and used by the news media and may otherwise be used by BMC for publicity purposes.
- The winner may choose a new 2022 Volvo, Subaru, or Hyundai prize vehicle from Hunter Automotive Group of Fletcher, NC with an MSRP up to $50,000.
- Vehicle choice will be subject to the current available inventory of the dealer. BMC reserves the right to substitute a Volvo, Subaru, or Hyundai model of equal value.
- The winner is responsible for all taxes, delivery costs, dealer fees, and any options he or she may choose above the vehicle’s manufacturer’s suggested retail price (MSRP) greater than $50,000.
- The gross winnings of the raffle will be reported to the federal and state tax authorities at the MSRP and the winner is responsible for income tax withholding prior to taking title to the prize.
- Individuals may purchase as many tickets as they wish; however, only 1,500 tickets will be sold.
- Participants must be 18 years old or older.
- BMC employees, faculty, and students 18 or older are eligible to participate.
- Winnings are not redeemable for cash.
- If a minimum of 600 tickets is not sold, all ticket holders will receive a full refund and the raffle will not occur.
- BMC does not make or provide any representation, guarantee or warranty, expressed or implied, in connection with the car and accepts no liability or responsibility regarding the construction or condition of the car.
Once the winner has selected a prize vehicle, the Dealer will notify BMC of the award vehicle’s MSRP. BMC will calculate the required federal income taxes due. The raffle winner is responsible for remitting the funds to BMC for the federal income tax. Brevard Music Center is required by law to report the base MSRP of the vehicle the winner chooses as gaming income to federal and state authorities and to withhold and deposit federal income taxes equal to 25% of the MSRP less the wager (raffle ticket). The winner’s payment of the federal taxes to BMC will be deposited with the US Federal Treasury and the winner will receive credit for the taxes remitted. In order for the dealer to release the winner’s vehicle, the winner will need to provide the following to BMC:
- A completed form W-9.
- Payment to BMC of the appropriate amount of federal tax withholding in cash or certified check.
Once both of these are received, BMC will authorize the dealer to release the vehicle. The winner will receive a Form W-2G by January 31, 2023 to use in preparing their 2022 income tax return.