434 - Creating Legal and Sustainable Bourbon Charity Raffles with Give270

Bourbon and charity go hand-in-hand. There has been millions of dollars raised thanks to donations and the willingness of others to purchase for a good cause. However, doing it legally is not an easy task. I invited Eric Clements and Kenny Rambo of Give 270 on the show to talk about being legit. They started Give270 by raffling rare bourbons in Elizabethtown, Kentucky to raise money for local charities. Their mission is to make participation affordable and fun through bourbon raffles. This model has proven successful, but required getting licensed for charitable gaming. The founders discuss how they transitioned from a 501C3 nonprofit to operating legally, as well as how they source rare bourbons, select beneficiary charities, do real paper raffles, and handle taxes. While rewarding, they note challenges in navigating regulations and finding inventory amidst secondary market demand. Show Notes: Above the Char with Fred Minnick (@fredminnick) talks about single barrels not being regulated. Why did you all want to start doing alcohol reform in Elizabethtown, KY? What was the mission behind Give270? Do you feel the success of raffles are because of the secondary market? How did you move from a 501C3 to getting a charitable gaming license? Does the pool get bigger by having a raffle versus an auction? Do you really cut up names on a piece of paper and put them in a tumbler? Has there ever been a situation where you are underwater on a raffle? How do you discover and choose the charities you work with? What are the biggest challenges of trying to do all this the legal way? Are people letting you buy from their private collections? What sort of taxes are involved? Is there anything about the current system you would change? @give270 Support this podcast on Patreon Learn more about your ad choices. Visit megaphone.fm/adchoices