501c3 and tangible gift in kind receipts: I work in the development
dept. of a hospital.  A donor held a golf outing, for which he charged
$100 per participant, $20 of which is quid pro quo.  He paid the
expenses out of the gross, and wants to take the net and purchase
items for our hospital's childrens' ward.  He also wants all
participants receipted.  Within IRS guidelines and conforming to GAAP,
can he take the net, spend it, give tangible gifts in kind to the
hospital, and expect us to record the gross proceeds and receipt the
individual players?