While on the surface, businesses and nonprofits may seem like polar opposites, they actually have a lot in common when it comes to finances. Although businesses operate to make a profit and nonprofits work to make a difference, they both generate revenue and accrue expenses that they must keep track of to keep their organizations …
Restricted funds are donations set aside for a specific purpose or timeframe designated by the donor. By adhering to these restrictions, your nonprofit will respect donors’ wishes. This is critical because financial mismanagement can lead to repercussions such as fines, penalties, or loss of tax-exempt status, plus the potential reputational damage incurred. In this guide, …
When you seek grant funding to support your nonprofit’s projects, efficiency is vital to ensure you make the most of all your time and hard work. This doesn’t just mean drafting your proposals and getting them out the door quickly. Think bigger. How often do you win the grants you apply for? Do you feel …
It’s no secret that one of the key benefits that comes with registering a 501(c)(3) nonprofit organization is exemption from federal (and most state) income taxes. But just because your nonprofit is tax exempt doesn’t mean you can completely write off tax season! Due to its status as a registered corporation, association, or foundation, there …
The world of nonprofit organizations involves several conditions and regulations. These rules or statuses include the 501(c)(6) and 501(c)(3) statuses, each with its unique rules, purposes and benefits. Both share similarities in being exempted from federal income taxes by the Internal Revenue Service (IRS). However, learning their differences will help you understand which is the right one …
Nonprofit organizations must always be on the lookout for funding possibilities. Whether these are foundation grants, community awards, or gifts from various corporations, nonprofits should be prepared to write effective proposals when the perfect opportunities arise. Maybe you’ve already learned the basics of grant writing as a freelance grant writer or in-house fundraiser—great! Compelling stories can hold …
Every goal needs a plan to get there, whether you’re trying to learn an instrument, scale a mountain, or enact positive change in your community. From fundraising to advocacy, your nonprofit engages in a variety of activities to make a difference in the lives of those you serve, but how do you ensure that you’re creating the …
As a nonprofit professional, you understand the importance of having a solid fundraising strategy. Soliciting individual donations, hosting events, and leveraging corporate philanthropy allow your organization to bring in the revenue you need to make a difference in your community. However, your strategy for managing your nonprofit’s finances is just as critical to furthering your …
With the many financial transactions that occur within the digital space, your organization needs to make sure its data policies are up to date. Recently, even popular, reputable businesses have experienced data leaks. As your organization continues to comply with general fundraising requirements, take extra time to review data protection regulations as well. It’s essential to …
When you’re starting a nonprofit, your top priority is likely boosting your organization’s positive impact on the world. A nonprofit’s work is mission-centric, but to keep this essential work alive, founders and staff members must also think about the legal logistics of their organization’s operations. For example, before planning a fundraising event, you must first …
Are you ready to plan for your upcoming fundraising year? Check out the list of awareness dates and holidays to make sure you don’t miss any fundraising opportunities! Cause awareness days, weeks, and months are a fantastic way to link your school, nonprofit, or business to the greater good. In 2020, we published a list …
“Who’s going to do all the work?” Use this checklist as a guide to help you get started in setting up a new fundraising committee. Be sure to find out if there are any rules or guidelines that need to be followed if you’re setting up a committee at an already established place such as …
2020 was a tough year, but it forced us as a nonprofit fundraising community to innovate and renovate in amazing ways that will resonate long into the future. So what exactly did we learn about fundraising in 2020? These are some of the top takeaways. Takeaway 1: People are Generous in a Crisis In November, …
Are you thinking about starting a not-for-profit? The following list of questions will help you get an overview of what it takes to get started. Starting a not-for-profit, nonprofit, or NGO includes many of the same considerations as starting a C Corp. The biggest difference is that you are not operating with the sole intent …
In the past several months, COVID-19 has significantly impacted almost every aspect of day-to-day life, from social distancing guidelines to a looming economic recession. Similarly, businesses and organizations everywhere have seen radical shifts in management strategies as entire workforces transition to work-from-home. While there are several major advantages to remote working practices, one of the …
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