Charitable organizations have long used raffles as an effective way to raise support. Conducting a raffle seems simple enough, at least on the surface, right? But before undertaking a raffle, you’d be well advised to familiarize yourself with the requirements outlined in this update. (The Micah Project)
IRS Publication 526, Charitable Contributions - To be tax-deductible, clothing and household items donated to charity generally must be in good used condition or better. A clothing or household item for which a taxpayer claims a deduction of over $500 does not have to meet this standard if the taxpayer includes a qualified appraisal of the item with the return.
Reporting Requirements for Nonprofits with State Grant Funds is a quick, helpful summary table for reporting requirements for nonprofits with state grant funds. Additionally, for online reporting, the N.C.
Not sure how to thank your donors? Use the templates below to guide your message, which include sample language for chartiable event ticket purchases, capital campaigns, and determining the fair market value of a gift in exchange for a donation.
Most grantors require a final project report, including a financial report. This sample illustrates a final financial report outlining budgeted expenses, actual expenses and the expenses allocated to that particular funding source. (Maine Association of Nonprofits)
Fundraising activities are regulated by state law. Many states require charitable nonprofits as well as any paid professional "fundraising counsel" or consultant hired to assist the nonprofit with fundraising activities, to register with the state before the nonprofit or professionals solicits any donations. Additionally, many states require nonprofits that enter into agreement to share the revenue from sales activity with another organization to file with the state to disclose that fundraising activity. All in all - it's complicated!
Blue Avocado contributor and CPA Dennis Walsh gives us a complete, handy compliance guide, and even better: Five sample forms to make sure your wording is right.
Analyzing Financial Information Using Ratios - Nonprofit leaders seeking to understand their organization's financial situation usually start by reviewing the financial reports. Beyond understanding the reports, much can be learned from analysis of the information and interpretation of what it is telling you. For a more technical financial analysis, rations can be used to deepen understanding and interpretation.
If your nonprofit receives in-kind gifts or donated services, you may wonder whether and how to record them in your financial records. From an accounting perspective, consider these key questions.
© North Carolina Center for Nonprofit Organizations, Inc. From Common Ground, a publication of the N.C. Center for Nonprofits, www.ncnonprofits.org.
Accepting payments by credit card is not difficult or expensive. TechSoup's A Few Good Methods for Processing Credit Cards provides tips and tools to process credit card transactions, both on- and offline, for organizations of all sizes.