PurkBlog

Megan Madden, CPA

Donation Time!

It’s that time of year…  While most retail stores are stocking shelves in preparation for the holiday season, many non-profits are trying to secure donations by the end of the year. 

Historically, most donors (corporations and individuals) make their major contributions just before the end of the year.  If you are thinking of making a large donation, this is a good time to meet with your tax preparer for guidance. 

If you are a non-profit, whether you operate based on a calendar year-end or fiscal year-end, this is an important time for you to get back in line with your budgeted revenue.  This is the time to consider annual appeals, grant-writing, or getting in touch with prior donors. 

When soliciting donations, it also helps if you can offer tax credits to donors.  Remember, when soliciting donations, to be clear on what you are looking for.  For instance, if you have a major planned purchase for building repairs or computers or just need supplies, tell your donors what you need. 

Some prefer to write a check, while others prefer to donate in-kind items.  Also, annual appeals are a good time to ask volunteers to help stuff letters or make phone calls.  As always, remember to send out IRS required donor acknowledgement letters to all donors that contribute $250 or more. 

For more information on these or other ideas, give us a call to set up a time to discuss.