Tips You Need to Know About Fundraising For Nonprofits

Fundraising for your nonprofit can be exciting and rewarding, especially if you have an inside scoop on how to take your fundraising efforts to the next level. We have gathered some simple tips you need to know about fundraising for nonprofits. 

Tips You Need to Know About Fundraising For Nonprofits

Set Goals & Deadlines

The first step you should take when planning a fundraiser is to set your goals and deadlines to reach them more quickly. Before reaching out to potential donors for their support, be sure to determine the amount you are attempting to raise, and when you need it by. Give donors just enough time to donate, but not too much time. Typically, a sense of urgency helps raise more money in a quicker amount of time.

Know Your Audience

Knowing your audience plays a significant part in the success of any fundraising effort. Nonprofits who understand their audience tend to raise more money than those who do not.

Engage With Donors

Forming a good relationship with a donor can benefit your nonprofit organization significantly and allow you to help even more people in your community by engaging with donors. To learn about how to engage with donors, click here.

Host a Fundraiser

Fundraising events are a great opportunity to network with current and potential donors as well as the community face-to-face. With many unique ways to fundraise for your nonprofit, you can easily find the perfect fundraiser that your audience would enjoy.

Provide Convenient Donation Methods

As a nonprofit organization, it is critical to invest in convenient donation methods for your donors. Transitioning from traditional to online fundraising is more straightforward than you might think. It will increase your donor base from just the local community to national.

Thank Your Donors

“Thank You” goes a long way! Be sure to thank your donors for their contribution briefly and compellingly. This can be done via email or letter and should be sent soon after their contribution has been received.

Show The Impact Made

Once you have completed your fundraiser, don’t just move on to the next project. Donors like to see the positive effects of their contributions. Show the impact your nonprofit organization made with the proceeds of the fundraiser and also increase your chances of future donations.

A Helping Hand

Be sure to save those receipts when planning a fundraising event and know that ExpressTaxExempt is always here to be a consistent resource to you and your organization for all things tax exempt!

Visit our website for any tax forms that your tax-exempt organization may need throughout this year and save even more when you e-file with our recently reduced filing rates!

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5 Nonprofit Myths You Need To Leave in 2018

Do you remember getting in trouble for telling a “little white lie” while growing up? Well, a few white lies and myths are floating around regarding nonprofit organizations that we want to do away with, starting today. Here are five nonprofit myths you need to leave in 2018. 

5 Nonprofit Myths You Need To Leave in 2018

1) Form 990 only has to be filed every 3 years

Tax-exempt organizations are required to file Form 990 tax returns annually. If an organization fails to file IRS Form 990 for three consecutive years, their tax-exempt status will be revoked. 

2) My organization used all our donations for the year and has no money left. There is no way we can be penalized for failing to file

Myth! IRS penalties are calculated based on the gross receipts of an organization, not its income. For this reason, organizations must file a Form 990 [annually] regardless of the amount of money that remains after the organization’s tax year has ended. 

3) Nonprofits only report substantial contributions on IRS Form 990

Too easy, right? A tax-exempt organization filing IRS Form 990 must report all donations. You will also need to include contribution details for donations $5,000 or more.

4) All small nonprofits can file Form 990-N

Private foundations must file a Form 990-PF regardless of their size or gross receipts. To learn more about IRS Form 990-PF, click here.

5) Nonprofits focus on big donors, not small ones

Lies, lies, and more lies. Nonprofit organizations are thankful for any donation they receive! As a nonprofit leader, you know how hard it is to muster up funds to adequately impact your community.

Although large donors are great and help sustain the work of your organization, be sure to also focus on those that make smaller donations to keep a good “cushion” of donors.

The Truth Sets You Free

As you lead your organization into the second half of 2018 leave these nonprofit myths behind and walk in truth. Don’t forget to keep detailed financial records and documents so you can be prepared to file your organization’s Form 990 at the end of your tax year.

ExpressTaxExempt offers a simplified e-filing process to handle your annual 990 tax filings and takes pride in keeping nonprofits compliant with the IRS. If you have questions or concerns, please contact the experienced team of experts located in historic Rock Hill, SC. We are available by phone, live chat, and email in both English and Spanish for your convenience. Click here to contact us today! 

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Beat the Tax Heat with Cool Form 990 Tips

As the summer season approaches, temperatures are heating up and things are getting H.A.W.T. Hot! If your tax return deadline falls within the summer months, then you’re well aware that the heat is on with the scrambling of documents and receipts in order to successfully file on time. We understand how filing an IRS form can set the pressure on high, but you don’t have to rise beyond your boiling point… (Are these heat references doing anything for you?)

Anyway, here are six tips to filing a Form 990 that’ll help keep your cool and get you back to enjoying the finer things of Summer.

• File the Right Version of Form 990 for your Tax Period

Be sure that you’re filing the appropriate form for your organization’s tax period. There are three main forms in the 990 series for tax-exempt organizations:

• Form 990 (Long Form) - For tax-exempt organizations with gross receipts greater than or equal to $200,000 and total assets greater than or equal to $500,000.
• Form 990-EZ - For tax-exempt organizations with gross receipts less than $200,000 and total assets less than $500,000.
• Form 990-N (e-Postcard) - For small tax-exempt organizations with gross receipts less than $50,000.

By filing the improper form for your tax period, you could be subjected to penalties.

• Double-Check your Identification Information

Make sure your organization’s name and address are current and that your Employer Identification Number (EIN) is accurate. Also, be sure to indicate the correct Internal Revenue Code Subsection for your organization, which can be found in your determination letter.

• Complete Parts I through XII

Reduce your chances of having a rejected return by fully completing Parts I through XII of your tax return; all organizations that file a Form 990 must do this.

• Be Sure to Sign the Return

Without a proper signature in Part II, Signature Block, your form will be considered as incomplete and late, which could cause you to incur penalty charges. An officer of the organization must be the one who signs the form. An officer can be the president, vice president, treasurer, assistant treasurer, chief accounting officer, or tax officer. For a trust, the authorized trustee must sign.

• Don’t Include Unnecessary Personal Identifying Information

Your completed Form 990 must be made public by yourself and the IRS and, by putting personal information not required by the IRS on the return, you could be inadvertently contributing to identity theft.

• Determine and Complete Each Required Schedule

You can determine which schedules are needed by completing Part IV, Checklist of Required Schedules, of your tax return. Make sure that you’ve fully completed and have attached all required schedules. When completing these schedules,

• Carefully read the instructions for each required schedule
• Complete all applicable parts and lines
• Answer yes or no to each question (unless otherwise instructed for a particular question)
• Make an entry on all total lines including the number zero when appropriate

For a detailed breakdown of schedules for Form 990 (Long Form), check out http://www.expresstaxexempt.com/form-990-schedules/


Make your summer tax filing even more cooler by e-filing your Form 990 (Long Form) with Express990, your friendly, most experienced, IRS authorized e-file provider. We work closely with the IRS in order to provide you with a safe, secure, and accurate e-filing process that will save you time and money.

For professional assistance with e-filing a Form 990 (Long Form), contact the live experts at our Rock Hill, South Carolina headquarters by phone (704-839-2321, Monday through Friday from 9am to 6pm EST), email (support@expresstaxexempt.com), or live chat (www.express990.com).

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