Writing a budget for your nonprofit is a basic requirement for successful functionality and for grant applications. However, it is more than just numbers in a line-item budget. In order to qualify for many grant applications, you must also offer a budget narrative.
The final installment of our Planning a Fundraising Event focuses on the event follow up steps you need to take after the event. It is easy to assume that the work is done and all the money that was raised is all that will be raised, but that would be a mistake. The work is not complete after the event, and the fundraising for the event target is also not complete. How you take advantage of the excitement generated by the event after the event is over can have a significant impact on the overall funds raised and the impression made on donors. It can also impact your vendor relationships.
Major gifts are a large component in your budgeting and fundraising strategy. Major gifts mean different things to different people, but there is a common understanding that without major gifts and donors, most nonprofits would be struggling more significantly and they may not maintain financial sustainability.
Starting a nonprofit is time consuming and can be taxing. It is a major undertaking. Ensuring the proper forms are completed, articles of incorporation are complete, bylaws are completed, and the board is properly established is essential. The next critical step is generating your first strategic plan.
Launching your 501(c)(3) and receiving that coveted letter of determination is just the beginning. In order to maintain your 501(c)(3) status, there are compliance regulations you must adhere to. Without complying with these regulations, you can lose your tax exempt status or even have your organization administratively dissolved due to failure to adhere to administrative compliance regulations.