In the summertime, many of us who work with not-for-profits and their philanthropy efforts are gearing up for our fall fundraisers. Thanksgiving and holiday giving season is an ideal time to hold special events to raise money and recruit supporters for our causes, but the planning starts now.
Before joining the AICPA, I worked at a community foundation that carried out a variety of events, including golf tournaments, festivals and charity balls, across my home state of North Carolina. Our most successful event attracted hundreds of people for beachfront food and wine tastings and cooking competitions. Today, I serve on the board of a volunteer center that holds an annual fashion show featuring couture gowns by local designers that are inspired by the work of not-for-profits in the area.
While fundraisers like these are fun and have the potential to raise a lot of money for your cause, it’s important to be aware of the regulatory and financial concerns. As you plan your fundraisers this summer, here are some steps you can take to avoid pitfalls: