High-net-worth individuals donated $5.8 billion during the first six months of the COVID-19 pandemic — generous giving by most standards. This is according to a recent report, “Philanthropy and COVID-19 in the first half of 2020,” from the Center for Disaster Philanthropy and information service Candid. However, that $5.8 billion amount is deceptive, because nearly three-quarters of it came from one donor, Mackenzie Scott (the ex-wife of Amazon’s Jeff Bezos).

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In fact, a 2020 study from the Milken Institute Center for Strategic Philanthropy found that only a relatively small percentage, 36%, of the ultra-wealthy are involved in charitable giving. This may sound like ominous news for not-for-profit organizations. But there are ways to tap this group’s ample resources.


Continue Reading Consider High-Net-Worth Individuals for Your NFP Efforts

The PKF Texas not-for-profit team hosted its next Zoom webinar, “Forging Ahead: Planning Your Fundraising and Investment for 2021.” Once again, PKF Texas Audit Senior Manager, Nicole Riley, CPA, CFE, moderated a panel, which included Ryan McCauley, Regional Director of Foundation & Institutional Advisory, Northern Trust; and Sara Wise, Senior Consultant, Mission Advancement.

Thumbnail image spotlighting Nicole Riley, Ryan McCauley and Sara Wise for PKF Texas' Zoom webinar “Forging Ahead: Planning Your Fundraising and Investment for 2021"

With 2021

Not-for-profits sometimes team up with other entities to boost efficiency, save money and better serve both organizations’ constituencies. This can be a smart move — so long as your accounting staff knows how to report the activities of the two organizations. How you handle financial reporting depends on the nature of your new relationship.

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Continue Reading Teaming Up with Another NFP for Financial Reporting

Charitable contributions aren’t always eligible for tax deductions — even when the not-for-profit recipient is tax exempt and the donor itemizes. Take “quid pro quo” donations. These transactions occur when your organization receives a payment that includes a contribution and you provide the donor with goods or services valued for less than the total payment.

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Let’s take a closer look.


Continue Reading Quid Pro Quo Not-for-Profit Contributions – What to Know

As unemployment and financial insecurity become widespread during the novel coronavirus (COVID-19) crisis, many not-for-profit donors find themselves unable to provide monetary support to favorite charities. Instead, your organization may receive offers of gifts in kind (GIK) or donated services. Although you likely welcome these gifts, you may be unsure about how to record and value them.

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Here’s a brief summary.


Continue Reading Handling Gifts in Kind and Donated Services During COVID-19

A majority of large U.S. companies offer programs of matching gifts to boost the impact of their employees’ charitable gifts. Double the Donation estimates that $2 to $3 billion is donated through matching gift programs every year.

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At the same time, between $4 and $7 billion in matching gift funds goes unclaimed annually. Is your not-for-profit doing everything it can to claim its share of this pool of corporate gifts?


Continue Reading How Matching Gifts Can Double Donors’ Contributions

A not-for-profit capital campaign aims to raise a specific — usually, a significant — amount of money over a limited time period. Your not-for-profit may undertake a capital campaign to acquire land, buy a new facility, expand an existing facility, purchase major equipment or seed an endowment.

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Whatever your goal, a capital campaign can be grueling, so you need to ensure stakeholders are on board and ready to do what it takes to reach it.


Continue Reading How to Execute Your Not-for-Profit’s Capital Campaign