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While the economy attempts to recover from the Great Recession that rocked so many small businesses and nonprofit organizations, many entrepreneurs feel the need to accept funding from wherever they can get it.
In a nonprofit organization, funding can often be hard to come by. While some receive capital in the form of grants and endowments, others are not always so lucky. As a result, many board directors find themselves accepting gifts that have certain conditions tied to them in order to keep their organizations afloat.
Often, when a donor makes a charitable gift to an organization, they wish to have some sort of power over their funding. Many make stipulations out of fear - doubtful that a nonprofit will actually use the funding towards their mission, even though by law an organization is required to do so.
"You'll want to head off restricted gifts by assuring potential legacy donors in all your communications … that you have a specific and honorable plan for using legacy gifts," the website Nolo advised. "For an organization with a long history and vital, ongoing programs, this can be as simple as explaining the important role that bequests play in keeping your programs going."
This article is brought to you by Vcorp Services – Our experienced entity formation specialists help non-profit corporations with the preparation and filing of documents for corporate charters to the Secretary of State.
In a nonprofit organization, funding can often be hard to come by. While some receive capital in the form of grants and endowments, others are not always so lucky. As a result, many board directors find themselves accepting gifts that have certain conditions tied to them in order to keep their organizations afloat.
Often, when a donor makes a charitable gift to an organization, they wish to have some sort of power over their funding. Many make stipulations out of fear - doubtful that a nonprofit will actually use the funding towards their mission, even though by law an organization is required to do so.
"You'll want to head off restricted gifts by assuring potential legacy donors in all your communications … that you have a specific and honorable plan for using legacy gifts," the website Nolo advised. "For an organization with a long history and vital, ongoing programs, this can be as simple as explaining the important role that bequests play in keeping your programs going."
This article is brought to you by Vcorp Services – Our experienced entity formation specialists help non-profit corporations with the preparation and filing of documents for corporate charters to the Secretary of State.
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