How to Get the Most From In Kind Donations

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When you think about donations, you probably think about cash contributions that help you raise more funds. There’s another type that can be effective in a different way, and these can come in the form of in-kind donations. Almost every organization will have received in-kind donations. Until now, you may have simply waited for these to come to you, rather than actively reaching out for them. In-kind donations can help your organization cut costs and make better use of the funds you raise, but they’re often overlooked as a form of fundraising.

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How to Get the Most From In Kind Donations WWW.DONORBOX.ORG

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In-kind donations can be attractive for donors too since they’re a viable alternative to making a cash donation and can have a significant impact on your cause In-kind donations can help your organization cut costs and make better use of the funds you raise, but they’re often overlooked as a form of fundraising

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WHAT ARE IN-KIND DONATIONS? In-kind donations are services or goods/products that are offered to your organization free of charge instead of a cash donation. They can be physical, tangible items, or intangible items such as time or skills

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A designer creating your organization’s website for free or a marketing expert taking care of your branding pro bono A company donating office equipment or computer hardware or software that your team members can use A venue allowing your nonprofit to use their facilities to host a fundraising event without a hire charge Donations of prizes for raffles, auctions/ silent auctions , and other fundraising activities EXAMPLES  In-kind donations

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THE BENEFITS OF IN-KIND DONATIONS Securing in-kind donations can have numerous benefits for your organization In-kind donations are also less likely to be dependent on company budgets You can reduce some of the total costs of delivering programs, holding fundraising events, or capital projects if you can receive in-kind donations that bring the overall budget down

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HOW TO SECURE IN-KIND DONATIONS Think about the type of products or services that your organization needs and what you can offer to in-kind donors in exchange for their contribution. This is particularly important if your organization is approaching potential sponsors for in-kind sponsorship or partnerships You can promote your desire for in-kind donations in the same way as cash donations by getting it out there on your organization’s website, social media channels, and donor communications Check that you’re reaching out to companies or individuals whose values align with your organization’s

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BEST PRACTICES FOR RECEIVING IN-KIND DONATIONS Before you accept an item, make sure you’re very aware of its history and any potential health and safety concerns — especially if they’re not brand new, and they’ll be passed onto the beneficiaries of your cause Issue in-kind donors with a receipt, as you would do with a cash donation. This makes it a lot easier at tax time, especially if the donor is likely to try to deduct the contribution Assess the impact of in-kind donations and the effect they have on your mission and work

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HOW TO REPORT IN-KIND DONATIONS Before you do this, you’ll have to come up with a “fair value” of the in-kind donation based on the market value. To make things easier, this can be done on the day of receipt The first question to ask is whether your nonprofit’s accounting is following Generally Accepted Accounting Practices (GAAP) Assess the impact of in-kind donations and the effect they have on your mission and work

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IN-KIND DONATIONS AND YOUR NONPROFIT ACCOUNTS When you’re recording in-kind donations, include the following information A brief description of the in-kind contribution The date you received it Contact information for the donor The fair market value of the in-kind contribution

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THANKING YOUR IN-KIND DONORS After your organization receives an in-kind donation, thank the donor for their generosity. This helps to show your gratitude and can build a good relationship with a new donor A handwritten thank you note can work great for this. Demonstrate the impact of the contribution

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OVER TO YOU In-kind donations can be a great way to build stronger relationships with donors who may not be in a position to support your organization with a cash donation. They’re also an effective way to reduce your organization’s costs so you can make your budget go further.

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READ THE ENTIRE BLOG https://donorbox.org/nonprofit-blog/in-kind-donations/

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