Does your homeschool organization need some ideas for raising money? Carol Topp, the Homeschool CPA, shares ideas for easy fundraising in this episode of the Dollars And Sense Show.
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Easy fundraisers show notes:
Coupon and reward programs
Box Tops. Need 501c3 status
Shopping reward like Kroger Plus program
E Scrip
Food as a fundraiser
Pizza sales, bake sales to members
Candy, popcorn sales to public could impose a reporting to you state’s AG office
Restaurant (Chik-Fil-A) give a percent of proceeds from one night to your organization
Dinners as fundraisers
Donations
Via email, website, crowd funding, etc
Read-a-thon or walk-a-thon
Car washes and bake sales
Sell products
Ideas at TopSchoolFundraisers.com
Used curriculum sale. Charge an entrance fee, or a table fee to the sellers (or both!)
Reporting the Fundraiser income:
The IRS considers fundraisers to be unrelated to your nonprofit purpose and therefore, subject to taxation. Exceptions to the Unrelated Business Income tax:
- Under $1,000 income from fundraisers in a year
- All volunteer labor (no hired help to run the fundraiser)
- Not regularly carried on
- Selling donated items
State may require reporting to their attorney General if you sell to the public or solicit donations from the public. Usual exceptions are: only sales to members, a dollar threshold ($25,000 is common), all volunteer labor, but these vary by state.
Warning: No Individual fundraising accounts!
See http://homeschoolcpa.com/scouts-dont-allow-individual-fundraising-account-and-neither-should-you/
More information:
Money Management in a Homeschool Organization book
Blog posts on fundraising: http://homeschoolcpa.com/tag/fund-raising/
Article “Easy Fundraisers for Homeschool Groups” at http://homeschoolcpa.com/leader-tools/articles/
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