Have you considered hosting an annual fundraiser?
Raising money for a nonprofit organization provides valuable support to your community, and it gives your independent community pharmacy the opportunity to network and reach potential new patients. When properly documented, you can even get tax deductions for your monetary contributions.
Planning a successful fundraiser requires time and organization. Here are four tips to make the most of your fundraiser.
1. Plan ahead
Once you’ve decided that your pharmacy is ready to plan, organize and execute a fundraiser, give yourself enough time to put together an excellent event. (You may need up to six months.)
If you begin planning early, you can make sure to have enough time to book an excellent location, plan lots of fun activities and promote your event.
When deciding what kind of fundraiser to have, think about what would draw you to an event. Even though you’re holding the fundraiser to benefit charity, community members won’t want to spend their time and money unless your event is fun.
Some popular and enticing ideas are golf tournaments and family carnivals that include food, entertainment, and games or activities for kids.
2. Promote your fundraiser
Once you have your attention-grabbing event planned, don’t forget to let people know about it.
Send out save-the-dates and invitations. Be sure to include the name of the charity your event will benefit, the planned activities and where attendees can find out more, such as your website or Facebook page.
Consider having a simple online registration or Facebook event page to get an estimate for how many people plan to attend, and to send reminders and updates about your fundraiser.
Don’t forget to post flyers about your fundraiser around your pharmacy, and ask other local businesses to display them as well.
3. Partner for success
Many other small businesses set aside a fundraising budget each year, and will be excited to join your team. The bigger your event and the more it has to offer, the more people it will draw and the more money you can raise for your charity.
Ask local restaurants to provide discounted—or free—food for your event. It’s a great way for them to get publicity, too.
Other small businesses might be interested in donating an item or service for a raffle or silent auction at your event. Not only will attendees like novelty or gift items, but they’ll also love to bid on—and win—services they would regularly pay for. A local salon might donate a free cut and color, or the local auto shop could donate a free oil change; raffle items don’t have to fit in a basket.
If some businesses would like to make a smaller donation, allow them to advertise at your event by hanging their banner. You can also create goodie bags full of coupons and small items from local businesses for attendees to grab on their way out.
4. Keep records for tax deductions
Keep excellent records of your charitable deductions when preparing your taxes to protect your pharmacy in case of an audit.
In order to qualify for a tax deduction, your event must benefit a registered 501(c)(3) organization. To ensure that your organization of choice is qualified, you can use the Exempt Organizations Select Check search tool from the IRS.
Contributions must be made during the tax year to be eligible for the deduction and must be itemized using Schedule A of the 1040 form.
More information concerning charitable donations can be found in Publication 526 by the IRS.
Use these tips to plan a fundraiser that will benefit your community and promote your pharmacy.
