Non-profit organizations have different, but equally important causes. Some focus on the environment, on social issues, and others. When hosting an event to raise funding, they usually have a goal in mind.
In order to monitor the progress of the funds coming in, they may also use a donation chart. They can also use these charts and trackers to make sure that all the money is well-spent.
When you make donations, you’ll discover how fulfilling the act of giving is. Acts of charity are very beneficial. Such acts can benefit you psychologically, socially, financially, and spiritually too.
There’s a special kind of satisfaction that comes with donating money or goods to those in need. It can give you a sense of positivity and fulfillment.
A donation tracker will allow you to visualize the amount you’ve collected. It will also help you organize the donations when you’re going to spend them or give them away. You can make your own template or download one from here.
Such templates are fully customizable so you can design them accordingly. You can make the template simple and easy to understand. You can also make a complex template which contains more information.
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Benefits of a donation tracker
Giving donations is very common nowadays. People from all over the world are very familiar with the concept of giving to those in need. In fact, donating has been around for a very long time.
The Greeks first initiated the concept of giving donations. The Hebrews also collected taxes to help the people in the society who don’t have enough.
Nowadays giving donations is already part of our way of life. People and organizations give donations to those who need it the most. If you want to check all the donations you receive, you can start using a donation or fundraising tracker.
This will help you keep track of the donations as well as how you’re spending them. Here are some benefits of using such trackers:
- Giving donations will make you feel wonderful. When you think about how you affect a person’s life in a good way, it will make you feel good too. Knowing where your donation goes makes the experience more special and real.
By using a tracker, you’ll be able to keep track of where your donations go. Whether you donate money or goods, you can record your donations in the tracker.
When it’s time to give to the needy, you’ll be able to see where exactly your contribution goes. This makes the act much more satisfying.
- Giving to charities also provides you with a chance to connect with the people in need. Tracking all the donations you’ve given will make you worldlier. You’ll get to see the actual situations of the people or societies you donate to.
This will help you understand the lives of the underprivileged better.
- You can also use the tracker to get exemptions on your taxes. This applies to non-profit organizations and registered charities. The tracker will serve as a concrete document of all the donations you collected and gave away.
With it, you might be able to get a chance to waive-off taxes and get some exemptions. This is why it’s very beneficial to keep such a document. You can use it to summarize all the donations made within the year.
Then you can submit your summary along with all your donation tracking documents. All these will be your proof of all the charitable work you’ve done throughout the year.
- Such documents are also easy to make and easy to use. They’re very useful tools which you can customize according to your needs. If you work in an organization which hosts a lot of fundraising events, you may use this document.
You can use a donation chart, tracker or even a fundraiser thermometer template. Any of these will serve the same purpose and give the same benefits.
The bottom line is, a donation tracking template will make your life a lot easier. Use it to track all the charitable donations made in your organization. Then you can also use it to keep track of where all the donations went.
This is very helpful especially if the benefactors follow up on their donations. Using trackers may also help make the whole experience go smoothly.
How to track donations
You may use a donation tracker or a donation chart for different purposes. One of the most important purposes is to get tax exemptions. This is especially true for registered charitable organizations and the like.
If you’ve made charitable contributions, you need to document everything. Do this so when the time for paying taxes comes, you’re sure to be well-prepared.
Before you start tracking donations, you need to know which ones you need to document. Then, you need to decide what type of template to use. Establish a system for tracking that works for your own organization.
You may want to save soft and hard copies of your trackers. You also need to organize all your processes so that you can keep track of all the donations which come in.
- Not all donations can help you gain tax exemptions. Generally, it’s possible to acquire a tax deduction or exemption. That is if you’ve made a donation to a qualified charitable organization.
In order for a charitable organization to get qualified, they need to apply to the IRS. Ask the organization if they’re qualified first before you make your donation. Do this if you want to get deductions or exemptions from your taxes.
- After verifying the qualification of the organization, you also need the right documents. You can keep track of your donations on your own or through the organization.
Rules for giving donations may differ from one organization to another.
- You can give a cash donation in different ways. You can give cash, a check, or even use your credit or debit card. Even for cash donations, you need to record everything in your tracker.
Write down the organization’s name, along with the date and the amount of your donation.
- Along with your tracker, you may also need to keep additional documents. One such document is a bank record or statement which shows how much you’ve contributed.
Also, keep the receipt or letter given to you by the organization you gave your donation to.
- Keeping track of non-cash donations is more complicated. But you still need to document all these contributions. For instance, you’ve given clothing or appliances to a charitable organization.
For this, you may also ask for documentation. However, this would depend on the value of the item you gave.
- If you want to track the items using their value, just assess them first. Think about what value a thrift store would charge for your item. This is the value you can record on your tracker.
- You may make a contribution that’s less than $250. For this, you need a written confirmation from the organization. Attach this to your tracker to serve as proof of the donation.
- You may make a contribution between $250 and $500. For this, you’d need a written acknowledgment from the organization. If you donated items, the document should also to contain a breakdown of the items you gave.
- If the value of your contribution is between $500 and $5000, you also need the same documents as above. Aside from those, you would also need a tax basis for the item/s you donated.
- If the value of your contribution is more than $5000, prepare all the documents above. Along with them, you’ll need a written evaluation of the property or items you’ve donated.
All these tips will help you track your donations more efficiently. Remember, the tracker isn’t enough. This is especially true if you want to claim tax deductions or exemptions. Also, it’s always a good idea to keep track of all your donations.
It’s also a good idea to file all the additional documents in case you’ll need them in the future.
Benefits of making donations
People and organizations can make donations. It’s essential to give back to your own community. A lot of big companies give huge donations. Small companies also make charitable contributions for different reasons.
When you make a number of donations each year, it’s important to keep track of them all. Use a donation tracker to document everything. Do this for the benefit of the charitable organization and your own company.
It’s very beneficial to make donations. When you help the community, it affects you positively as well. Aside from feeling good, your company will also get a good image of giving back to the community.
Donating doesn’t just benefit the ones you’re giving to, it will also benefit you. There are different forms of charity. But the simplest and most effective way to do so is by donating your money or time.
Giving to charitable organizations can benefit you and your company in different ways. Here are some notable benefits of making donations:
- When you donate your money or your time, your company becomes a better part of the community. You’ll have a greater purpose and meaning. You don’t even have to give huge donations.
Charitable organizations receive donations from different people and organizations within the community.
- Giving regular donations to different organizations may help the community. This is beneficial as it reduces the problem of poverty in the different areas. You can even make donations to organizations outside your community.
Doing this will broaden your horizons. It will also make your company known to other communities or countries.
- Making donations gives you a new perspective. Nowadays, it’s important to broaden our horizons and discover new things. When you give your money and time to a cause you believe in, it helps broaden your perspective.
You may donate something as simple as clothing and think nothing of it. But try to find out how your “simple donation” impacted the lives of the recipients. You’ll see how people who don’t have much appreciated the little things.
Knowing this can make you a happier person. It will give you a sense of fulfillment especially when you see that you’ve made a difference.
- Making donations sets a good example. This applies to people and organizations. If you want to make a donation, use that as an opportunity to set an example for your children.
When you contribute, it may also influence the actions of others around you. They may start seeing the beauty of donating and follow your example. The same goes for organizations.
If the bigger organizations make donations, others will see how beneficial it is. Then they will also make their own contributions, no matter how small they are.
- Your donations can help you get deductions or exemptions from your taxes. We’ve discussed this earlier already. If you make donations to qualified organizations, you can apply for tax deductions.
Of course, there are different requirements for you to follow in order for you to do this. Also, your deductions should count if you want to lighten the burden of your taxes.
This only applies if you donate to organizations and not to individual people. Also, make sure you have all the documents you need. Have them ready when applying for tax exemptions and discounts.
Trackers, receipts, and other written documents are essential. They will prove that you’ve made the donations.
As you can see, making donations can be very beneficial. You’ll help those in need while also being able to enjoy some perks. Donations can come from people as well as organizations.
If you have the means to give back, it’s always a good idea to make a contribution. This is especially true if you believe strongly in a specific cause.
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