Managing Matching Funds
If you’re looking for ways for your donors to multiply the impact of their gift to you, then matching funds are a great way to do it! It’s critical to ensure proper accounting for all types of match dollars. This includes being able to maintain adequate documentation for all the amounts claimed as a match and recording the donation in detail for auditors. It’s hard to do without a fund accounting program that will easily pull reports on all your donation types for auditors.
Matching funds are additional dollars contributed directly to your nonprofit from a donor, company, or community partner. They help encourage donations to your nonprofit. Matching funds can double or even triple an individual’s donation! Still not sold on the idea that you should incorporate a dedicated matching fund communication campaign?
Sample Scenario of Matching Funds Revenue
Let’s break it down a little more. Let’s say an animal rescue organization has 300 active donors. It just so happens that 75% of these donors work for a corporation that offers matching. Your organization decides to do a targeted ask to these individuals, to help you bridge your gap. After an email nudge and follow-up phone call, each of those folks made a $50 donation, and of course had it matched 1:1. It yielded a total of $22,500 total – half donor and half match – just from your targeted effort!
Imagine how much extra kibble (if your mission is animal focused) or other items $22,500 would purchase in one year for your mission?
Using MIP Software for Matched Dollars Reporting
MIP Software offers complete comprehensive fund tracking, compliance, and scalability for your organization’s financial management. Our software can help you budget like a pro. All of your information is in one place, easily accessed, and ready for budget planning. In the nonprofit world, you likely receive revenue from multiple sources and implement programs at varying costs. Our software can help you understand how much funding you have available and the best way to allocate your resources.
MIP is here to support your financial needs with our software for nonprofit budgeting and expedient donor and matching funds tracking. We’ll help you implement the system, and we can train you on how to get the most from its capabilities. Are you interested in trying our software solution? Request a demo today. We look forward to helping your mission.