A representative from the Arizona Communities Foundation, speaking at the Nonprofits Connections meetings this past Friday in Sedona, shared three strategies to help your non-profit mitigate the consequences of the new tax law.
The third? Encourage current donors to subscribe to a monthly automatic donation program. Having an automatic monthly donation charged to their credit card or deducted from their checking account is an easy way for donors to support your work without having to take the time periodically to write out a check and make a donation. Knowing how much they will be giving and when makes it easier for them to budget their money, too.
Being able to rely on periodic monthly donations can offset some reduction in donations in 2018, but it’s a good strategy any time because recurring donations allow you to be as efficient as possible when it comes to managing costs and planning for the future. Many credit card processing companies, merchant accounts and/or banks (including authorize.net) already include the option for you to accept recurring donations online, at no extra cost to you. That makes it a win-win for everyone.
As always, it’s a good idea to encourage a valued donor to be the first to subscribe to recurring monthly donations and use their story to encourage other donors to do the same.
Stay tuned for more ways to mitigate the effect of tax law changes on your non-profit and more valuable information for small businesses, artists, and non-profits. Just click the FOLLOW button on the right to be notified by email when a new article is posted.