Tax Filing 101 for Nonprofits & Important Dates

Dotting Your "i" Isn’t Enough: Staying on the Right Side of the Law and Your Donors

by Jennifer Meckling, Charitable Organization Endowment Program Director

At the very least, most of us understand tax filing and deductions on a personal level but when it comes to a 501(c)(3), things are a little different. The IRS grants us a very big gift: charitable organizations are not required to pay income tax. The obligation nonprofits hold for this wonderful benefit is compliance with a few things. Some are very straightforward with a firm legal line, while others require that we strive for best ethical practices to preserve the public trust.

So what does it look like in practice? It’s all about writing it down; having policies and procedures, adopted by the board and perpetuated through adequate orientation and training of new staff, board and volunteers. Following are a few suggested best practices for your nonprofit:

Maintain an annual schedule of filings for your state and federal obligations.

Abide by procedural checklists for tasks like opening mail, logging gifts and sending appropriate gift acknowledgements to ensure you are following policy and striving for transparency.

Maintain a written ethics code for board, staff and volunteers so that everyone is operating from the same playbook.

Budget both time and expense for boards and staff to receive proper - and ongoing - training.

The core of what we do as nonprofits comes naturally. We feel called to serve and we do so with open hearts. The harder part of nonprofit work is the discipline we must demonstrate in pursuit of our mission. It’s not intuitive and it often does not come naturally, but it is every bit as critical to the sustainability of the public charity. Holding our organizations up to a high standard is not only legally and ethically necessary, but is essential to developing a relationship with our donors that transcends the transaction.

Join us at our next Charitable Organization Endowment training for more nonprofit best practices!

GiveSmartOKC: Profile Update Session I

Take the opportunity to freshen up your GiveSmartOKC profile for fall! Space is limited to the first 20 RSVPs.

9 - 11 a.m. @ Metro Technology Centers

Economic Development Building , Room 110 & 112

Focus on Endowment: Who Will Carry the Torch for Your Cause?

Join us at 11:30 a.m. to learn how you can establish an endowment growth program for your organization.

GiveSmartOKC: Profile Update Session II

Take the opportunity to freshen up your GiveSmartOKC profile for fall! Space is limited to the first 20 RSVPs.

1 - 3 p.m. @ Metro Technology Centers

Economic Development Building , Room 110 & 112

It isn’t necessary for your organization to send a tax receipt to the Oklahoma City Community Foundation.

When a donor makes a gift to your endowment fund, they immediately (or, almost immediately) receive a tax receipt from the Community Foundation. Similarly, when you receive a check from the Community Foundation, it is a grant to your organization, requiring you express only your gratitude . Sending a tax receipt to us – or the donor directing the grant – is inaccurate and suggests a tax deduction where there is none. Save some time, some trees and stay on the ethical side of community foundation transactions by not sending us tax receipts!

Save the Date for These Upcoming Events!

Oct. 15: 50th Birthday Party & Endowment Distribution Event

Join us for our 50th birthday block party and check distribution event. Pick up your endowment distribution and party with us like it's 1969 with drinks, appetizers, a DJ and door prizes!

Tuesday, October 15, 2019

4:30 - 6:30 p.m. | @ OCCF

Attire of the era is encouraged.

Look for invitations coming soon!

For more information, contact Jennifer Meckling at 405/606-2951.

Sept. 20 - Oct. 13: The Musical Swings

We're bringing The Musical Swings to downtown Oklahoma City!

Take a turn on the set of 10 musical swings and create the sound of a piano, harp, guitar or vibraphone. When you sync with nearby swings, you'll be making music!

When? Sept. 20 to Oct. 13.

Where? Bicentennial Park