Colorado Gives Day FAQs for Nonprofits


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Colorado Gives Day FAQs for Nonprofits

  1. 1. Frequently Asked Questions What is Colorado Gives Day? Colorado Gives Day is a new initiative to increase philanthropy in Colorado through online giving. Presented by Community First Foundation and FirstBank, CO Gives Day will take place during a 24-hour period starting at 12 a.m. on Wednesday, December 8, 2010. Donations will be accepted through the website, with a goal of raising $1 million for Colorado nonprofits. When will it take place? During a 24-hour period starting at 12 a.m. Wednesday, December 8, 2010. Why was it created? To increase support for Colorado nonprofits. According to Colorado Nonprofit Association’s 2008 State of Giving Report, Colorado ranks among the lowest states in charitable contributions while having some of the highest average incomes. Who created it? Community First Foundation partnered with FirstBank to bring this important initiative to Colorado. The Foundation is a Denver-based community foundation that strives to improve quality of life in the seven-county Denver area. To fulfill its mission, the Foundation funds community initiatives, supports nonprofit organizations, and assists individuals with charitable giving. With the creation of in 2007, the Foundation has focused on supporting the nonprofit sector through online giving. FirstBank has over $10 billion in assets and over 130 locations in Colorado, Arizona, and California. It has grown through consumer and commercial lending, innovative banking products and services and a high regard for community investment. FirstBank owes their success to the core values they’ve held since they were founded in 1963. Ever since, they’ve maintained a strong commitment to convenience, friendly and intelligent customer service, and loyalty to their employees. When was Colorado Gives Day launched? The Colorado Gives Day Kick-off Event held on May 25, 2010 officially launched Colorado Gives Day and encouraged local nonprofits to participate. How are you engaging the community in this endeavor? • Community outreach Community First Foundation, FirstBank and participating nonprofits will join forces in the months leading up to Colorado Gives Day to raise awareness of the initiative and encourage
  2. 2. Coloradoans to “Give Where You Live,” by donating online through on December 8, 2010. • Online Happenings In the weeks leading up to Colorado Gives Day, Community First Foundation will present various online activities for nonprofits and potential Colorado Gives Day donors. How can Colorado nonprofits get involved? To participate in Colorado Gives Day on December 8, you need a complete, updated profile on • If you already have a profile online, it must be updated by November 15, 2010. Please read “Updating Your GivingFirst Profile” located on the nonprofit resources page. After submitting your profile for review, provide: o A completed ACH form and a voided check (allowing automatic transfers to a bank account of donations made to your organization), if you have not already done so. o Most recent 990s, audits, and management/governance documents. • If you are new to GivingFirst or in the process of completing your profile, it must be submitted by November 1, 2010. We will also need: o A completed ACH form and voided check (allowing automatic transfers to a bank account of donations made to your organization). o All documents referenced in your profile (e.g., 990s, audits, balance sheets, IRS letter of determination, policies, etc.) Why do I have to provide an ACH form and a voided check? In order to participate in Colorado Gives Day, you must submit a completed ACH form and a voided check by November 2010 so we can transfer donations to your bank account. How can I get help with my profile? To work on your profile out of the office and ask questions, please attend one or more Help Sessions. They are offered the 2nd and 4th Fridays every month from 8:30 – 11:30 am. Please call 720.898.5900 to sign up. How can I build Colorado Gives Day into my year-end fundraising plans? We have created a variety online tools and resources to help you. These resources are posted on the administrative side of on the Colorado Gives Day Nonprofit Resources page. Some of the resources you’ll find now are: Coming later: • Reference/Fact Sheet • Additional online tools • FAQs • Electronic and print ads • Sample e-mail/newsletter copy • Press release(s) • Colorado Gives Day logos • Personalized fundraising pages for your • GivingFirst logos donors • Social media copy
  3. 3. We will continually add resources. Watch your e-mails for announcements, or sign up for an automatic e- mail notification to alert you when new resources are added. (Just click the link on the Colorado Gives Day Nonprofit Resources page and register for automatic notifications). If you have questions or ideas you’d like to bounce off of us, please contact us and we’d be happy to help you. Will an incentive be offered to boost donations on Colorado Gives Day? Yes! Thanks to our presenting partner FirstBank, your donors will have more reason than ever to support you on December 8. FirstBank has provided $250,000 as the lead gift for a Colorado Gives Day Incentive Fund that will leverage donations made through on December 8. The Incentive Fund will be proportionally allocated across all donations received, increasing the value of each gift. We will also be asking Colorado businesses and organizations to be part of a Circle of Giving and contribute to the fund. How will Community First Foundation calculate each nonprofit’s share of the Incentive Fund? At the completion of Colorado Gives Day, the Foundation will determine each nonprofit’s proportionate share of the Incentive Fund by dividing the total amount each charity raised by the total amount of donations to all participating nonprofits. This amount will then be multiplied by the total amount of dollars in the Incentive Fund. Incentive Fund Formula Individual Charity’s Divided Total Amount Raised X Total Amount = Individual Charity’s Amount Raised by on CO Gives Day in Incentive Share of Incentive Fund Fund Example: Individual Charity’s Amount Raised (10,000) divided by the Total Amount Raised on CO Gives Day (1,000,000) x Total Amount in Incentive Fund ($250,000) = Individual Charity’s Share of Incentive Fund ($2,500) What does a “proportionate share” of the Incentive Fund mean? It means that each nonprofit will receive the same amount per dollar for donations received through on December 8. In the example above, for instance, of $1,000,000 raised among all participating nonprofits, each nonprofit would receive 25 cents per dollar on each dollar they received through on December 8. Is the incentive a race? No. Each donation received during the 24 hour period starting at 12 a.m. on December 8 will receive a proportionate share of the Incentive Fund. It does not matter what time of day donations are received. Community First Foundation will calculate the proportional share of the Incentive Fund for each organization after December 8.
  4. 4. How does this work for credit card processing fees? Donations made on Colorado Gives Day are not counted toward the $100,000 annual donation threshold where your organization would normally assume responsibility for paying credit card processing fees. Raise as much money as you can on Colorado Gives Day without worrying about incurring credit card processing fees.