Questions to Rate Your Guild’s Fiscal Fitness
An important part of every guild’s success is the work you do behind the scenes to meet financial and legal requirements. How many of the following 10 questions can your guild say yes to? Answer them on your own or together at your next guild meeting, and then use the scale below to rate your fiscal fitness.
- Does your guild always turn in all of your event revenue and treasurer’s report within 90 days of an event?
- Does your guild ask event attendees and donors if they work for companies that will match donations to nonprofit organizations?
- Does your guild pay sales tax on things that are included in the price of event attendance (catering, beverages, auction items, etc.)?
- Does your guild complete a separate treasurer’s report that tracks revenue and expenses for each event or project?
- Does your guild seek sponsorships to cover event costs and send the sponsorship list to the Guild Association to review?
- Does your guild complete an internal audit once a year, regardless of how much or how little money you have raised?
- Does your guild keep guild paperwork for at least seven years in case an IRS audit occurs or other questions arise?
- If your guild grosses more than $50,000 in one fiscal year (including in-kind donations), do you work with the Guild Association to fill out IRS Form 990 in addition to your treasurer’s report?
- Does your guild make sure that for all of your fundraisers, net revenue is at least 65% of gross revenue?
- If your guild wishes to raise more than $2,500 in funds for a program or department other than your guild’s designated area or our current Funding Hope programs, do you ask the Guild Association Board of Trustees for approval beforehand?
Rate Your Guild
If you can say yes to four or less of these questions, it’s time to dust off the Guild Association Resource Guide (PDF) and review it with your members by making it an agenda item for your next guild meeting.
If you say yes to five or six of these questions, don’t fret! Make a plan with your guild to address the areas that need improvement before your next event.
If you answered yes to seven or eight – nicely done! You might consider a run for treasurer.
If you answered yes to nine or ten – you’re a financial whiz. We appreciate all you do to help us comply with fundraising regulations.