While it seems like it’s always busy around the SWIF office, there are a couple of times during the year that are extra-busy: fiscal year end and calendar year end. Both of these mark important transitions.
When the fiscal year ends on June 30, we need to close our books and start preparing for our annual audit. This also the deadline for receiving gifts that will be published in the annual Looking Forward Giving Back publication. July 1 marks the beginning of a new budget cycle and all of the prior year’s expenses need to be reconciled.
Calendar year end poses unique challenges. Not only are community foundation partner grantmaking events taking place around the region, there are also thousands of checks arriving from donors making year-end gifts. This can create traffic jam situations along with frustration grants to process pile up. Just like when there are too many cars on the road, things tend to slow down.
Here are a few things you can do to help us make sure these busy times of year move more smoothly:
- Submit meeting minutes approving grants with grant payment forms. Grants are processed in the order they are received, unless there are extenuating circumstances.
- Work with your grantees to verify their nonprofit status. This is a federal designation, and they will have received an IRS determination letter when they received their 501(c)3 status.
- Mail checks in when they are received. Believe it or not, we have received checks dated six months prior. Checking your mailbox weekly should be a priority.
- Create an annual calendar for your fundraising or events that avoids these two busy times of year.
Some traffic jams are unavoidable (year-end giving isn’t likely to change), but with your help we can get gifts and grants processed in a timely manner. Thank you!
