Fundraising At Work
August 11th, 2010
Question: How does Accountancy and Tax work for fundraising?
I am looking to raise a considerable amount of money to be divided between 3 different charities. Out of the money raised, I will need to take a small percentage out for expenses and pay myself for my time undertaking the fundraising. I have several questions that maybe an Accountant/Tax Advisor could assist with:
Do I need to set up a registered charity to pay all the money and then pay to other charities from this?
How does the tax work with this? I.e. Would I need to allow to pay for tax on this amount raised and interest earnt?
Would the lump sum I am paying myself be taxed on and if so, would it be at the higher threshold if it went over the salary boundary? Or would there be some sort of one off tax to pay?
Thank you so much in advance.
Answer: Don’t do it off your own bat – it’s too complicated. Take your fundraising idea to the three charities and, if they are interested, do your fundraising as agent of the charities.
Put online fundraising to work for your high school sports team (AlumniFidelity)
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