Nonprofit and philanthropic organizations have an obligation to act responsibly when managing their financial resources. They must adhere to sound accounting principles that generate reliable financial information, ensure fiscal responsibility, and build public trust. To ensure compliance with all legal financial requirements, organizations must establish clear policies and practices to regularly monitor how the funds are used. Make-A-Wish Mississippi funds initiatives through corporate sponsorships, special events, foundation grants and individual contributions.
However, they do not apply for funding over the phone and they do not receive federal or state funding. As a 501 (c) () (tax-exempt) organization, all contributions are deductible to the extent permitted by law. Their financial statements are audited locally by CliftonLarsonAllen, LLP. Organizations are responsible for carrying out their fund-raising activities in a manner that respects the public's trust in the management of the funds provided. The board of directors of non-profit philanthropic organizations & is responsible for adopting a fund development plan and systems to ensure that sufficient charitable contributions are raised to meet the budgeted objectives.
A bona fide official or employee of a charitable organization will not be considered a professional fund-raiser unless their salary or other compensation is paid as a commission that is calculated on the basis of the funds that will be collected or actually collected. Nonprofit organizations and philanthropic organizations must also ensure that a high percentage of every dollar raised goes directly to funding their programs and services. Compensation for fund-raising staff and contractors should not be based on a percentage of the funds raised or on other commission-based formulas. Fundraising communications, including fundraising requests, should include clear, accurate and honest information about the organization, its activities and when, where and for whom the funds will be used, in addition to the tax treatment of a contribution. The board of directors must assume overall responsibility for raising sufficient funds to meet the organization's budgeted objectives. Gulfport, Mississippi has certain legal requirements that must be met when it comes to fundraising.
Initial registration with the Mississippi Secretary of State is necessary, as well as filing IRS Form 990 and providing audited finances if applicable. Additionally, Articles of Incorporation and Statutes must be submitted along with a Letter of Determination from the IRS and a list of officials. Nonprofit organizations and philanthropic organizations must also ensure that any external person or organization that requests funds on their behalf meets the registration requirements of the Mississippi Secretary of State and all other regulations that govern the activities of professional fund-raisers. To avoid “mission drift”, nonprofit organizations and philanthropic organizations should raise funds for programs related to their mission and not develop programs simply to meet funder guidelines or seek funding unrelated to the mission.