Double the Donation has received several requests asking about matching gift programs in Minneapolis. To clear up some of the confusion we created this post highlighting some of the top companies in the area that currently offer these programs. Matching gifts can increase nonprofit fundraising without asking donors to contribute more of their own funds.
List of Companies in Minneapolis with Matching Gifts
The city of Lakes just so happens to be the largest city in the state of Minnesota. 5 Fortune 500 companies are based out of the city and several foreign corporations are starting to place offices in Minneapolis. The area has an estimated GDP of around 200 billion dollars. Many of the companies with a presence in the city also offer matching gift or volunteer grant programs.
If a nonprofit has donors working for any of these companies their donations could be doubled. Check out this list of some of the companies in Minneapolis with the best matching gift programs.
Hormel Foods
Hormel Foods will match up to $15,000 a year donated to a school. They will also match up $1,000 a year per employee. Employees can donated upwards of $10,000 a year to colleges and universities and have the gift matched 1:1
General Mills, another food industry giant, also offers matching gifts. General Mills will match gifts made up to $5,000 per employee. See if your organization is eligible.
U.S. Bancorp will match up to $3,000 annually. The company also has a volunteer grant program that will pay nonprofits $5 per hour an employee spends volunteering for their organization.
Through The Graco Foundation the company provides donations to nonprofits which Graco employees support.
Each year through the Employee Giving Campaign, every contribution made by Graco employees to eligible nonprofit organizations is matched $1 for $1 by the Foundation.
Graco also offers a Dollars for Doers Program where the Foundation donates $1,000 to any eligible nonprofit organization where an employee has volunteered 50 hours or more. And the best part is that time that a spouse or dependent of a Graco employee volunteers counts toward the 50 hours.
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Matching gifts are becoming a favorite way of giving among America’s top companies. Matching gifts are an easy way to double your current donations. Familiarize your organization staff with this list of companies.
Unfortunately, many donors are unaware that their companies have these programs. Often the responsibility falls on nonprofits to inform their donors.
List of Companies in Tampa
Tampa has a dynamic economy that relies on industry, national defense, tourism, and shipping. The city is home to several multinational corporations and Fortune 1000 companies, many of which operate employee giving programs.
Learn about the top companies in Tampa, Fl with matching gift programs. Use this list to help your organization optimize its fundraising efforts.
Honeywell
Honeywell does not currently offer matching gift programs, but it does offer an employee volunteer grant program. Volunteers can earn up to $500 for a nonprofit by volunteering 50 hours.
Humana will match up to $1,000 for each of its employees who donate to eligible causes. The company also offers an interesting incentive for volunteers.
Interested in learning how Double the Donation increases nonprofit fundraising with employee matching gifts?
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If you can find 30 minutes, you can make small adjustments to enhance your organization’s matching gift strategy.
Four Easy Yet Effective Ways to Increase Matching Gift Revenue
Promote matching gifts on social media
Do you maintain Facebook and Twitter accounts for your organization? If so, odds are donors and members are scrolling through past messages on a regular basis.
Take a few minutes to create a post about matching gifts. Not only will it appear on your fans’ walls today, but your matching gift post will linger on your organization’s wall forever. Here are a few sample matching gift messages you can use.
And don’t forget, if you use a service to schedule messages in the future, go ahead and create a few matching gift messages to post automatically over the coming months.
Modify your acknowledgement letters and emails to promote matching gifts
Do you send out an acknowledgement letter to donors? If so, this is a great place to promote matching gifts.
While asking donors to “check with your HR department to see if your employer will match your contribution” still places the burden of research on them, it’s better than nothing.
If you subscribe to Double the Donation’s matching gift service, make sure you’re including a link directly to your organization’s custom matching gift website. This makes it easy for your donors to access everything they need to submit their matching gift requests.
Add a sentence about matching gifts to your email signature
Do you ever communicate via email with individual donors or members? If so, utilize your email signature as an easy way to remind donors to submit matching gift requests.
If you subscribe to Double the Donation’s service, link directly to the custom website we maintain for your organization. Otherwise, ask donors to “please check with your company to see if they’ll match your donation.”
Educate colleagues about matching gift companies in your city
Send out a list of the top companies which match donations to everyone involved with fundraising in your organization. For instance, if you sell memberships, make sure your membership sales reps receive this email. You’ll be surprised to find out that some of your colleagues have never heard of employee matching gift programs.
While you’ll only be able to include a handful of companies representing a small percentage of companies in your area that will match donations, they’re a good way to raise awareness around the potential of matching gifts.
You may also want to check out a list of additional suggested ways to promote matching gifts. While many of them are more slightly time consuming than the above suggestions, they provide greater benefits and help maximize matching gift revenue. These include:
Matching gift newsletter articles
Banner ads promoting matching gifts on thank you confirmation screens
Incorporate matching gifts on the “Ways to Give” page
Include a matching gift link on your website’s navigation bar
Readers: How does your nonprofit promote matching gifts to donors and members?
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By not promoting matching gifts to donors, your organization may be leaving money on the table. In almost every case, the tax-deductible amount of nearly all cash and stock contributions is eligible to be doubled through employer matching gift programs.
To take advantage of these important revenue opportunities, go over the following key subjects:
Need a refresher on corporate philanthropy? Visit our guide to learn more about corporate matching gift programs. Otherwise, let’s get started!
1. The Relationship Between Tax-Deductible Contributions and Matching Gifts
When nonprofits have membership programs or host special events, there should be a defined tax-deductible amount listed. This should be a specific dollar amount. Also, it should be above the fair market value (FMV) of any benefits received.
That way, attendees and their employers know the specific amount for IRS income tax reporting purposes. The tax-deductible amount of the donation, event ticket, or membership is also what donors should submit to their employers when requesting a match.
It’s the responsibility of the organization to determine the tax-deductible amount and inform event attendees or its program’s members.
For instance, for events, the tickets should have a line similar to the following: “Did you know that $X of your ticket is tax-deductible? If your employer has a matching gift program, this amount might be eligible to be matched.” To learn other ways to promote matching gifts to attendees, visit this guide about matching gifts for special fundraising events.
Now that you know the tax-deductible amount of contributions can be matched, let’s dive into how to calculate it.
2. Calculating the Tax-Deductible Amount for Matching Gifts
As previously stated, it’s up to the nonprofit organization to determine the tax-deductible amount of each contribution. The first step is to determine the FMV of the benefits received.
There are a few ways to do this. Start by comparing the benefits received by the donor with what those benefits would cost if it were not a fundraiser.
For example, let’s say you charge $500 for an annual gala ticket. At the gala, there’s a performance by a well-known band as well as a five-course dinner. Let’s say the nonprofit determines the dinner would cost $50 from a local restaurant while a ticket to see the band would cost $100. In this case, the fair market value of the gala ticket would be $150. Therefore, the tax-deductible amount of the ticket would be $350.
Donors should use this fair market value, rather than the overall purchase price, on their company’s matching gift form.
While each organization has full discretion in determining the FMV, the key is to ensure the values placed on each benefit are reasonable. For instance, is it reasonable for a steak and lobster dinner with dessert to cost $10 at a five-star restaurant? Probably not. An appropriate method is to take a look at the menu of a local restaurant and use its pricing as guidance.
Calculating the FMV isn’t an exact science. It could vary by several dollars and any amount within a reasonable range would be acceptable for government reporting and matching gift requests. The important part is that your organization is taking a fair and honest approach when estimating the FMV.
3. How a Matching Gift Database Can Help
When hosting event fundraisers or heading a membership program, nonprofits might overlook corporate giving opportunities. Corporate philanthropy is vital for nonprofits. Missing out on these opportunities can be detrimental to an organization. That’s where Double the Donation, the industry-leading matching gift database, can help!
By adding a matching gift database to your tech toolkit, your nonprofit won’t overlook revenue from corporate giving programs. For instance, Double the Donation:
Enables donors and volunteers to search for 20,000+ companies.
Gives users all available info and forms on companies’ giving programs.
Allows nonprofits to embed the tool on their online fundraising channels.
Before your event, research your attendees’ employers. You’ll be able to pinpoint which donors are matching-gift eligible. That way, you’ll know who to approach about corporate giving at your event. Whenever someone signs up for your membership program, your team can see which donors might be match-eligible, too! Then, you can reach out to them.
Plus, larger nonprofits might benefit even more from 360MatchPro by Double the Donation. This tool streamlines the process by automatically identifying match-eligible donors in a comprehensive database, following up with them until they complete the match process, and even creating an automated plan for matching gifts! Either tool is great for pinpointing corporate giving opportunities.
Many different types of donations to your organization have a tax-deductible component that can be submitted to corporate matching gift programs. Make sure you’re communicating this with your donors.
Now that you know more about tax-deductible contributions, relay this information to your team and supporters. Start boosting your nonprofit’s matching gift revenue now!
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Double the Donation’s nonprofits clients come from all across the country—so we wanted to highlight a few select matching gift companies in key markets. Like most major metropolitan areas, New York is home to tons of notable employers, many of whom offer matching gift programs.
To help you launch or finetune your strategy, we’re going to look at the following matching gift companies your team should be aware of:
JPMorgan Chase & Co.
Verizon
IBM
Goldman Sachs Group
American International Group
Follow along for a look at New York City’s corporate philanthropy and the tools you can use to discover these opportunities.
Statistics on New York Matching Gift Companies
If you dig into your organization’s database of corporate donors from the past few years, you’ll probably notice you received matching gifts from a variety of companies. Some are probably headquartered in your area, while others may have a much smaller presence.
Here are a few statistics on the New York market that may interest you:
65% of Fortune 500 companies match donations made by their employees.
40% of Fortune 500 companies offer volunteer grants for employees.
Now, let’s dive in!
Discovering Matching Gift Opportunities in Metropolitan Areas
The fact that New York has major matching gift opportunities means little if nonprofits don’t capitalize on them. If you’re like most organizations, you probably aren’t reaching your full corporate philanthropy potential.
A great place to start is making sure everyone in your organization is familiar with the largest employers in your area. If you want to take it a step further, however, consider providing donors and volunteers with detailed information about their employer or their spouse’s employer.
360MatchPro, a marketing automation platform suited for nonprofits looking to improve their existing matching gift processes, can help. With this software, your organization can automatically identify and contact eligible donors regarding matching gifts.
With that, continue reading for a look at New York City’s top 5 companies with matching gift programs.
Companies in New York with Matching Gift Programs
Of the top companies in New York City, those highlighted offer matching gift or volunteer grant programs. It would be difficult to go into detail regarding every company in New York offering matching gift programs, so we’ve highlighted some of the area’s largest employers for this list.
Based on the current Fortune 500 list, JPMorgan Chase and Verizon are the two biggest companies in New York City. Even better? Both offer matching gift programs!
Further, we’ve included IBM, Goldman Sachs Group, and American International Group, each of which is a large employer in the city offering matching gifts.
JPMorgan Chase
JPMorgan Chase offers both a matching gift and volunteer grant program. The company matches up to $1,000 per employee or retiree each year to pretty much any school or nonprofit.
The company also offers a tiered volunteer grant program where grants average $10 per hour volunteered. The grant amount varies based upon the number of hours an employee volunteers.
Verizon offers both a matching gift and volunteer grant program for employees. The company matches up to $5,000 to schools and $1,000 to all other nonprofits per employee each year.
Additionally, through the Verizon Volunteer Incentive Program, employees who volunteer for 50 hours in a calendar year can request a $750 grant for an organization.
IBM also offers multiple types of employee giving programs. Not only does the company offer matching grants on donations and cash grants for volunteering, but it also allows nonprofits to receive a significantly larger donation if the organization elects to receive IBM technology instead of cash.
For instance, IBM offers a 2:1 technology grant on employee donations. This means that if an IBM employee donates $500 to your organization, you can receive $1,000 in IBM equipment or $500 in cash.
Goldman Sachs, an investment banking company based in New York City, New York, offers a generous matching gift program that current, full-time employees are encouraged to take part in.
In fact, the company agrees to match donations between $50 and $20,000 at a 1:1 ratio to nearly all nonprofit organizations—including educational institutions, health and human services, arts and cultural organizations, civic and community groups, environmental nonprofits, and more.
Bottom line: Many of New York’s leading employers match donations employees make to nonprofits. Make sure everyone in your organization’s membership and development offices is familiar with major employers in your area that match employee donations.
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