Doubling the standard deduction, thus eliminating the charitable deduction for many taxpayers, is expected to have a profound impact on nonprofits, with some estimates at a $2B loss for the year. How can nonprofits respond? There are many ways you can be REMADE:
*R eview your giving programs and levels to maximize your revenue stream while remaining true to your mission and goals.
*E xamine if other revenue sources that may be less dependent on the tax law changes (foundation grants, corporate, planned giving) hold any opportunity.
*M arketing your cause: How does your charity create the affinity case in comparison to others?
*A nalyze as best you can the demographics of your donors to understand how they and you are impacted by the changes.
*D etermine the motivations of your donors: To what extent do they give for affinity versus giving for tax benefit?
*Evaluate what changes you make and how they're working; there's nothing wrong with trying new things, but ensure you're measuring their effectiveness.