Setting up a team

Thread starter KimmieAnneqt
Start date Jul 25, 2018

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Jul 26, 2018

gdc03120

Hube111 said:
You will have a hard time getting business to donate money without the 501c status unless they simply want the logo exposure. The main reason that businesses donate money/sponsors anything is so the amount can be written off on their taxes. If you don't have that 501c status they won't be able to write off any dollars given to your team.

They can write the money off as "advertising expenses" without the 501c status. WITH the 501C status, they can change it to "charitable deductions", which is the main difference: Does it count as advertising or charity. I've found some businesses don't care, and some are rather specific. Because I don't have a 501(c)3 status, I just go after mom-and-pop places who are more likely to want the exposure vs. the box stores who won't do it if they can't get the tax write-off for charity (i.e. Dick's, etc.)