Fundraising On Your Own...

[TeresaBenedicta]

I was wondering if anyone here has experience with fundraising for vocations outside of the two well-known funds (Mater Ecclessiea and... goodness, I can't think of the name of it, go figure!). But something where one could fund raise for their own student loans-- kind of similar to how FOCUS fund raises. Where people can donate small or large amounts. Obviously it would have to be something where it can be a tax write-off.

I mean, is there anyway for an individual to do that?

Right now I'm in a pretty good position for having possible donors, but I can't very well say, "Hey, why don't you cut me out a check in my name and I'll take care of it," ya know?

Any thoughts?

[osapientia]

[quote name='TeresaBenedicta' date='16 April 2010 - 04:37 PM' timestamp='1271446642' post='2094872']
I was wondering if anyone here has experience with fundraising for vocations outside of the two well-known funds (Mater Ecclessiea and... goodness, I can't think of the name of it, go figure!). But something where one could fund raise for their own student loans-- kind of similar to how FOCUS fund raises. Where people can donate small or large amounts. Obviously it would have to be something where it can be a tax write-off.

I mean, is there anyway for an individual to do that?

Right now I'm in a pretty good position for having possible donors, but I can't very well say, "Hey, why don't you cut me out a check in my name and I'll take care of it," ya know?

Any thoughts?
[/quote]

In order for a person to have the opportunity for a tax exemption they either have to give a donation to an official 501c3 non profit corporation OR I've been told that (and you MUST check this out with an accountant...there are laws about this it's not as straight forward as I'm going to note here) a person can give a "GIFT" of up to $13,000 and take a deduction on their taxes for it....this type of gifting may be for "family only" but I'm not sure...I repeat please check this out with either the IRS or a tax accountant....assuming of course you are in the US.

The name of the "other" group is The Laboure Society at www.labouresociety.org

Pax
osap

[Piccoli Fiori JMJ]

[img]http://www.funnycatpix.com/_pics/relevant_to_my_interests1.jpg[/img]

[IgnatiusofLoyola]

[quote name='osapientia' date='16 April 2010 - 03:21 PM' timestamp='1271449267' post='2094881']
In order for a person to have the opportunity for a tax exemption they either have to give a donation to an official 501c3 non profit corporation OR I've been told that (and you MUST check this out with an accountant...there are laws about this it's not as straight forward as I'm going to note here) a person can give a "GIFT" of up to $13,000 and take a deduction on their taxes for it....this type of gifting may be for "family only" but I'm not sure...I repeat please check this out with either the IRS or a tax accountant....assuming of course you are in the US.

Pax
osap
[/quote]

Sorry, it's not that easy. For the gift to be tax-deductible to the GIVER, my understanding is that the gift generally must be made to a qualified not-for-profit organization. There are certain additional exceptions that allow tax-deductible contributions for other purposes, but at least on its face, none of those exceptions appears to apply to your situation.

The $13,000 annual limit generally applies to gifts made to someone other than your spouse. However, the $13,000 is [b]not[/b] the amount the GIVER can exclude from income. Instead, the 13,000 limit is the amount below which the RECIPIENT of the gift will not be taxed.

Needless to say, the rules are FAR more complicated than what I've summarized here. Maybe there is someone in your congregation who is a tax lawyer or tax accountant who could help.

In case you're interested in more of the gory details, here is a link to IRS Publication 950 on gift taxes.

[url="http://www.irs.gov/pub/irs-pdf/p950.pdf"]http://www.irs.gov/p...rs-pdf/p950.pdf[/url]

Note: I am not an accountant nor a lawyer, and the brief summary above is not intended as legal advice, and could contain errors. It is not intended to, nor should it, replace the advice of legal or tax counsel.


Good luck! You know we are all pulling for you!

Edited April 16, 2010 by IgnatiusofLoyola

[holly.o]

=

Yeah, I think tax write-offs are pretty complicated. I've wondered about cyber-begging.

[stlmom]

We had two former PM'ers who received help with debt by other means. "Philosobrat" had a blog going long before she joined the Salesian Sisters, and she chronicled her discernment for a while. She set up a Paypal account and asked for help from her readers. I made a small donation to it, and didn't worry about taking a tax deduction for it. I contacted the Salesian Sisters prior to doing this for assurance that she was a legit candidate to their community before sending any money.
The second PM'er, "Shortnun" received help from a local parish that ran a trivia night for her benefit. She also started a blog to keep people up to date on her debt relief and her discernment story.

Philosobrat is currently a novice with the Salesians and Shortnun is a postulant with the Apostles of the Sacred Heart.

[melporcristo]

+JMJT+

I'd say look at your talents and what you can offer ... I've prayed and thought about making a CD and proceeds would go to my debt relief for the Religious Life.

Also, check with your Dioceses' Vocation Director; they might have some good ideas!

[laetitia crucis]

[quote name='melporcristo' date='17 April 2010 - 03:48 AM' timestamp='1271486895' post='2095060']
+JMJT+

I'd say look at your talents and what you can offer ... I've prayed and thought about making a CD and proceeds would go to my debt relief for the Religious Life.

[b]Also, check with your Dioceses' Vocation Director; they might have some good ideas!
[/b][/quote]

I have been meaning to check with my dioceses' Vocation Director as well -- thank you for this reminder!

Also, I've been making rosaries to sell; however, my parish is already greatly in debt, soooo... yeah. The parish has it's own little "gift shop" type thing to raise funds for the parish, and (quite understandably) I am not able to add my goods to raise funds for my vocational needs. So, to say the least, sales are going rather slow. I am also pondering a "Benefit Concert" of some sort. That could be in the works this summer sometime.

Thank you for starting this thread, TB. I hope there will be additional ideas coming forth.

Ah, and perhaps there is a local Serra Club that could give a donation? (We don't have one that I know of locally, but maybe your area does...?)

Continued prayers for all! All you holy mendicant saints -- pray for us!

[Piccoli Fiori JMJ]

Well, I have talked with a few people about this recently and they threw out a few options. One option that was put out was a parish tithe. I know it may not be possible for all parishes, but it is something. Also, I've been playing with the idea of a Bride-of-Christ Shower and also having a Baby Shower for the Life Center out here at the same time, but I don't know how that would work. Fortunately, I know several people who work for the church that have expressed interest in helping with fund raising efforts. The Knights have also expressed an interest in helping.

[Cherie]

I really don't think it's possible for the donors to be able to get a tax write-off. Most people, when they realize they are giving money to a vocation fund, understand that it's not tax-deductible. That's the kind of donation that makes people feel the best anyway, though - giving without getting anything in return!

I've heard many ideas from people regarding getting funds to pay off debt for vocations. Oftentimes, however, they need help and support from parishioners/family members, so if you don't have support yet, I would suggest contacting your parish and talking to the pastor about it. One idea I know of was a bake sale for a young woman's vocation. She got a lot of help from some parishioners, they advertised a little in the parish bulletin for a few weeks ahead of time, and they had a pretty good turn out and made quite a bit of money to help her along.

Also, get in touch with your local Knights of Columbus. Really - they do a LOT to help support vocations, and they'll often have fundraisers specifically for that purpose.

[tnavarro61]

i hope you don't mind but what is exactly a student loan? student loans don't exist here. so how does one get a loan.. and how expensive is it usually?

Edited April 21, 2010 by tnavarro61

[Piccoli Fiori JMJ]

[quote name='tnavarro61' date='21 April 2010 - 06:58 AM' timestamp='1271851129' post='2097277']
i hope you don't mind but what is exactly a student loan? student loans don't exist here. so how does one get a loan.. and how expensive is it usually?
[/quote]
A student loan is either a private bank or government issued loan to help students pay for university tuition. The cost of such loans depends on a student's scholarships and needs. They are usually thousands of dollars. [url="http://www.investorwords.com/6939/student_loan.html"]This link[/url] explains things a little better than I do.

Edited April 21, 2010 by FutureNunJMJ

[Piccoli Fiori JMJ]

Has anyone made and sold Rosaries, Chaplets, or Scapulars to raise funds? I'm kind of curious because of some recent inspiration to do just that.

[holly.o]

[quote name='FutureNunJMJ' date='26 April 2010 - 04:31 PM' timestamp='1272310302' post='2100521']
Has anyone made and sold Rosaries, Chaplets, or Scapulars to raise funds? I'm kind of curious because of some recent inspiration to do just that.
[/quote]

I've thought about this, too. [url="http://www.etsy.com/"]Etsy[/url] seems like it would be a good place to set up a virtual store. There's a fee for listing items, but I don't know how much it is.

[Piccoli Fiori JMJ]

[quote name='holly.o' date='26 April 2010 - 02:56 PM' timestamp='1272311819' post='2100535']
I've thought about this, too. [url="http://www.etsy.com/"]Etsy[/url] seems like it would be a good place to set up a virtual store. There's a fee for listing items, but I don't know how much it is.
[/quote]
The [url="http://www.etsy.com/fees.php"]fees[/url] are rather reasonable. I've seen Rosaries and other things on there before. That might be a good place to sell online. I actually was hoping to sell them at my parish after Masses.

ETA: Ooo... I just found someone selling handmade 100% wool felt!

Edited April 26, 2010 by FutureNunJMJ

[laetitia crucis]

[quote name='FutureNunJMJ' date='26 April 2010 - 04:31 PM' timestamp='1272310302' post='2100521']
Has anyone made and sold Rosaries, Chaplets, or Scapulars to raise funds? I'm kind of curious because of some recent inspiration to do just that.
[/quote]

I'm currently making handmade rosaries -- glass and wood beads w/metal findings. I'm hoping to be able to sell some after Masses to raise funds once one of the parish fundraisers is finished selling after Mass. Hopefully people will still be in a generous mood.

[loveletslive]

yes, i was going to suggest selling those on etsy/ebay. you can probably make more online than from parishioners at a debt strapped parish.

[TeresaBenedicta]

Okay-- so I've been approached by a few people now who want to make contributions and I'm trying to think of the best way to go about it. Do you think that I should set up a paypal account? Or should I contact my bank where my loans are taken out and see if they could contribute directly to them? Or should I attempt to set up a separate account with my bank?

[magnificat]

I was able to raise a decent sum via letter writing. It's obviously easier if someone like your parish priest or bishop can write a word of support on your behalf to give you some "credibility". Try writing to all the Knights of Columbus & Serra Clubs in your diocese or dioceses where you may have family connections. What I did, which worked well, was to include a general cover letter explaining that I had been accepted, that I had student loans from X university and had received X degree, and my "tie" to that particular group (my home diocese, an uncle at that parish, etc.) Depending on how much you need to pay off, you may want to include that number in the letter as well - if it's super big, it might deter some from sending anything, so be careful. I also enclosed a 1 page version of my vocation story.

The KoC has a program called RSVP by which the national organization encourages local chapters to support seminarians & religious in formation (postulants & novices) by providing $100 for every $500 a local chapter provides to support vocations. If you are at the point where you've been accepted to a community and have a letter from the community supporting that, you can see if they'll consider providing you a "scholarship" through RSVP to support your postulancy. It worked for me. When writing to the KoC, I always included a little print out from the national KoC website about the RSVP programm. You can find that info here: http://www.kofc.org/un/eb/en/about/activities/church/rsvp.html.

Another organization to think about writing to is Legatus, which is an organization for Catholic business men & women. Many of them are financially in a position to help, but it may be challenging to get an "in" with them as they are obviously quite private. But you can certianly look at their website to see if they have a local chapter in your area: www.legatus.org

Something else that helped a lot was that my home diocese's newspaper published a story about my vocation & my need to pay off my student loans to enter. Speak with a parish priest you may know about whether this is possible. I happened to know my bishop who knew about my vocation, etc. who suggested this idea to me.

Also, just talk to people about your vocation, etc. You never know who may be able & inspired by the Spirit to help you!! One friend of mine received a donation of $20K from a local businessman who heard of her quandry through someone else!!

In terms of the funds received, I opened a separate savings account and deposited all the checks specifically into that account; I didn't put any other money into that account. Then I paid my loans from this account as needed. Most banks will have a basic savings account that don't require any minimum balance to open. I also kept a running spreadsheet of all the donations I received. It's important, if you're collecting money by something other than paypal to keep careful track of where the money is going, in case anyone has questions about it later on. Also, it's useful for sending thank you notes and follow-up letters of your progress in religious life down the road!

Hope this helps!

[laetitia crucis]

[quote name='magnificat' date='02 May 2010 - 09:18 PM' timestamp='1272845896' post='2103837']
I was able to raise a decent sum via letter writing. It's obviously easier if someone like your parish priest or bishop can write a word of support on your behalf to give you some "credibility". Try writing to all the Knights of Columbus & Serra Clubs in your diocese or dioceses where you may have family connections. What I did, which worked well, was to include a general cover letter explaining that I had been accepted, that I had student loans from X university and had received X degree, and my "tie" to that particular group (my home diocese, an uncle at that parish, etc.) Depending on how much you need to pay off, you may want to include that number in the letter as well - if it's super big, it might deter some from sending anything, so be careful. I also enclosed a 1 page version of my vocation story.

The KoC has a program called RSVP by which the national organization encourages local chapters to support seminarians & religious in formation (postulants & novices) by providing $100 for every $500 a local chapter provides to support vocations. If you are at the point where you've been accepted to a community and have a letter from the community supporting that, you can see if they'll consider providing you a "scholarship" through RSVP to support your postulancy. It worked for me. When writing to the KoC, I always included a little print out from the national KoC website about the RSVP programm. You can find that info here: http://www.kofc.org/un/eb/en/about/activities/church/rsvp.html.

Another organization to think about writing to is Legatus, which is an organization for Catholic business men & women. Many of them are financially in a position to help, but it may be challenging to get an "in" with them as they are obviously quite private. But you can certianly look at their website to see if they have a local chapter in your area: www.legatus.org

Something else that helped a lot was that my home diocese's newspaper published a story about my vocation & my need to pay off my student loans to enter. Speak with a parish priest you may know about whether this is possible. I happened to know my bishop who knew about my vocation, etc. who suggested this idea to me.

Also, just talk to people about your vocation, etc. You never know who may be able & inspired by the Spirit to help you!! One friend of mine received a donation of $20K from a local businessman who heard of her quandry through someone else!!

In terms of the funds received, I opened a separate savings account and deposited all the checks specifically into that account; I didn't put any other money into that account. Then I paid my loans from this account as needed. Most banks will have a basic savings account that don't require any minimum balance to open. I also kept a running spreadsheet of all the donations I received. It's important, if you're collecting money by something other than paypal to keep careful track of where the money is going, in case anyone has questions about it later on. Also, it's useful for sending thank you notes and follow-up letters of your progress in religious life down the road!

Hope this helps!
[/quote]

+1! Thank you for these tips! I will definitely be using some of your suggestions.