The matching gift program is an excellent way for companies to show their support for their employees’ philanthropic efforts. Under these programs, companies agree to match the charitable donations made by their employees, often dollar for dollar. This can significantly boost the amount of money raised by a charity and encourage employees to be more generous with their giving.
For example, if an employee donates $100 to a charitable organization, the company will also donate $100. Some companies will even double or triple-match employee donations.
Corporate matching gift programs are an excellent way for employees to maximize their impact and support the causes they care about. As a bonus, many companies will also give employees matching gifts for volunteering their time. So, whether you’re making a financial contribution or giving your time to a worthy cause, you can be sure that your company is behind you.
General Guidelines for Such Programs
While each company has rules for matching gift programs, some general guidelines apply to most programs.
1. Submit Documentation for Verification
First, employees must typically submit documentation of their donations to receive matching funds from their employer. Documentation is vital when it comes to corporate matching gift programs. Ensure that you offer all the necessary documentation for verification promptly. This will ensure that your request for matching funds is processed efficiently and without delays.
2. Read the Fine Print
Be sure to carefully read your company’s matching gift program’s fine print. There may be certain restrictions or limitations that you are not aware of. Familiarizing yourself with the program guidelines will help you avoid any surprises.
3. Don’t Wait to Request Matching Funds
If you’re eligible for corporate matching gifts, don’t wait to request the funds. The sooner you submit the necessary documentation, the sooner you’ll receive the extra funding for your donation. Sometimes, there may be deadlines for requesting matching funds, so acting is essential.
4. Limited Donations
Most corporate matching gift programs limit the amount they will match. For example, they may only match up to $10,000 per year. This limit is usually per employee, not per organization.
Even if an employee works for a large company, they may only be able to get a $10,000 match. If an employee wants to donate more than the limit, they can usually do so, but the company will only match the first $10,000.
Some companies also have limits on how much they will match per donation. For example, they may cap the match at $1,000 per donation. So, if an employee donates $2,000 to an eligible nonprofit, the company will still only match $1,000 of that donation.
5. Deadlines Per Program
When it comes to corporate matching gift programs, there are several fundamental guidelines that companies should consider. One essential factor is to ensure that it is clear. They are well-defined deadlines for applying for these types of gifts. Employees must know when to submit their applications and what supporting documentation is required to be eligible for matching funds.
6. Visibility and Accessibility
Companies should communicate the details of their program to employees to ensure that everyone has access to the information they need. This includes eligibility requirements – such as minimum time employed with the company, minimum donation amount, etc. – and any restrictions or limitations on which charitable organizations can receive gifts through the matching program.
A successful corporate matching gift program requires careful planning, attention to detail, and strong communication with employees throughout the process.