SayPro Audit Preparation: Fundraising, Sponsorships, Donations, and Crowdfunding Efforts (January SCMR-2)

SayPro Audit Preparation: Fundraising, Sponsorships, Donations, and Crowdfunding Efforts (January SCMR-2)

Objective:
The primary goal of this preparation is to ensure that SayPro’s fundraising activities, including sponsorships, donations, and crowdfunding efforts, are thoroughly documented and ready for review during the upcoming audit. This audit will assess the transparency, accuracy, and compliance of SayPro’s financial and operational activities related to these initiatives.

Scope of the Audit Preparation:
This preparation encompasses the documentation and record organization for audits of fundraising campaigns, sponsorship agreements, donation management, and crowdfunding activities as conducted by the SayPro Fundraising, Sponsorships, Donations, and Crowdfunding Office, all under the umbrella of SayPro Marketing Royalty (SCMR).

1. Fundraising Campaigns Documentation

• Campaign Records:
  Gather comprehensive records of all fundraising campaigns, including campaign objectives, timelines, target audiences, and the specific goals set for each initiative. This includes both physical and digital records such as campaign brochures, email marketing materials, event plans, and fundraising appeals.
• Financial Records:
  Compile all financial records related to the fundraising campaigns, including but not limited to:
  • Revenue generated (including amounts raised, sources of funds, and payment details).
  • Fundraising expenses (e.g., costs for materials, event organization, staff time, and external services).
  • Bank statements and payment processor reports verifying donations.
• Donation Receipts and Acknowledgments:
  Ensure that all receipts issued to donors for tax purposes are accounted for and easily accessible. This includes digital receipts sent via email and paper-based receipts for larger donations. Confirm that each donation is properly logged with donor names, amounts, and dates.
• Campaign Evaluation Reports:
  Collect post-campaign reports detailing the effectiveness of each fundraising initiative. These reports should analyze goals versus outcomes, fundraising methods, and the ROI of the campaign (return on investment) to evaluate performance.

2. Sponsorship Documentation

• Sponsorship Agreements:
  Prepare all contracts or memorandums of understanding (MOUs) with sponsors involved in fundraising efforts. These documents should outline sponsorship levels, monetary commitments, in-kind contributions, deliverables, and agreed-upon benefits for sponsors.
• Payment Records:
  Organize all documentation related to sponsor payments. This includes:
  • Signed invoices and payment confirmation.
  • Bank or financial transaction records showing receipt of sponsorship funds.
  • Details of any in-kind sponsorship contributions (goods or services provided).
• Sponsorship Deliverables:
  Maintain records of all promised deliverables provided to sponsors, such as logo placements, event tickets, media mentions, and special recognition at fundraising events. Ensure that these deliverables align with the terms specified in the sponsorship agreements.

3. Donations Documentation

• Donation Logs:
  Organize a detailed log of all donations received, both cash and in-kind, including:
  • Donor names and contact information (if available).
  • Donation amounts (for monetary donations).
  • Description and value of in-kind donations (e.g., goods, services).
  • Date of donation.
• Online Donation Records:
  Gather all digital donation data from online platforms (such as crowdfunding websites, payment processors, or donation management tools). This should include transaction IDs, donor details, amounts donated, and confirmation emails.
• End-of-Year Donation Statements:
  Prepare year-end summaries for donors for tax purposes. Ensure that statements include total donations for the year, with clear breakdowns of monetary gifts and in-kind contributions, and ensure the proper inclusion of any applicable tax deduction information.

4. Crowdfunding Documentation

• Crowdfunding Platform Records:
  Provide full access to records from any crowdfunding platforms used by SayPro. This includes:
  • Campaign pages, promotional materials, and messaging.
  • Total funds raised through each campaign and donor breakdown.
  • Platform transaction fees and expenses, if applicable.
• Fund Allocation Records:
  Ensure there is a clear and detailed record of how funds raised through crowdfunding efforts are allocated, including:
  • Distribution of funds to designated causes.
  • Transfer of funds to relevant SayPro accounts or associated projects.
  • A breakdown of any fees or costs deducted by the crowdfunding platform.
• Crowdfunding Campaign Reports:
  Collect any available reports or analytics provided by crowdfunding platforms, such as donor engagement statistics, average donation amounts, and geographical reach. These reports will help assess the success of each crowdfunding campaign.

5. Compliance and Regulatory Documents

• Legal and Compliance Filings:
  Prepare any required filings, such as IRS Form 990 (for U.S.-based organizations), or other local regulatory filings, if applicable. These should reflect the total amount of funds raised, how those funds were used, and any tax-exempt status requirements.
• Donor Privacy and Data Protection:
  Ensure that all donor data complies with data protection laws (such as GDPR or local data privacy laws). Review any internal policies regarding donor information security and confirm that such policies were followed throughout the year.

6. Final Audit Preparation Checklist

• Complete Audit File:
  Compile a complete audit file containing all the above documentation, ensuring that each document is well-organized and clearly labeled for easy access.
• Internal Review:
  Conduct a thorough internal review to ensure that all financial and campaign-related records align. Identify any potential discrepancies or gaps in the documentation before submitting for the audit.
• Audit Coordination:
  Schedule meetings with the internal audit team or external auditors to discuss expectations, timelines, and the necessary information they will need to review. This will ensure smooth collaboration and timely completion of the audit.

Conclusion:
By completing this comprehensive audit preparation, SayPro will ensure that its fundraising, sponsorship, donation, and crowdfunding activities are fully compliant, transparent, and properly documented. This preparation will not only facilitate a smooth audit process but also reinforce the organization’s commitment to accountability and effective financial management in its fundraising efforts.