Does your Company Match?
Matching funds are funds that are set to be paid in equal amount to funds available from other sources, perhaps from the company where you work or retired. Did you know that 65% of Fortune 500 companies offer a matching gift program. Could that be your company? Experts say that not being aware or knowing how to participate in an employers matching gift program are the top two reasons why eligible donors don’t take advantage of this wonderful benefit.
How do I find out if my company has matching funds?
You may be able to look at your benefits which could be online or information shared annually, or reach out to a human resource office for help and guidance to the right channel. You can always contact GRRMF at firstname.lastname@example.org for any information your employer may need. Most companies need either a receipt of the donation as well as the non profit’s EIN/Federal Tax Id number. Some “enroll” with a third party, provide the EIN number and make the donation through their site and the company matches. There are probably more combinations and your company can advise you of what they support.
I’m retired – can I participate?
Something you may not know is that some companies have eligibility for retirees! Double check your company’s retiree web site or contact a human resource person from the company which you retired.
Why do companies do matching funds?
People are usually told that if it’s too good to be true, it probably is. And even more people have that very same reaction when they’re told that their employers are willing to give money to a nonprofit of their choice.
But it is true! More and more companies are offering corporate matching programs. Companies donate for many reasons: corporate branding (ex. Tom Shoes donates a pair of shoes for every pair bought – when you buy Toms Shoes you know someone else is getting a pair also), or perhaps industry reputation. Consumers trust Google because they have a reputation for doing good. And trust goes a long way in business.
Matching funds are not new. The first “matching funds” began in the early 1900’s, when company’s would match money from their employee’s with money to the cause they choose.
These matching fund payments arise in situations of charity or public good. The terms “cost sharing”, “in-kind”, and “matching” are often used interchangeably. Corporate matches often take the form of employee matching gifts, which means that if an employee donates to a nonprofit, the employee’s (or retiree’s) corporation will donate money to the same nonprofit.
The top 5 companies with matching funds (and not all at 1:1) are:
The Gap Foundation and
General Electric (GE)
If you worked for one of these companies, congratulations! If not, please check to if your company does matching funds. Set about getting GRRMF on their list of giving, you’ll be glad you did. We are here to help you, which in turn will help our goldens too!
If you need our assistance, send us an email to email@example.com and we will be happy to assist you.