IRS Ruling on Donor Advised Funds Highlights Importance of Field-of-Interest Restricted Funds
November 30, 2023
Making a Difference in 2024: Why It’s Time to Launch a Relief Fund Now
January 30, 2024December 19, 2023
With the year winding down, it's a crucial time for organizations to review their overall accomplishments, evaluate learning opportunities and prepare goals for a successful year ahead. One essential tool during this time is a year-end checklist. Incorporating employee relief funds into yearly planning can significantly bolster an organization's productivity and morale. This article delves into the importance of relief funds and how they should be a staple on every organization's end-of-year checklist.
Why Relief Funds Matter
Relief funds play a crucial role in ensuring that organizations can provide assistance to their employees in times of unexpected adversities. They provide essential financial aid to help employees impacted by disasters and personal hardships swiftly and effectively. Relief funds have been instrumental in helping team members around the world, especially during difficult and economically uncertain times.
The importance of relief funds was further illuminated in 2023, as there were 25 weather/climate disaster events resulting in over $1 billion in damage each and 482 deaths combined.
Additionally, the economy is still working to get back to full strength after the pandemic. While 2023 brought some improvement, the inflation rate is still above 3%, which is lower than the previous two years, but higher than the average for the last decade.
Due to disasters, economic struggles, and other personal hardships, relief funds are an essential tool to ensure that organizations are able to assist team members in times of need.
End-of-Year Relief Fund Checklist
If your organization sponsors an employee relief fund, integrating specific actions into your year-end checklist is crucial for continued success. Reviewing annual fund data for emerging trends, celebrating your team’s achievements, and formulating your 2024 strategy for engagement and communication are key steps for setting up a thriving year ahead.
- Analyze Overall Fund Data and Analytics for the Year
In your end-of-year checklist, a vital task is to analyze the year’s relief fund data and analytics. This holistic review helps identify trends and areas for improvement. Key metrics to focus on include:
- Applicant Behavior: Examine the volume and nature of applications received. Considering the evolving economic landscape of 2023, you might have noticed shifts in applicant needs and patterns. This analysis helps in refining your grant eligibility criteria for 2024.
- Donation vs. Grant Volume: Assess the balance between donations received and grants issued. If 2023 showed a disparity between these figures, adjustments might be necessary for 2024 to ensure sustainability. Exploring new fundraising methods — such as online campaigns or matching gift programs — could be beneficial.
- Share 2023 Successes
End the year on a high note by sharing the fund’s successes from 2023. Highlighting key achievements — whether in donation amounts, grant impacts, or other milestones — boosts team morale and sets a positive tone for 2024. Share these successes through internal channels, incorporating testimonials from grant recipients to showcase the fund's impact. This not only celebrates achievements but also reinforces the value of the fund and its benefits to the team.
- Plan for 2024 Team Engagement and Communication
As you highlight the fund's successes, also plan for regular updates and engagement throughout 2024. Use company-wide meetings, internal newsletters, or digital platforms to keep the team informed and engaged with the fund. Consistent communication not only maintains awareness but can also foster a culture of giving and support within your organization.
If increasing awareness and engagement is a goal for 2024, consider establishing a fund oversight committee. This committee — ideally with cross-departmental representation — can play a pivotal role in enhancing program visibility and encouraging broader participation across the organization.
One way to bolster your relief fund is through employee participation. For instance, creating a program to donate unused PTO is an excellent initiative that allows employees to contribute to the organization's relief fund, fostering a culture of collective responsibility and resilience.
Implementing these steps in your end-of-year checklist can significantly impact the effectiveness and reach of your relief fund. As we move into 2024, these strategies are essential for building a resilient and responsive relief fund that can adapt to the changing needs of your community and stakeholders.
Advantages of Partnering With Emergency Assistance Foundation in 2023 and Beyond
As we transition from 2023 to 2024, the role of relief funds in supporting teams during hardships or disasters remains paramount. Partnering with Emergency Assistance Foundation (EAF) offers a streamlined and effective approach to establishing and managing a relief fund. As you develop your 2024 engagement strategy, consider these benefits of partnering with EAF:
Real-Time Diagnostic Reporting:
Understanding the likelihood and impact of potential emergencies is critical. As of 2023, the focus may shift based on recent global trends, such as increased occurrences of natural disasters. EAF’s diagnostic reporting aids in identifying risks pertinent to your organization’s location and operations. This informed approach ensures that you invest in relevant emergency planning, enhancing preparedness for likely scenarios.
Fund Partner Portal Access for Additional Resources:
EAF’s Fund Partner Portal is an invaluable asset, providing resources essential for both retrospective analysis of 2023 and forward planning for 2024. It includes:
- Communications Archive: Access past disaster alerts and updates, crucial for evaluating the fund’s response to 2023’s challenges and identifying areas for improvement in 2024.
- Engagement Resources: Utilize the portal’s tools to boost awareness and participation in the fund, addressing goals such as increasing donations and application volume.
Dedicated Relief Fund Senior Advisor:
Each EAF Fund Partner is assigned a dedicated Relief Fund Senior Advisor. These advisors are instrumental in guiding you through the fund management process. They are particularly useful in analyzing year-end data and assisting with strategic planning for 2024. Their expertise ensures your fund adheres to best practices and is poised for long-term success.
If your company is interested in starting a relief fund, consider establishing a fund with Emergency Assistance Foundation today. By establishing a fund with us, your organization can assist members of your team affected by hardships and disasters and receive all of the advantages of partnering with us mentioned above. Relief fund grants can help impacted individuals pull through difficult times and start on the path toward recovery.
If you’d like to learn more about how your organization can help your team during difficult times, you can review additional information about how a fund works or contact us today. We look forward to helping you make a difference for those who need it most!
