HighDrive NetworkHighDrive NetworkHighDrive NetworkHighDrive Network
  • Programs
    • The BusinessMakers
    • The EnergyMakers
    • HXTV
    • HealthMakers
    • BusinessMakers USA
    • Entrepreneur’s Playbook
    • Business Builders
    • Brandonomics
    • Women Mean Business
    • Biz Moments
  • About HighDrive
  • Contact

Misconceptions with Nonprofit Raffles

Entrepreneur's Playbook | Episode: 628 | Guests: Nicole Riley | 0
Jen Lemanski is back with Nicole Riley, CPA, CTP, audit senior manager on the PKF Texas Not-for-Profit team. Nicole explains the misconceptions that come with nonprofit raffles and tells how to execute them correctly.

Jen:  This is the PKF Texas Entrepreneur’s Playbook.  I’m Jen Lemanski, this week’s guest host, and back again with Nicole Riley, one of our Audit Senior Managers on our Not For Profit team.  Welcome back to the Playbook Nicole.

Nicole:  Thanks, glad to be here.

Jen:  Now I’m on the boards of several not for profits and we tend to do raffles as a way to raise money for our foundation, what have you.

Nicole:  As many do.

Jen:  What do we need to know about raffles?  I’ve heard you give some advice about that.

Nicole:  Well the misconception is that raffles are easy and they’re no big deal.  What a lot of people don’t realize is that actually falls under state gaming regulations which are pretty strict.  So it’s really important that an organization know the state rules and regulations before do raffles.  Sometimes you have to have a license, sometimes there’s a limit to how many times a year you can actually have a raffle and then other jurisdictions actually regulate what’s printed on the raffle ticket itself.  So there’s some very specific rules that you do need to follow to make sure you’re compliant.

Jen:  So just going down to Costco and buying those Keep This Coupon 2 ticket things, it’s a little more complicated than that.

Nicole:  It really is and the violations can be really steep, including jail and fines.  So it’s important to consult an attorney and also the Attorney General’s website.  Especially if you’re in Texas; the Texas Attorney General has some frequently asked questions that you can look into before you go down that road.

Jen:  So really doing your research, making sure that you’ve got an attorney consulted, making sure you’ve got a CPA consulted and then reaching out to the Attorney General’s office to make sure you’ve got everything the way it needs to be is what you would say?

Nicole:  It’s important to have your ducks in a row before you open an organization to liability.

Jen:  That sounds great.  Will you please come back and share some more with us in a future episode?

Nicole:  Absolutely.

Jen:  To learn more about how we can help your nonprofit visit PKFTexas.com/notforprofit.  This has been anther Thought Leader production brought to you by PKF Texas The Entrepreneur’s Playbook.

brought to you by

Recent Entrepreneur's Playbook Episodes

Entering a Licensing Agreement - What to Know

Entering a Licensing Agreement – What t...

There are various nuances when you’re navigating a licensing agreement – the best terms, ...
Entrepreneur's Playbook
The Importance of GAAP Financial Statements

The Importance of GAAP Financial Statements

GAAP financial statements can help streamline the due diligence process for buyers and sellers ...
Entrepreneur's Playbook
Documentation for Your Donors' Charitable Contribution

Documentation for Your Donors’ Charitab...

Does your not-for-profit organization have generous donors? Make sure you’re providing the correct documentation ...
Entrepreneur's Playbook
Why Sell-Side Due Diligence Helps Sellers

Why Sell-Side Due Diligence Helps Sellers

Think of sell-side due diligence like car maintenance. We’re the mechanics taking a look ...
Entrepreneur's Playbook
Why Companies Should Have a Licensing Agreement

Why Companies Should Have a Licensing Agreeme...

Do you know the benefits of purchasing a licensing agreement for your company? How ...
Entrepreneur's Playbook
Why Business Owners Should Invest in an Audit

Why Business Owners Should Invest in an Audit

There is more to an audit than simply going through one. Other valuable things ...
Entrepreneur's Playbook
Load More Episodes Loading...
© HighDrive 2018-2019 | All Rights Reserved
  • About HighDrive
  • Charlotte, NC
  • Columbus Ohio
  • Contact HighDrive
  • Fort Lauderdale
  • HighDrive Network
  • HighDrive Programs
    • Biz Moments
    • Brandonomics
    • Business Builders
    • BusinessMakers USA
    • Entrepreneur’s Playbook
    • HealthMakers
    • HXTV
    • The BusinessMakers
    • The EnergyMakers
    • Women Mean Business
  • HighDrive Weekly
  • Indianapolis Indiana
  • Kansas City
  • Milwaukee
  • Nashville
  • Oklahoma City
  • Raleigh NC
  • San Antonio
  • Seattle
HighDrive Network