Money, Money, Money

It’s cliche, I know! But I can’t help but think of that one ABBA song as I begin making ReTextile’s budget. I have been brainstorming for the budget since Spring Break, but this week I have already made tangible progress. I went over what line items need to go in the budget and researched more about valuing in-kind donations.

The latter is tricky because ReTextile gets so many different fabric donations of different sizes, brands, quality, etc. I’m asking around to a couple of quilting friends so hopefully, I’ll get that figured out.

I also learned about something new: a gift acceptance policy. While creating this policy is a low priority for ReTextile, it fits in nicely with my college plan (final product), so I will create a short one for board member use.

This week is also exciting because, besides budgeting, I will be applying for 501(c)3 status with the help of my mentor! Getting certified is a key component of my final product. As soon as I apply for my 501(c)3 certification, I can do things like add a donation button on my website and get a nonprofit bank account.

I didn’t stick to my 30 mins per day rule last week, so I plan to try it again this week. Or at least, I hope to get the equivalent time in (about 4 hours) at some point this week.

See you next week,

Ashley