Simply put, sponsors are individuals or entities that provide support to your organization in exchange for marketing opportunities. Also, remember that sponsors are often seeking to make tax-deductible contributions. If the contribution is taxable be sure to notify potential sponsors, so they are aware that their contribution will not be eligible for a tax-deductible receipt. Partners, on the other hand, have a vested interest and shared responsibility with your organization. This relationship might be limited to a specific program, event, or initiative but at the end of the day, a partnership often shares both the responsibilities and risks of your joint ventures. As with any healthy relationship, it is important that organizations clearly outline both sponsorship and partnership agreements in writing. This practice can eliminate confusion and ensure the long-term success of the relationship. Regardless of the label, it is always best practice to seek creative and consistent ways to connect with both sponsors and partners, express your sincere appreciation for their support, and celebrate the positive impact your collaboration created in your community!
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