With rising operating costs, loss of government funding, and an increasing demand for services, New Hampshire charities need donors’ help now more than ever. During the holidays, donating to your favorite cause can be fulfilling, but to ensure that your gift reaches the intended source, Franklin Savings Bank suggests you follow these tips:
Give to an Established Charity
Unfortunately, there are fraudulent charities that will take advantage of your goodwill. To avoid this situation, ask for written information about the charity, including name, address and telephone number. A legitimate charity will give you information about their mission, how your donation will be used and proof that your contribution is tax-deductible. Find a charity with a proven track record for providing aid.
Designate Your Gift
Some charities allow you to specify exactly where your gift is headed, either to a specific orphanage, to purchase school supplies or to a geographic area in need of relief. By designating or earmarking your gift, you control where your donation goes and to whom it helps.
An Educated Giver is a Smart Giver
Wise givers don’t give on an impulse or to the first organization that comes along. Smart givers take time to identify the causes important to them. Contact a charitable organization, find out their mission and what type of aid and programs they offer. Work with charities that have targeted outcomes for their giving.
Benefits to You
A donor’s primary motivation may be altruism, but everyone knows there are great tax benefits for those who give. A donation to a qualified organization may entitle you to a charitable contribution deduction. Remember a contribution to a qualified New Hampshire charity is deductible only in the year in which it is paid, and all New Hampshire charities do not qualify for a charitable contribution deduction. Always ask for a receipt and save them for tax time.
Consider Giving Your Time
Volunteers are the foundation of many charitable organizations. If you can’t afford to donate money, consider donating your time. Common volunteer duties include: stuffing envelopes, feeding animals, tutoring, building homes, serving as a museum docent, counseling those in crisis, selling tickets or answering phone calls.
Source: American Bankers Association