Part 1 of the Series – Charitable Giving is a Good Thing
After reading a story a few days ago about a young man in Orlando, Florida. I was inspired. His idea to gather a group of young men together for a party in the name of giving back to the community had a purpose. Fundraising was the reason for the partying. Money raised at those events helps various charities in the area. So far, Guys With Ties partying has raised over $200,000.00 and supported over 50 charities according to an article by Reporter Ed Heiland.
What I learned from the Guys With Ties story is that being creative when giving to charities can be fun. No matter what your interests are, you are bound to have several charities that you are passionate about.
Does you heart ache when you see a sick child? Are you an artist, musician, writer or actor and you want to help kids go to summer camp to hone their skills? Are you a devout member of your faith or religion? Do you have a family history of heart disease, cancer or Alzheimer’s? If the mission of a charity moves you to give, there are numerous options to suit your wallet.
Charitable giving comes in many forms. Here are just a few:
- Major gifts
- Donations – online, mail, on location
- Fundraising events
- Foundations – Grants
- Businesses – Corporate giving
- Annual gifts
- Planned giving: Wills, trusts, life insurance, IRA, real estate and other assets
The list above only scratches the surface when it comes to charitable giving. It is always a good idea to do your homework and check out the history of the nonprofit before making a donation or gift. Unfortunately, there are many organizations that are not legitimate and are only scams.
The IRS has rules and regulations that govern how 501C (3) nonprofits are to solicit funds, register fundraisers, file annual returns, and other compliance matters. In addition, many states have specific fundraising laws that nonprofits have to be in compliance with to maintain their tax exempt status.
Happy giving and look out for the next part of this Series – Charitable Giving is a Good Thing.