What To Consider Before Giving To Charity
CAUSE AND EFFECT
‘Tis the season for turkey, tinsel—and charitable giving. Many organizations ramp up their fundraising during this time of year, hoping to leverage the spirit of goodwill. But before you give, sure you know where your money is going.
Consider these questions before giving:
Is it a legitimate charity? Ask for the organization’s full name, address and phone number. Some requests for donations come from fake charities or scams through unsolicited emails or text messages, or by phone. They may have names that are similar to those of well-known charities, use high pressure sales tactics, and/or ask for donations through gift cards, wire transfer or other out-of-the-ordinary means. And beware of urgent requests. It’s a good practice to research the charity before giving, at sites such as CheckTheCharity.com and the Better Business Bureau’s Wise Giving Alliance.
How much of my donation will actually be used for the charitable work? Donated money can be used for fundraising or administrative costs. Ask the organization what percentage of donations is used for program services; you should receive a straightforward answer.
Is my donation tax deductible? Tax exempt does not necessarily mean donations are tax deductible. To be tax deductible, the organization must have 501(c)(3) status from the IRS. Get a receipt for your donation—whether or not you are claiming a tax deduction.
Don’t be shy about asking these questions. A legitimate charity will answer them willingly. And doing so is the best way to make sure that your money is used as you intended.
Contact us for all of your insurance needs!
Buffalo Grove, Libertyville, Lincolnshire, Mundelein, Vernon Hills, Illinois and Wisconsin residents, at R Hobbs Insurance Agency, we can work with you to make sure you’ve got the coverage you need, while at the same time using all possible credits and discounts to make that coverage affordable. Just give us a call at (847) 680-0888 or send us a note at [email protected]. We want to help you meet your goals, and make sure what’s important to you is protected!
Content source: Kemper