Current trends in philanthropy and nonprofit fundraising you need to know about
The end of 2020 is just around the corner (a statement that many are happy to hear), and that means it is time to consider giving to charity, if you have not already been doing so. Giving to charitable organizations is not only a good practice for making the world a better place, but it also helps you receive some tax benefits.
When you donate to a 501(3)(c) organization, you can deduct the donations from your taxable income for the year. This lowers the amount of money you owe on taxes for the year, up to a maximum of 60% of your adjusted gross income (AGI).
There are a number of charitable organizations you can donate to, but if you are just getting interested in charitable giving toward the end of 2020, here are some current trends in philanthropy and fundraising you can follow that can help you consider what organizations you wish to contribute to.
Current trends in philosophy and fundraising
- The election effect will cause a spike of giving — Charitable giving numbers spike during election seasons. With the 2020 election happening very soon, Americans across the nation are contributing to their candidates, but they also contribute to nonprofit organizations, such as civil rights groups or advocacy groups. Be on the lookout for how to contribute to groups that support causes you believe in that can have an impact on the state of our nation.
- Donors want more transparency — Donors expect transparency from the organizations they give to. Because there is a growing push from donors for transparency, more organizations may strive to make it easy for donors to see the results of their spending and actions. This is beneficial for you as a donor who is looking for organizations to give to before the end of the year.
- Donors want sustainable impact — Donors are looking for organizations that have a sustainable impact on the environment. This could cause more organizations to adopt sustainable measures. If sustainability is an important issue for you, look for organizations that are upfront about their sustainability practices.
Talk to a ProVise CFP® professional about your charitable giving strategy
Charitable giving is an excellent way to support causes you believe in and people in need while reducing your taxable income for the year. However, it can be difficult to strategize how much to give and how your taxes will be affected as a result. At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can help you navigate the challenges of charitable giving and formulate a financial plan that includes giving and other investments and savings that help you reach your financial goals.
We can get to know you and your current financial circumstances, goals, risk tolerance and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.
Are you ready to talk to a professional about charitable giving? Contact ProVise today to schedule a complimentary consultation.