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Guide to Charitable Giving
The MMI Online Articles are designed to inform, assist, educate and alert consumers.
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With more than half a million federally recognized charities soliciting contributions, chances are you'll be sought out as a donor. Here are some tips from the Federal Trade Commission to help ensure that you are giving wisely.
Ask questions. Request identification from the solicitor and read written information provided. Be certain that the organization has a clear mission and identifiable goals.
Be wary of high pressure appeals. For example, be skeptical if someone thanks you for a pledge you don’t remember making. Legitimate charities should not intimidate you into making an on-the-spot donation.
Do your homework. Before making a donation, call the charity to find out if the organization is aware of the solicitation and has authorized the use of its name.
Don’t give cash. For security and tax record purposes, pay by check. Write the official name of the charity on your check and ask for a receipt.
For additional help selecting a charitable organization, visit the Better Business Bureau’s Wise Giving Alliance at www.give.org. A little research upfront will make sure that your dollars are put to good use. If the process of selecting a charity seems daunting, remember, you benefit from giving as well.
-Involving your children in the selection of and contribution to a charity teaches valuable lessons not only about the value of money.
-You have an opportunity to make a difference or further a personal cause.
-Most charitable gifts are tax-deductible if made to a qualified organization. But be sure your organization meets IRS guidelines as there may be different tax breaks when you donate certain types of assets to charity. According to IRS Publication 526, Charitable Contributions (www.irs.gov) the following are examples of qualified organizations.
Finally, if your budget doesn’t allow for a monetary contribution, consider donating your time or unused household items.
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