The last 3 months of the year sees the largest volume in donations and charitable giving. The holidays bring out the spirit of giving and the deadline for making tax deductible donations for the year is December 31st. The 2012 Guide Star Survey shows non-profits receiving 50.5% of annual donations in the last 3 months of the year – October through December.
In 2013, giving in the U.S. was $335 billion or about 2% of GDP. Non-profits perform many functions in our society from caregiving for young and old, animal care, care for environment, education, arts, health and an unlimited number of services.
Non-profits allow those with a passion for something, to make a difference, putting time, energy, talent and money to a focused purpose. And non-profits allow those who care about a cause to participate in providing solutions.
The Annual Report on Philanthropy from Giving USA 2013 shows the breakdown of charitable giving:
Individuals can make a difference in their community. However, not all charities are created the same. Some do abetter job at managing their resources and providing solutions. Just as with investing, a little due diligence is needed.
Over the next several blog posts, we will review the Do’s and Don’ts of charitable giving.
Peggy L. Farnworth, CPA, CFP®, CSA
Ph: (208) 343-7777