‘Tis the Season for Charitable Giving
No matter what traditions you hold around the holiday season, there is one we can all share: the importance of giving to those less fortunate than ourselves. According to Giving USA, Americans gave $410 billion to charity for the first time ever in 2017, with individual giving contributing 70% – or $287 billion – of this record-breaking amount.
Charitable giving can be one of the most satisfying aspects of a financial plan. Not only do you enjoy its feel-good aspect, but your taxes may benefit and a charity that is furthering your cause gets the resources it needs. Here are a few websites to make sure your chosen charity is doing what it says it’ll do with your donations:
- Guidestar.org contains records from 2.7 million nonprofits registered with the IRS, with access to each organization’s Form 990, a document that details nonprofits’ income, spending, mission, and executive salaries.
- The Better Business Bureau Wise Giving Alliance generates free reviews of more than 1,300 charities. Local BBB websites provide evaluations on an additional 10,000 nonprofits.
- CharityNavigator.orgprovides ratings, with four stars being the highest, of the charities it follows. They base their ratings on financial health, accountability and transparency.
As you may know, volunteering is one of the best ways to understand how a charity works. Not only will this help you gain an insider’s view of the organization’s people, practices, and impact – you’ll also be able to feel confident knowing your time and money can truly make a difference. If there’s a nonprofit you’re interested in, consider taking your loved ones with you to volunteer and creating a charitable family tradition you can pass down through generations. You may get to see firsthand the power of your charitable gift at work.
