Legacy Retirement: Strive for smarter giving
Contributed by Legacy Retirement Advisors
–It’s estimated that less than half of the money donated through telemarketers actually goes toward charitable purposes. This may not be the higher purpose you envision when giving money to causes you care about.
With so many nonprofit organizations vying for your donation dollars, it can be challenging to give your money where it can do the most good. Watchdogs such as CharityNavigator.org and GuideStar.org can help you evaluate many organizations, but remember that expense ratios and efficiency ratings alone do not measure a charity’s challenges, accomplishments, and track record.
Here are some tips to help you make the most of your charitable endeavors.
1) Give directly to the charity whenever possible. Individuals who call on the phone or knock on your door are likely to be paid fundraisers, which can cut into the organization’s proceeds. Even worse, they could be questionable groups posing as more reputable and well-known charities.
2) Look for potential “leverage opportunities.” A wealthy benefactor or corporation may offer to match private donations to a certain charity for a set period of time, and some employers have charitable giving programs that match funds donated by employees to qualifying organizations.
Source: State of New York Attorney General, 2015
Legacy Retirement Advisors
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The information in this article is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Emerald. Copyright 2016 Emerald Connect, LLC.