It always seemed so simple! You either had ‘nonprofits’ (501c(3)) - charitable organizations that were focused on the mission and ‘doing good’. Or…you had ‘for-profit’ businesses whose sole purpose were to maximize profits for owners and stakeholders. There was no middle ground whereby organizations could both generate revenue and do social good.
In traditional charitable financial giving we think of both donors and nonprofits. From the donors’ perspective, we financially give - donate - to an organization (such as our church), serve a cause, or improve a social or environmental condition that is important to us. Nonprofits typically receive their funding from individual donations, business sponsorships, grants and hosted events. Innovations in society are happening everyday. In the philanthropic sector, these innovations include new tools and techniques to improve our hometown.
With the passage of the 2017 Tax Cuts and Jobs Act (TCJA), there are changes that impact charitable giving. More specifically, individual donors and nonprofits can leverage the 2017 TCJA to make smarter philanthropic contributions with the Qualified Charitable Distribution (QCD).
Recently, the International Association of Advisors in Philanthropy held their national conference in Nashville, Tennessee. The conference featured leading-edge presentations on legacy planning, next-generation giving, women in philanthropy, effective philanthropic conversations, impact investing, and emerging trends and challenges in community philanthropy.
As a charitable donor, how do you know the impact of your charitable giving?
As donors, we receive solicitations daily to give to this charity or that cause. Many times such solicitations, while worthy, are of no interest. But what about those that are emotionally appealing to us - that connect to something that is really important to us? How do we know our financial generosity is really making an impact?
With the recent passing of the Tax Cuts and Jobs Act of 2017 (“TCJA”), you may be thinking how this new tax law will impact your own financial giving. For this blog and to keep it simple, I will refer to this new tax law, “TCJA”, as the “2017 Tax Law” and will share several key features that impact donor financial giving.
Welcome to our blog! In the new era of philanthropy, the individual donor is emerging as the the critical component to addressing our community and social challenges. In the past it has been the nonprofit and government that has been the “solution provider” . We want you, the donor, to understand the three major benefits you will receive from this blog. This blog and topics we will address in future blogs -with a new blog published every two weeks - will benefit you, the donor (and grantors as well), in making wiser, more effective financial giving decisions.