In honor of #GivingTuesday and the year-end giving season upon us, here are a few simple, helpful strategies.
Create a plan to understand your impact
Write a mission statement to focus your giving. Focus on what matters most to you by writing a few sentences about your giving goals. Use that statement to help you say no or to limit your support of causes that don’t align with those priorities.
Particularly for families with children, incorporate giving into everyday life and make sure future generations know your intentions.
As a family, decide on a few concrete steps you’ll take to make a difference. Then set up quarterly calendar reminders to revisit your plan and check your progress.
Make your donations intentional
Create a guideline or household budget that includes giving as a specific item. Charitable planning should be built into your financial plan.
Give a little more each year. Increase your charitable giving budget incrementally, by a set amount or percentage annually, which will allow you to give more to charity over time.
Take advantage of charitable tax benefits
Go beyond cash donations. By giving other types of assets, such as appreciated stocks, you have the potential to give even more.
Ask us, or your advisor, about charitable giving strategies. You may benefit from establishing a charitable giving vehicle or deferred giving strategy. Certain vehicles allow for the investment of charitable contributions for tax-free growth. Others have the potential to generate an income stream for donors.
Get to know nonprofits better
Use research tools to learn more about the nonprofits you currently give to or have considered giving to. Websites such as Charity Navigator and GuideStar® aggregate information about charities and help donors make informed giving decisions. These tools provide information about the financial health of nonprofits and often include data about their programs and results.
Contact a nonprofit directly to learn more. The charity’s website is typically a good source of information, but you can also phone or email a nonprofit, too. Typically, the development office is a good place to start.
Information and data provided from Fidelity Charitable. Information is general and educational in nature and should not be construed as legal or tax advice. Fidelity Charitable and Gryphon Financial Partners do not provide legal or tax advice. Fidelity Charitable is the brand name for Fidelity Investments® Charitable Gift Fund, an independent public charity with a donor-advised fund program. Various Fidelity companies provide services to Fidelity Charitable. Fidelity Charitable and Fidelity are registered services marks, and the Fidelity Charitable logo is a service mark of FMR LLC, used by Fidelity Charitable under license. Third-party marks contained herein are the property of their respective owners. The third parties referenced herein are independent entities and are not affiliated with Fidelity Investments. Listing them does not suggest a recommendation or endorsement by Fidelity Investments.