It was Winston Churchill who said, ‘we make a living by what we get, but we make a life by what we give.’ And if you’re here reading this article, the thought of making a donation has evidently crossed your mind and not to overwhelm you in your generous mood but we want to make sure you understand that there are certain things which need to be kept in mind before you make the munificent gesture.
So, here’s a list of things you should know and implement which we think will help you feel more confident and positive about your contributions:-
- Know your cause
Identifying a cause you’re most passionate about will not only help you find the right organization or charities to work with but will, at the same time, ensure your absolute commitment towards it because you know what they say, giving is not just about making a donation, it’s about making a difference. And if the purpose relates to you personally, you will, definitely be making a difference.
2. Know your organization
Every philanthropic adventure needs proper research of the organization you’ll be contributing to. Donating to the first charity that shows face without an assessment is how one ends up regretting their decision, but a thorough review of their work and accountability can help you align your goals to their making it a more suitable relationship. Do not forget to check for scam warnings and know that fraudsters go to great lengths to make their organizations look legitimate. At the same time, verify the organization’s non-profit status.
3. Ask questions
The most important thing to realize here is that you’re entitled to ask as many questions as you’d like. No one is expected to make a smart decision without having all the information they need. Find out if the organization is transparent about its financial information and if it’s willing to share the details of how your donations have been put to use. Inquire about their past accomplishments and their future projects, the progress they’ve made so far. Try and learn about other sources that have funded the charity and can help you increase your confidence in their work. Knowing never hurt anyone!
4. Tax Deductions
You may or may not be aware of the fact that donations for certain causes and trusts are exempted from taxes under section 80G of the Income tax. So, if your charitable cause falls under any of these, then you may have found yourself an extra incentive. Take an initiative to keep detailed records of your donations and create a paper trail. However, not all donations are eligible for a 100 percent deduction which is why it is advised to go through the rules of it before taking a decision.
5. Way of donation
A significant thought must also be given to how you’d like to donate and at what intervals; whether you’d like to maintain a long-term commitment or is this supposed to be a one-time thing. Making online donations to legitimate organizations allow you to keep a track of your money. Donating money over the phone or writing a cheque in the name of a person rather than the organization is ill–advised.
So, if I were to wrap this up tight with a bow, I guess I’d say, ‘donate, but wisely.’