Check the background of this firm on FINRA Broker Check.

2020 Charitable Giving – Parade of Non-Profits

This is the week that your inbox is full of requests for end-of-year giving. Everyone is trying to make a final push for the year in hopes for a positive impact for their cause. And why not? Charitable giving makes you feel good but it can also provide a tax benefit if you itemize your deductions. Even better, because of the CARES Act, this year you can still get a tax break even if you take the standard deduction. You may take a deduction of up to $300 for cash donations to qualifying organizations. How cool is that?

On “Giving Tuesday” we asked our clients what some of their favorite non-profits and charitable causes are. We were delighted to learn what speaks to their hearts and found that the responses broke down into 3 major categories.

  1. Animal rescue and training
  2. Children’s health and hospitals
  3. Nurse education

I am highlighting a few below that we think are pretty stellar. 

 

Hero Dogs places service dogs with veterans of the U.S. military and first-responders with disabilities. Disabilities do not need to be service connected. There is no cost to the recipient for the service dogs they raise, train, and place, or for the training provided to the owner. Many Hero Dogs volunteers who have adopted released dogs also volunteer with those dogs as therapy dogs. These volunteers serve thousands of area residents every month.

 

North Shore Animal League is the world’s largest no-kill animal rescue and adoption organization. Their goal is to find homes free from abuse, hunger, fear, and loneliness for all homeless pets with the goal that these animals receive the care and respect they deserve. Their mission is “Rescue. Nurture. Adopt. Educate.”

 

 

St. Jude Children’s Research Hospital advances cures, and means of prevention, for pediatric catastrophic diseases through research and treatment. No child is denied treatment based on race, religion or a family’s ability to pay. In addition to their amazing work, patient families never receive a bill for treatment, travel, housing or food. All thanks to charitable giving. 

 

Children’s Hospital of Philadelphia (CHOP) is the nation’s first hospital devoted exclusively to the care of children. As one of the best in the world, CHOP assembles the strongest talent and deepest resources, the widest range of research and clinical care, and the most robust tools to accelerate the prevention and cure of illnesses that keep kids from being kids.

 

The American Nurses Foundation is the philanthropic arm of the American Nurses Association (ANA). They believe that nurses can revolutionize the approach to care for the better and seek to elevate the profession of nursing while also engaging with nurses directly to find professional success. 

 

The National League for Nursing promotes excellence in nursing education. They strive to be the leader in nursing education by being the voice of nurse educators and promoting research that generates evidence about nursing education and the scholarship of teaching.

 

Rustic Love Vienna is dear to my own heart. Started by a family in my own town in response to COVID-19, they bring together groups of kids and youth to make rustic wooden heart signs in exchange for a donation to Vienna VA Foodies, a Facebook Group for Vienna food lovers. Vienna VA Foodies uses the donations to support struggling area restaurants who then turn around and serve meals to area first responders and food-insecure families. While not yet a tax deductible organization, Vienna VA Foodies has applied to be one under the name One Neighborhood Foundation. 

 

In addition to giving cash, most of these organizations will accept stock transfers (which help with capital gains taxes if the stock has increased in value since it’s purchase) and can set-up legacy giving options as part of your estate planning. If you don’t have direct descendants, this is a great option for your beneficiary. 

I’m happy to help if you’d like to discuss.

Submit a Comment

Your email address will not be published. Required fields are marked *

You have Successfully Subscribed!