As the festive season draws near, we start putting up decorations, organizing holiday get-togethers, and purchasing gifts. Our hearts open wider—we show kindness not only to family and friends but also to those in need. To assist you in maximizing your impact this Giving Tuesday, we’ve compiled this comprehensive guide for 2024.
Your Ultimate Giving Tuesday Guide
Giving Tuesday, celebrated on the first Tuesday following Thanksgiving, was initiated just over ten years ago to inspire people to give back. There are numerous ways to support nonprofits, including blood donation, financial contributions, or simply dedicating some time to assist. However, how do you discover organizations you wish to support? What advantages does charitable giving offer financially? If you are a newcomer to volunteering, what approaches can you take with your limited resources? Below, you’ll find answers to these queries.
Engage in Giving Tuesday: Start from Your Community
A great initial step is to explore your social networks. Volunteer positions may be available right in your vicinity. Faith-based organizations, local educational institutions, or even youth groups like Girl Scouts and Boy Scouts often arrange fundraising events or volunteer activities suitable for all ages. When considering how to partake in Giving Tuesday, remember any acquaintances who might serve on boards of organizations they are passionate about. Various nonprofits host diverse fundraising events—gala dinners, golf tournaments—all social opportunities that you can share with a friend while simultaneously supporting a community in need.
Next, Explore Further
The website Charity Navigator provides valuable insights about different organizations. For instance, do they hold a 501(c)(3) status? What percentage of their donations directly assists the cause as opposed to administrative expenses? The site also features a section highlighting which groups are currently in need of support considering the state of the world.
Ways to Donate on Giving Tuesday and Discovering Organizational Needs
While financial backing is essential for all organizations, actively participating in person is a fantastic method for socializing and making a positive impact.
Nourish.NJ
Nourish.NJ, based in Morristown, New Jersey, facilitates food distribution for individuals in need via farmers markets and by distributing pre-packaged breakfast and lunch bags daily. They are actively seeking volunteers to support their initiatives both on-site and off throughout the year.
“Although many individuals aspire to help around the holidays, those opportunities are often filled well in advance,” shares James Collins, the chief development officer of the organization. “The hardest times for retaining steady volunteers are summer Fridays when the weather is pleasant and during cold months in January and February. The necessity for food persists year-round.”
Oasis, A Haven for Women and Children
Oasis, located in Paterson, New Jersey, is dedicated to breaking the poverty cycle by offering meals, social services, clothing, and educational programs. Despite the organization’s significance to the community, only 8% of their funding is sourced from the U.S. government, hence they depend greatly on private donations and volunteers in all aspects of the center’s operations, as noted by director of development Laetitia Cairoli.
From child care and lunch preparation to offering wellness classes like yoga and tutoring in subjects like math, the center welcomes any form of assistance. “We are very flexible and eager to leverage the skills individuals possess…. We aim to make your talents accessible to our community,” states Cairoli.
If you’re contemplating on how to donate this Giving Tuesday, consider Oasis’s thrift store that accepts gently worn clothing. The store provides affordable apparel to families while also donating clothes free of charge to those in crisis.
Chemo Comfort
Chemo Comfort, an all-volunteer organization founded by Anne Marie Paolucci in New York City, arose from her desire to create well-received chemo starter kits for cancer patients. As a three-time cancer survivor, Paolucci designed the kits to include comforting items such as socks, lozenges for mouth sores, sleep caps, soothing teas, and guided imagery meditations. Every year, hundreds of these kits are distributed to hospitals and care centers in the New York area.
“Our motto is ‘empowering patients’,” Paolucci explains, “because receiving a cancer diagnosis inundates you with information, and when treatments begin, you can quickly feel a loss of control.”
Opportunities for in-person and remote volunteering are available, from assembling kits to preparing mail. Of course, they also appreciate financial contributions.
The best way to understand an organization’s needs and identify available opportunities is to reach out. “Stop by to see what we do,” Cairoli recommends. “Even a quick email to our volunteer coordinator can clarify if it’s a suitable option for you.”
Examine the Financial Perks: Benefits for Individuals
In addition to the satisfaction of helping someone in need, charitable contributions also come with financial advantages during Giving Tuesday. While your time is not tax-deductible, monetary gifts and quality clothing donations can be. The IRS permits charitable contributions to be deducted on your annual tax return, provided you opt for itemizing instead of taking the standard deduction.
Typically, individuals may deduct cash contributions up to 60% of their annual income, but it’s crucial to ensure that your deductions are legitimate and have proper documentation. Lee Reams Sr., co-founder of TaxBuzz, recommends verifying a charity’s status using the IRS online tool prior to donating. “This guarantees your contributions remain tax-deductible. Itemizing deductions necessitates thorough records, including the charity’s exact name, the contribution date, and the contributed amount,” he explains. “Donors should retain receipts for any donations above $250 as mandated by the IRS.”
To optimize your deductions, Marci Spivey, a tax partner at Cherry Bekaert, advises clients to contemplate donating long-term appreciated stock. This method allows you to remove gains from your portfolio without incurring taxes while obtaining a charitable contribution equating to the stock’s current value. However, it’s important that the stock has appreciated to maximize this double benefit.
The Advantages of Giving Tuesday for Other Entities
Corporations can also experience financial benefits from charitable contributions. According to William Billips, a tax services partner at Cherry Bekaert, C corporations are limited to deducting charitable contributions up to 10% of their taxable income for 2023. Any excess can be carried over for five years. This is worth considering if your organization anticipates higher income in future years, which could lead to benefits down the line. Corporations may make donations of cash and property, valuing them at the fair market rate on the date of donation, adjusted for any unrealized gains. Pass-through entities like S corporations and partnerships can also offer charitable contributions that benefit their owners, partners, or members.
Understanding that these expenses can lower overall costs and enhance your bottom line—potentially saving on taxes—might empower you to give more than you initially thought.
Whatever your approach to giving back this year, remember there are people who will greatly appreciate your generosity.
