Tag - donation tips

1. Select a Charitable Cause beneficiary group Decide on which social group or cause that needs help most and which kind of project will most benefit the needy group. For example, if you are interested in the sector to develop African children to have a better future, you can search about causes that do charity work for children in Africa. One example is child sponsorship, another may be bringing clean water to them to prolong their chances to survive. . 2. Understand the charitable organization's background Research, investigate, or obtain advice whether the organization is a registered charity and study its annual reports and audited accounts thoroughly. It is important to understand the background of any charities the same you make any financial investments. Instead of investing into your retirement, you are investing into someone's future that you care about. 3. Check the list of charitable organizations Look over the list of charitable institutions which are exempt from tax under the Inland Revenue Ordinance. Only recognized charities are eligible to issue donation receipts for you to claim tax deduction. Beware of and don't be misled by names that closely resemble names of well-known charities. 4. Plan your donation budget among your expense and income Assess the amount of funds which you can afford to give each year and set a donation budget. 5. Helping Charities and yourself to reduce administration costs Charities spend millions to compete with each other for your attention, having regular contributions and online donation are good ways that assist charities cutting down fundraising and administration expenses. However, always keep in mind to check out the handling fees charged by credit card companies or intermediaries. 6. Request and keep donation receipts It is important to obtain a donation receipt from registered charities. You can reduce taxable income, which means you will have more resources to fund more charitable projects next year. Ask for and retain donation receipts as supporting documents for your tax declaration. It is also important to manage your tax receipts so you can report them easily at the stressful time of tax reporting. 7. Follow and Track charity project or cause status Track and make sure your charities Visiting the charity, participating in volunteering service and reading its newsletters and website regularly can further your understanding of the progress and impact of the concerned project. Finally, always remember giving makes one happy. To give, to volunteer and to support your community in improving the quality of life are philanthropic deeds that bring happiness. 8. Know your rights as a donor The ten donors' rights listed below are based on A Donor Bill of Rights (developed by profound international fundraising organizations) and suggest what you may reasonably expect of a charitable organization to which you consider making a donation. To be informed of the organization's mission and the way in which the organization intends to use donated resources. To be informed of the identity of members who are serving on the organization's governing board / executive body, and to expect the governing board / executive body to exercise prudent judgement in its stewardship responsibilities. To have access to the organization's latest auditors' report. To be assured your donations will be used for the purposes for which they were given. To receive appropriate acknowledgement or recognition. To be assured that your donations are handled legally. To expect that those seeking donations will have a polite and honest manner. To be informed of whether those seeking donations are volunteers, employees of the organization or hired agents. To be assured that your privacy will be well protected. To feel free to ask appropriate questions when making a donation and to receive prompt, truthful and forthright answers. Should I give to a big or small organization? If you give to a large organization, it can be part of a bigger whole. For example, you may not be able to fund a cure for cancer on your own, but your donation can help support a larger project that, along with other donors, can make a big impact. If you give to a smaller organization, your gift may have a larger impact on the charity. Yours could be the donation that helps keep an important program running or allows a new pilot project to start.

Tag - donation tips

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