Annual Charitable Contributions

I was cleaning house yesterday (at least with my financial records) and took a look at my charitable contributions so far this year. I realized the end of year is closing fast and I need to address my remaining charitable gifts for the rest of the year.

My unofficial goal has been to raise my charitable giving (on the financial side) by 10% or more each year until I am giving away about 1% of my net worth each year. I have left myself an out by thinking I could donate items or time if I desire, but you get the idea.

I took a look at last years giving totals and made sure with my last donation I was giving more than 10% above last years amount (21.2% more to be exact) and went ahead and made a donation to my favorite charity. Even though I am in a cash crunch, this was a no brainer.

Related in Charity:

Donate to the China Earthquake Relief Efforts (May 13, 2008) A huge earthquake measuring 7.8 on the Richter scale hit Central China yesterday (May 12th) near Chengdu in Sichuan province. Luckily in the southern part of China where I located at we didn't feel anything. However, I suspect this will...

How To Give More to Charity (Sep 25, 2007) To be honest it is sometimes difficult for me to give large sums of money to charities. I give on a regular basis to a couple charities and the church my fiancee and I have been attending, but it still...

Virginia Tech Tragedy (Apr 17, 2007) I wanted to express my support to all at Virginia Polytechnic Institute and State University as a Virginia Tech alumni. I am currently traveling in China on a business trip, but in complete shock at the news of the...

Comments (3)


As an employee of a non-profit that gets about 40% of its funding from donations, I love to see people giving money to charities! I'm sure your chosen charities appreciate the money and setting a goal to better your giving each year is wonderful.

I always make a point to donate as much of my personal house cleaning as I can.
This year I probably have about $20k in charitable contributions of personal possessions.
The biggest challenge is taking the time to catologue everything you give.

You have noble charitable goals, btw, at 1% of net assets.

I've also heard other people discuss giving 10% of their income. The 10% must come from the old religious tithing idea.

Have you considered the other approach?

Regards,
makingourway

Another way to provide for your charity is to take out a life insurance policy with the charity names as the beneficiary. Depending on how you set this up, either the charity can pay the premiums, or you can, and the premiums will be a tax deduction. This can be a great way to leave your favorite charity a substantial amount of money without it coming directly from your own finances in one lump sum.

Post a comment

(Comment moderation enabled.)

About 2millionblog.com

A personal finance weblog of my journey to reach my goal of $2 million + the value of my primary residence.
Current Net Worth: $1,574,185

Sponsors

New Personal Finance Articles




PF Blogs