Types Of Charitable Funds
There are many people in this world who need our help. Whether it is to help homeless or to cure a disease, there are organizations designed to facilitate this assistance. Here are a few ways to donate to a charity.
Donating To a Fund
If you give to a fund, such as the one started by Eyal Gutentag, you can have more influence on how the money is used. Typically, you donate to organizations that are dear to you and can give cash or other non-refundable currencies.
Life Insurance Policies
You can make a charity your beneficiary on a life insurance policy. While the payout might take awhile, the payout will be far greater when it matures. This can also benefit your loved ones since it is exempt from estate taxes.
Possibly the most common form of donation is sending them either cash or a check. This sort of giving is immediate for both you and the charity. The non-profit has access to the funds right away. It also can be written off on your taxes.
If you own a business or have something you can make, you can donate your item instead of money. Once you deliver it to them, the organization can auction it off and use the cash for their purposes. You are usually given a letter of appreciation with the estimated cost of the item for use for tax purposes. You can also get your business’s name out among the community increasing your chance of getting customers.
Property is also an option to give to charities for them to raise money. When the organization sells the real estate, they will be exempt from paying taxes on it. However, is it is bought from you, you will have to pay out. There could also be additional benefits to doing this.