It's Time to Plan for End-of-Year Charitable Giving

I know Thanksgiving isn’t even here, but when I see holiday decorations starting to pop up in stores, its a good time to check-in and make sure my ducks are in line with regards to end-of-year charitable giving.

From personal experience, part of what led me to build Pinkaloo, was that I didn’t think much about charitable giving for most of the year and would then scramble to make donations in December. And while I’m happy with what I gave and who I gave to, I always felt pressured to get it done quickly.

A Pinkaloo Modern Giving account is the perfect tool to make year-end giving easy, letting you focus on the holidays and holiday parties! From budgeting tools, discovery features to help you find charities, and creating a report to centralize all of your tax receipts, end of year is a breeze for Modern Giving account holders. For those of you that don’t have an account yet, now is great time to start planning, as 2018 will be here before we know it. To open one, simply reach out your HR to reach out to us OR open one directly with us here.

Are you on track to hit your giving goals for the year?

Some donors set a specific goal for how much they want to give each year, while others have a general sense, directionally for how much they should. Are you on track to hit that? If you don’t like to set goals, are you on track to feel good about your giving for the year? If you answered no to either of those, now might be a good time to start budgeting and figuring out what it’s going to take to get where you want to be. Between holiday gifts and other end-of-year expenses, starting to budget for your end-of-year donations will remove a lot of the financial stress that some feel at the end of the year.

Do you know where your tax receipts are?

A common gripe we always hear is the struggle of trying to remember all of your donations throughout the year and tracking down the receipts for them. Doing that now, while some are fresh in your mind, vs. next April as you scramble to finish your tax returns can make a big difference for you (and your accountant if you have one). While everyone's tax situation is different, putting aside even quarterly donations could shave off a significant percentage from your tax liability, which you can then use to pay it forward even further! Tracking down those receipts and getting credit for all of them counts.

Are you in a position to make non-cash donations?

The end of the year is a great time to clean out your closet. I like the reverse hanger method for determining which clothes to get rid of. You can donate these items to a variety of charities like Goodwill, but also look at homeless shelters and other similar organizations who can put clothes, books, kitchen utensils, etc. to immediate use, and can be a great way to hit your goals without donating straight cash.

If you are going to make donations during the holiday season, do you know which organizations you’re going to support?

Whether it’s a gift on #GivingTuesday, or donation around the holidays, the majority of personal charitable giving happens between October and December. And while it is much more efficient for charities to receive donations more equally throughout the year, many people feel particularly generous over the holidays. That leads to the question:  “Do you know where you’ll be making your donations?” It can be daunting, and actually difficult, to find local charities that match your passions to donate to. Platforms like Pinkaloo make it easy to find them, allowing you to search by criteria such as distance from where you live and focus of the nonprofit.’ Even if you don’t have a Modern Giving account, though, it can help to do a little research and figure out where you want to donate to.  

Start planning for next year

Given how busy November and December always are, I find it much easier and more fulfilling to plan my charitable giving ahead of the holidays, and as a result I always feel MUCH better about my giving now than I did pre-Pinkaloo Modern Giving account. By budgeting for my giving and setting aside a bit each pay period, knowing that my tax receipts are always centralized in my account, and having a bunch of tools available to find organizations that my peers are supporting and that match my interests, my giving brings me peace of mind instead of anxiety. By spending a little time leading up to or shortly after the new year, you can too.  

Seriously, what are you waiting for? Contributions to a Pinkaloo Modern Giving accounts not only can give you an immediate tax deduction, but you can start down the path of giving regularly. If you’re ready to open a Modern Giving account, ask your HR to reach out to us OR open one directly with us here.