Philanthropy literally means the love of humankind. It is in our best nature to reach out and support our neighbors. One of the ways this is expressed is through charitable giving. When we offer financial support to a nonprofit that is doing good work, we want to make sure that our donation is making a difference for those in need.
As you prepare to make a charitable gift there are three things to consider to help make sure your giving is impactful.
You can look up most charities on websites like Charity Navigator or GuideStar. These sites can let you know if the charity is registered and tell you something about the financial health of the organization. Sites like these can give you valuable information about the effect your gift could have.
You should be able to easily access the Annual Report of the charity you want to give to. Most organizations will offer a printed or online version of their annual report. This document will feature good information about their budget, their impact, mission, vision and goals. Many annual reports will also disclose the names of the Board of Directors. These pieces of information can be very helpful as you plan your charitable gift.
Lastly, let’s think about mission alignment. You might receive dozens and maybe a hundred solicitations for charitable gifts every year. Yes, you might be able to give a little something to most of them. But, what if you could make a bigger impact by making a larger gift to only two or three nonprofits? This is where a personal or family philanthropy mission statement can be helpful. This document can guide your charitable decision to increase your overall philanthropic impact.
From all of us at Old National Wealth Management, thank you for your support of the nonprofit community. Your generosity is changing lives.
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