Bayou Tiger LSU Fan The Woodlands, TX Member since Nov 2003 3374 posts
Financial Plan for Charitable Giving(Posted by Bayou Tiger on 10/5/12 at 10:35 pm)
Overall my finances are streamlined, organized, and have a five-year "strategic plan".
However, this is not the case for my charitable giving. I had just kind of lost track of it and started trying to organize it over the last few days. Giving has been scattershot, inconsistent, and not as much as I was thinking it was (not bad, just not great).
Anyway, after taking an inventory of where my giving has been going, I would like to do the following: 1) Identify my most important charitable priorities 2) Determine the best way to make an impact for each priority(which organizations, type of donations or volunteering, etc) 3) Set giving and volunteering goals on a short-term and long-term basis
Has anyone ever attempted something like this? Even though I am not an OT baller, it would be nice to have a roadmap to work towards. Any tips are appreciated.
I very honestly don't know. If I like a charity I volunteer my time. I'm not sure I'd just throw money at them.
But regarding impact, you won't have much unless you are giving in the range of 7 figures every year. Most charities are simply money conduits, and you have to pay for whomever is arranging the cash transfers.
The standard reference for how to structure charitable giving is called Tax Economics of Charitable Giving. It was written by several Arthur Andersen experts as a reference book for accountants and lawyers. Many of those who contributed to the book now work for WTAS.
The biggest thing for us was choosing the charities / causes we wanted to support and dedicating msot of our giving to that cause. I feel that it does more good to give larger amounts to one group than scatter smaller amounts to multiples.
Our primary charity is a local childrens home. By giving directly to them, we also know that the money is being put to good use and not being eat up by admin costs like you get with large national charities. We also give alot of purchased or used items instead of cash - they put out a list of needs every quarter.