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Speaking of donations


Dirtyhip
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I’m in agreeance with @Dirtyhip. I like that they are doing something, but I feel it’s all for their benefit. If it’s not tax write-offs it’s positive publicity e.g. “Acme Food donated 12 billion dollars to the wounded coyote relief fund”. I support charities in my own ways and methods. 

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Sometimes I do, sometimes I don't. The quality and completeness of transfer of the donations is something that should be looked at. What percentage of donated plus matching money makes it to the charity? That's really the only question. I think some of the companies do a better job of getting donations to charities than others. I don't care if they get advertising benefits or whatever as long as 100% of my money makes it to the charity.

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I'm curious, and this is something I've wondered. Let's assume for this conversation 100% of collected money is donated.

If a company collects money donations, then donates it. Does this give them a tax credit, despite it not being their money? It seems to be a pass thru, since they're donating it on your behalf. Or does it because the company is writing the check? Not being an accountant, I would assume money received in excess of the goods or service rendered can not be income. On a corporate level, I know from work every transaction needs a paper trail.

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We only donate directly to the charities of our choice. No United Way, etc. that take overhead. We also try to not work with second parties that charge a fee to take your donation. We went our monies to go to work. We have the choice with some National charities to designate Miles City on the check, and all of the monies remain locally. Christmas time is a busy time around our house.

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I am aware  that dearie didn't donate much funds directly...it was his volunteer time and writing reports with photos. When you bike in Metro  Vancouver, the cyclling infrastructure you experience, is the result of 2 decades cycling advocacy organizational work as a volunteer board member working with various municipalities and city council.

Improvements just don't happen. Pressure and many thoughtful meeting discussions must be held with govn't parties who hold the funds to improve infrastructure.

Remembering Jack Becker, a Force for Improved Cycling | HUB Cycling: Bike Events, Education, Action in Metro Vancouver (bikehub.ca)  Now if we were to calculate cost per hr. his time... he spent alot time forcing advocacy organizations to become more fiscally strong, intelligent and map their business strategy properly to get things done.

Instead of just talk.

 

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According to this USA Today article, the companies can't take a deduction for pass-through donations of collections from customers,  Presumably in order to deduct the contributions, they'd first have to record the money as their income, which would raise their taxes.   But they do get publicity from the effort.  I mostly don't donate because the charities they choose aren't the ones that I'd pick for my own donations and I don't know how efficient those charities are in using their donations.  If there was a charity that I already supported, I'd likely participate.  That being said, I can never turn down one of the old VFW members in their uniforms collecting around Memorial Day.  I'm not really sure what they do with the funds, and I don't ask, they're just too sweet.

https://www.usatoday.com/story/news/factcheck/2021/06/10/fact-check-false-claim-checkout-charities-offset-corporate-taxes/7622379002/

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13 hours ago, Dirtyhip said:

Tons of companies are always asking "Do you want to round up for the <insert honorable charitable company here>?

Yeah I don't donate this way very often.   That said, I gave $2 yesterday at Petsmart.

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I don't do the round-up thing either.  The donations might go, for example, to projects like the one that does many, many tear-jerker commercials for a children's hospital but a lot of the donations go to the sponsoring organization, NOT the hospital, and the veterans aid group that does lots of commercials where only 71% of what's collected goes to disabled veterans while the high paid execs have their conventions on Caribbean islands, etc., instead of other disabled vet groups that spend 94% of donations on veterans.

I've learned from being nerdily focused on using my best cash-back card at the right place and time, that little amounts add up.

For 2021, on avg. spending, I have collected $948.31 in cash-back (applied to credit card statements) and coupons and in February will get a gift certificate for Costco Visa 2021 cash-back for $134.31.

That's money I can donate to local charities, volunteer fire departments, friends or relatives who can't pay for needed dental care, etc. and know the money went to work for something I think deserves it.

 

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