Monday, November 26, 2007

Article - Giving 101

Giving 101
From content sharing of inquirer.net and MoneySense

By Lynda C. Corpuz
MoneySense
Last updated 09:35am (Mla time) 11/19/2007

RETIREMENT goals often include giving back to society. But how exactly should you go about it? Here are some tips.

Trim your choices. Maybe you espouse several causes, but it is better if you narrow down or prioritize your selection to those that truly matter to you. Think about the issues you believe in, whether they are arts and culture, environment, disease research, poverty alleviation, or women and children – and help them one at a time – or whatever way your time and resources will allow.

Check their profiles. Knowing your charity’s or cause’s focus – either in advocacy, research, or service (most work in all areas) – will maximize your support, whether you contribute to either local or international charity, or even reach out to impoverished communities or countries through humanitarian giving.

Pick the size. The size and scope of the organization you wish to help matters, as this will affect the size of your donation. You may not be directly involved by helping a large charity, but your gift may aid a larger project, which, combined with other gifts, results in a desired impact. Being an anonymous donor is what giving to large organizations can provide as well. Your gift alone may have a more direct impact to a smaller organization. Yours can single-handedly support a major program or start a new project for the charity. You can also have a greater chance of being known in your locality by helping a smaller group.

Define how much – and in what form – you’re willing to give. If you want to volunteer, find out what their volunteer needs are and how to work with them regularly. If you’re giving cash, decide if you’ll donate a lump sum or spread your donations over time. You can also put up a charitable trust, which can reduce your estate tax while providing assets to the organization. Check also if you can make non-cash donations like clothing, office equipment, packaged food, or other items.

From the September-October 2007 issue of MoneySense, the country’s first and only personal finance magazine. Visit www.moneysense.com.ph for more.
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