Earlier this year, we blogged about the importance of creating a lasting and impactful charitable giving plan. In Minnesota, there’s one day devoted to putting that plan into action: Give to the Max Day.
It seems like the entire state turns its attention to charitable giving on our “online giving holiday,” which lands on November 14 this year, raising money and awareness for thousands of nonprofit organizations. On Give to the Max Day 2018 more than 70,000 people gave $21 million to their favorite causes across Minnesota, a new record.
Statewide initiatives like Give to the Max Day can be great reminders about the importance of contributing even small amounts to charities that are important to you, especially with the shifting philanthropic climate. According to the American Endowment Foundation, the new tax laws have significantly decreased the number of smaller donors who itemize charitable contributions, which can make concentrated days like this even more important for the participating charities. In addition, some nonprofits participating in Give to the Max Day have eligible matching funds available, so your donation could go even further.
As you consider whether to participate this year, and which organizations to support, we’ve put together eight questions to keep in mind:
- How do your potential Give to the Max contributions fit into your broader charitable giving strategy? What’s most important to you? Is it important for you to give back during your lifetime, or are you focusing more on leaving a legacy after your death?
- Who else is involved in making decisions about your charitable giving with you? Is this a value you share with friends and family?
- How do you decide which charities to support? Are you personally involved with any organizations as a volunteer, donor, or board member? Are family members or friends involved in organizations you’d like to support?
- Do you want to set and stick to a giving budget on Give to the Max Day, or be more flexible?
- Are you looking to give to many charities, or just a few?
- Would you like to make a one-time or a recurring gift?
- Do you prefer to give publicly or anonymously?
- What are the tax benefits of your gift? How can you donate most effectively and efficiently?
While Give to the Max Day can be a rewarding way to contribute to your favorite charities, it’s important to keep in mind your overall charitable giving strategy and develop a plan to make sure you’re maximizing your support for the organizations that mean the most to you. To discuss Give to the Max Day or your charitable giving strategy, please reach out to your JNBA Team.
Please note JNBA is not an accountant and no portion of the above should be construed as accounting advice. All accounting issues should be addressed with an accounting professional of your choosing.
Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from JNBA Financial Advisors, Inc.
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