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GIVING
Charitable giving is a rewarding activity that enrich- es the greater community. According to USA Today, the average American donates $5,508 each year, based on claimed charitable tax deductions. To help maximize the impact of each donation, individuals and families should treat their charitable giving strategies with the same care and caution given to savings, homes and other sig- nificant investments. With more than 1.5 million registered U.S. nonprofits to choose from, selecting and setting a charitable giv- ing strategy can be overwhelming. These simple tips can help donors navigate the many available options. DISCOVER YOUR PASSION To have the most rewarding charitable giving expe- rience, passion for the mission is a must. Individuals should take stock of what makes them most happy and most energized, whether it’s a school, church, or specific cause, like the arts, environment, animal welfare or youth leadership programs. There’s no end to the local, region- al and worldwide needs where time and donations can make an impact. Gifts of any size are appreciated and may be designated for a detailed purpose or for general use. DO YOUR RESEARCH Research the organizations that most resonate with your chosen cause. Ensuring that your charitable orga- nization partner has its ducks in a row creates a stron- ger partnership. Look into the organization’s history, and review annual reports, donation allocations, and reviews from previous donors, if available. While most organizations have the best intentions, not all are run efficiently, so it’s important to know where the money is going. Also, make sure the organization you choose is in good standing with the Internal Revenue Service as well as state and local governments to ensure donations are eligible for tax deductions. Several websites aggregate and manage information about registered nonprofits, including charitynavigator. org, charitywatch.org and guidestar.org. These websites provide financial and program information for nonprof- its, in addition to rating each organization. GET TO KNOW THE LEADERSHIP If possible, meet with the leadership of your chosen organization, such as the executive director or a mem- ber of the board of directors, before committing to a donation. This meeting should not be seen as an op- portunity to pepper them with investigative questions. Instead, ask them about the organization’s history, mis- sion, operations and needs. It can also be helpful to learn specifics about their process for measuring results and accomplishments. DON’T FEEL PRESSURED Even with research and preparation, you may still feel pressured by an emotional appeal to make a donation. If certain organizations are vying for your attention, consider volunteering or making several visits to gain a good sense of the association before committing funds. Ask friends and associates if they are familiar with the organization and its activities, and, finally, do not give cash or confidential personal information until you are certain of your support. Charitable giving is a rewarding and honorable activi- ty, and with preparation and research, you can select the organization or cause best suited to your life, lifestyle and legacy. Left to Right – Justin Butler, Ann Marie Baker, Matt Tabor, Byron Pierce, David Compere, Tylor Willis, Matt Keeth, Shelly Addington Charitable Giving: Maximizing Your Impact UMB Address: 1150 E. Battlefield Road, Springfield, MO 65807 Phone: (417) 891-2100 Website: www.umb.com Chairman and CEO, Greater Missouri Region: Tony Mayfield Board of Directors: Individual advisory boards serve the communities of Springfield, Joplin and Carthage SPRINGFIELD BUSINESS JOURNAL 14 · 2018 GG