The Community Foundation is here to help you and your family fulfill your philanthropy goals even in a year when the stock market and economy are expected to be a bit bumpy.
Your family may be among those taking their charitable giving budgets more seriously this year, given the stock market’s challenges, rising interest rates, economic concerns, and anticipated cash crunches.
At the same time, unsurprisingly, community needs tend to rise during uncertain economic times. As 2023 gets into full swing, inflation, housing challenges, and economic uncertainty are pressuring people who are already vulnerable due to financial insecurity, illness, or disability. Nonprofits serving these populations need additional resources to meet the escalating demands.
To ensure you’re able to give in a meaningful way, consider planning a charitable giving strategy for the year ahead:
- Review your donations over the past three years. Consider whether to keep certain organizations at historic giving levels or reallocate based on where dollars may be most helpful.
- Identify the causes that are most important to you. Are there nonprofits you’ve supported you would like to know more about? The team at the Community Foundation would be happy to introduce you or provide more information about regional nonprofits.
- Set targets for the amount you would like to provide each organization and plan the timing of your gifts.
- Determine if you have tools you can leverage to make your giving go farther, like employer donation matching, or unique gifts to reduce your taxable income, like gifts of stock or a Qualified Charitable Distribution (QCD) from your IRA.
As always, the Community Foundation is your local resource for philanthropy. Please reach out to our team with any questions about how we can serve you.