Posted by HBCU Pride & Joy on 12/20/2017
Christmas season is a time for giving. Consequently, many
charitable organizations ask their supporters for contributions at this time of
the year. Along with a warm feeling, making donations at the end of the year
makes financial sense if you itemize your taxes.
Because historically black colleges and universities are non-profit
entities, you can potentially write-off your gift. As a result, this tax
deduction can save you money by lowering your tax obligation. However, if you
plan to donate to your HBCU for Christmas, consider these five tips to get the
most out of your giving.
1 Be sure to keep a receipt of your donation to
give to your tax professional. Some papers that will suffice for documentation
include canceled checks, a donor/thank you letter from the institution or
credit card receipts.
I If you give by the end of December, you can take
advantage of the deduction during the same year.
3. You can use your credit card to make donations.
Your contribution is still tax deductible even if you pay off your donation at
a later date.
4. Stocks that have appreciated can provide a great
option for giving to your beloved HBCU. Donate your stock and you may receive a
charitable deduction based upon its fair market value.
5. Be sure to provide personal information such as
your name and mailing address with your gift.
At this time of year, our HBCU’s are competing with national
non-profits for funds. While these organizations get many donations at the end
of the year, our schools may not fare as well unless we make a concerted effort
to share our wealth. This year you should enjoy decking the halls along with
all of the splendor of the season. Nonetheless, don’t forget to be charitable
to your alma mater. Giving can definitely equal to your getting money back when
you file your taxes.