Brief Benefits For Corporate Charitable Donations

One of the great privileges of operating a business is being able to give generously back to community through charitable organizations. Every day, business owners share their success by donating money, products, and charitable outreach efforts to good causes in their communities. Nonprofit charities, such as Giving Center, are continually looking for funding and help to achieve their goals. Giving to charitable organizations or programs is not only a good thing to do — it can also give big benefits to your business.

You might have read about how generosity is the new marketing: in the social media era, charitable business can earn a wider reputation as being “good” companies, and people are naturally more likely to want to buy from them. For example, you will find many restaurants set aside special events to feed the homeless for free — this a wonderful, generous act of kindness that can be the core to these restaurant owners’ missions, all while it is also providing amazing publicity by showing the community that these owners care about those who are less fortunate. When supporting a charity, your business is saying a lot about your values and intentions, and it can help you get introduced to new customers who are involved with the nonprofit organization.

How do you know which charity to support? How can you get the most out of your charitable donation — both in terms of the charity’s positive impact, as well as the value of the partnership and publicity for your business? Here are a few benefits of corporate giving that reinforce why you should donate to charity:

• Tax Deductions One of the immediate benefits to your business when you support a charity is being able to get a charitable donation tax deduction. Donations that are generally tax-deductible include sponsorships of charities or events, donations of inventory and cash donations. In general, you can get deductions on charitable donations of up to 50 percent of your Adjusted Gross Income — but be sure to follow the IRS set of rules to avoid any tax problems. You might be able to claim your charitable gift and some volunteering expenses as charitable contribution deductions when it comes time for income taxes. When itemizing your deductions, you are able to write off the mileage driven to and from volunteer work, as well as cost of materials purchased for volunteer projects. You can also get a tax deduction for the monetary value of charitable donations — whether it’s cash, stock, used vehicles, computers or even aircraft. Weather you donate to Giving Center, or other nonprofit charities, just make sure you are working with a nonprofit organization that is approved by the IRS. And in order to get your tax deduction, the charity or nonprofit will issue you a tax form that you can file with your tax return. Depending on your income and some other factors, giving money to charity might be complicated — so talk to your accountant for more specific advice on how to you can maximize your charitable giving while also minimizing your tax bill. Many businesses try to make charitable giving a part of their overall business model. For example, many businesses can sell products where a certain percentage of the sales go to charities that they support. When customers can see the charitable impact of buying from a business that supports the community, they will be more likely to buy from the company instead of from an anonymous big brand that does not have that same human connection.

• Employee Benefits Employee perks have escalated in the last few years. Start-ups are leading the pack with in-house massage therapy, yoga days and even catered food. The most in-demand talent can choose to be picky about their workplace, given their skill set and experience levels. What this means for your business is that you have better odds of attracting the type of candidates you want working for you if you offer volunteering and a sense of idealism as a part of your company’s core mission and regular work experience. Getting your company involved with your community is an amazing way to boost morale and keep your employees happy. Not only does it give everyone the chancey to interact outside of the office, but it also gives your employees the satisfaction of giving back to the community that supports your business.

• Free Publicity Donating to a charitable program and volunteering your business’ time are good ways to raise awareness about a cause and also promote your business in partnership with the organization. You can spread the word about the charitable event by posting on your social media platforms and business website.

• Get Customer Support Giving back to your community can help you build a strong relationship with your existing customers — while gaining new ones. A 2010 study by Cone Communications revealed that 85 percent of consumers have a more positive outlook on businesses that give to a charity that they care about. Participating in charitable programs will show your customers that you truly do care about your community. Donating a regular portion of your profit to good causes is a great way to rally the support of your customer base — and can even help create new marketing opportunities to expand your reach.

• Giving Back is Good For You Aside from the tax breaks and publicity, perhaps the biggest benefit of having a business support a charity is the great feeling you get from giving to others. Business owners are usually energetic, talented, action-oriented people who are natural leaders. By being a business owner, you have the power to stand up against poverty, human rights violations and so more. Businesses can make the world a better place — not just by selling good products or offering great services, but by collaborating with organizations like Giving Center creates opportunities for the next generation, help people in need and strengthen your community.

Meet with your employees and find out about their interest about supporting charities and joining the ranks of charitable companies. Support your community and good cause that makes a difference in people’s lives. The spirit of giving and making a meaningful difference in the community is one of the most powerful aspects of being a business owner — don’t delay! Business owners have the ability to gift generously and create a positive influence on the lives of others, every single day.