5 TIPS FOR YEAR-END CHARITABLE GIVING
(Kansas City) December 12, 2006 - Are you in the holiday spirit and looking for a way to share your good tidings? Maybe you'd like a tax break before the end of the year. Many people will give to a charity this season. But, where should you donate? How can your get the best tax benefit from your donation? How will they spend your money? Is it really a good cause or is it a scam?
PKD Foundation President & CEO, Dan Larson, has “5 Tips for Charitable Giving.”
1.) Find your interest. Many people choose to give to a cause they personally believe in or which could benefit someone close to them. (Polycystic kidney disease (PKD) is the most common genetic, life threatening disease. PKD affects 12.5 million people. There is no cure for PKD.)
2.) How much goes to actual charity? Will your donation go toward the charitable cause or toward administration and more fundraising? (The PKD Foundation puts 81 cents of every dollar directly toward research to find a cure for PKD.)
3.) Ask for a copy of their annual report. Make sure the charity has 501c3 status from the IRS, if you want your donation to be tax deductible. (The PKD Foundation’s annual report and tax return are available online at www.pkdcure.org.)
4.) Check charity websites. http://www.give.org/, http://www.charitynavigator.org/, or http://www.accesskansas.org/. They register and evaluate not-for-profit groups. (The PKD Foundation is registered and has received top ratings on these websites.)
5.) Watch out for red flags. Beware of solicitations from a charity you’ve never heard of. Legitimate charities welcome questions. If it sounds too good to be true, it probably is.
CHANGES THIS YEAR COULD AFFECT YOU!
A New Opportunity to Give With Your IRA
- A special provision of the Pension Protection Act of 2006 gives you the opportunity to donate, using funds from your individual retirement account (IRA).
- This special provision also lets you avoid tax complications in 2006 and 2007.
- Previously, you had to report any amount taken from your IRA as taxable income, and then take a charitable deduction for the gift.
- You must meet certain criteria for this type of donation and you must make the donation before December 31st.
- Contact your IRA custodian for more information.
Combined Federal Campaign
- This annual charity drive for federal workers is overseen by the U.S. Government.
- In the past, the U.S. Office of Personnel Management required charities who are part of the program to spend 25 percent or less of their total revenue on operational costs (administrative & fundraising)
- This year, that requirement has been dropped.
- It will be the responsibility of all federal employees to research their charities of choice and determine how their donation will be spent.
The PKD Foundation leads the fight against PKD through research funding and patient education. For more information, visit www.pkdcure.org or call 1-800-PKD-CURE.
PKD Foundation President and CEO Dan Larson is available for interviews. We are happy to accommodate interview requests as quickly as possible. If you need a guest, please don’t hesitate to call 816-931-2600 or email Jennifer Robinson at jenniferr@pkdcure.org