Charitable giving is something that makes us all feel good but sometimes rules and regulations make it hard. In the case of 100 Day 100 Courses we have found an interesting way to both simplify the process and maximize the benefit.
We are working with a company named Givinga (www.givinga.com). They are a software platform that links to a 501(c)3 charitable foundation – Infinity Benefit Foundation (IBF). IBF is a donor advised fund under the IRS code so all money that goes into the fund will be eligible for a tax deduction. (see your tax advisor blah, blah, blah.) At the end of the tour, I will transfer the money from the Donor Advised Fund to the charities that we are supporting. It will primarily be the Cure Alzheimer’s Fund and the Alzheimer’s Association but we are working with a few sponsors who will be allowed to direct some of funds that they help to raise to the charities that they support.
A little background on Givinga. I call them the United Way of the 21st century. They work with companies to set up Donor Advised Funds for all of their employees and then allow the employees to take pretax dollars and deposit them into the funds. The employer can then either match a portion of the donation or fund a set amount for the employees account. It’s a really great idea to help employees support the charities that they believe in.
A beautiful thing about Donor Advised Funds is that you can fund your account in one year and then disperse the funds in another year. In certain situations this helps reduce a person’s overall tax liability.
ONE LAST THING… if you are making a donation to 100 Days 100 Courses or are booking a tee time, you will be charged 3% as a credit card processing fee. There is also a handling fee for all money’s deposited into a Donor Advised Fund. This fee is waived if you set up an account. Setting up an account places you under no obligation! However, it does help maximize your donation.