CHICAGO, IL--(Marketwire - Feb 28, 2013) - As part of BMO Harris Bank's ongoing commitment to financial literacy and Making Money Make Sense, BMO Harris is providing weekly financial tips. This week's tip offers tips on how to choose the right nonprofit match.
Whether you opt to donate money, volunteer your time or make an in-kind donation, getting involved with a nonprofit organization benefits both you and your community. It helps connect you with other people, increases your self confidence and can improve your physical and mental health.
Five questions you need to ask
There are thousands, if not millions, of nonprofit organizations in the US and worldwide that could benefit from your help. So how do you pick one that's right for you? BMO Harris Bank recommends asking the following questions:
What types of causes or needs am I passionate about? Finding a nonprofit organization that is in line with what you are interested in will help you stay more engaged with the work that needs to done.
Do I want to give to a small or large organization? You may be able to form a stronger connection a smaller organization and giving your time and money might make more of an impact. But a larger organization may be able to provide more types of volunteer opportunities.
What types of needs does the organization have? The nonprofit that's right for you depends on the type of contribution you'd like to make. Some nonprofits prefer monetary gifts, whereas others may also seek volunteer hours or in-kind donations.
Does the organization have 501(c)(3) status? The organization's nonprofit status is especially important if you wish to receive a tax benefit. To receive a deduction, make sure you track the value of in-kind donations that you make, get receipts and record the value when you file your taxes. You can confirm a nonprofit's status by visiting www.guidestar.org.
What will my donation be used for and can I direct it toward a specific purpose? For example, if you're making a monetary gift to the university you attended, you may want to find out if you can direct your gift to your degree program.
Put yourself in a comfortable place and get started with helpful steps.
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