How giving to Genesis can benefit you!

Despite a continuing economic recession, philanthropy is as popular as ever. As Giving USA 2009 noted “U.S. charitable giving [was] estimated to be $307.65 billion in 2008…[exceeding] $300 billion for second year in a row.” Despite tremendous public interest in giving, the number of charities and projects active always means that organizations need to actively raise support for their initiatives and work in making a better world.

As we are currently in a major fundraising drive to construct a new school in Chiang Mai, Thailand, we are asking for your donation. But what are the benefits for you?

One personal impact of giving to the GENESIS Network is apparent; our projects help build schools and provide economic development in some of the world’s most impoverished areas. As examples of what we can currently do with our funding:

  • Send a child to school ($10/month)
  • Build a schoolhouse for 80-100 children ($14,500)
  • Provide a year’s supply of education materials to a school ($1,000)
  • Housing and protection from child trafficking for an orphan ($5/week)
  • Build and Develop vocational training center for 30 impoverished families ($23,000)

But can you receive tax benefits as well from a donation? Of course!  As a federally registered 501c3 charity, giving to GENESIS allows you to claim these benefits on your return:

  • Cash: Donation of cash can be deducted up to 50% of gross income.
  • Property: Donation of property can be deducted up to 30% of gross income.
  • Capital gains assets: Capital gains assets can be deducted up to 20% of gross income.  More information about stock transfer donations, as well as advantages they can have over cash, are found here.

Should you feel limited, then, in how much you can donate? Not really. As ehow.com notes, “if you have been particularly generous and exceeded these limits, you are allowed to roll over part of your charitable contribution to the following year for up to 5 years.”

As a general rule for all charitable donations: documentation is critically important. Specific standards are explained taxes.about.com and ehow.com. Overall, it is best to have extensive proof. Keep receipts for all donations, especially with those over $250. Keep cancelled checks or statements for cash contributions, as well as notebooks recording gifts.

Any contribution you can make is more than appreciated, and goes a long way towards making sure we can continue our work. Thank you.

Learn. Connect. Travel. Volunteer. Build. Empower…Change the World.

Posted in Uncategorized.