Author: admin

Perhaps you are buying a new car and cannot figure out how to get rid of your old one. Here is an idea. Why not donate it to charity? It is a very generous move, and could help out a fair amount of people. Donating your car is a big move and can involve a lot of questions. Here are the most common questions answered:

What kind of car can I donate?
You can donate anything from trucks, cars, boats, motorcycles to anything. Every charity will have its own set of rules, so it would do well to find out what kind of vehicles they accept.

Can I still donate my car if it failed the emission test?
Yes, you still can. Any donation is appreciated. If it did fail the emission test, then once donated, the car can be repaired. Most organizations will come forward to bear the cost of the repairs.

What kind of documentation is needed to make a donation of my vehicle?
You need to ensure that your vehicle has a clear title. If this cannot be found, then any other official DMC paperwork is accepted. All you need to be able to prove is that you are the legal owner of the car.

Am I required to drop the vehicle off to my chosen charity?
This depends on the charity you choose to donate your vehicle to. Each charity has its own procedures with regards to the method of picking up the donated vehicle. Most organizations will volunteer to tow your vehicle. It is at this time that you are expected to hand over all related documents and the keys to the vehicle.

If your charity event for the year is a silent auction, here are a few things you need to know. Firstly, start off with involving some items that are generally used at all silent auctions and have proven to be show winners. There are a few businesses that are constant donators of items for such charity events, and are used to the procedures involved. This means that they already understand the idea behind the silent auction and the cause towards charity and will be more than willing to help you out. Try to get creative with the items up for auction, but the basic items will create the best possible foundation for your charity event.

Basic silent auction items:

Hotel stays – first you should try your luck with a few local hotels and try to market their offerings as a romantic escape, a getaway close to home, etc. You might be able to even find people in your charity who work in the local hotel industry, and they might be able to set you up with a good deal.

Restaurant vouchers – approach restaurants in your area, and ask them to donate a few ‘dinners for two’. These are top sellers at silent auctions and have proven to be quite popular. If looking for more creative offers, try to set up a good deal with a local bakery or even gourmet groceries or supermarkets.

Retail donations – any store that sells basic items can be asked to donate anything and everything. Try the local gift store, boutique, clothing store, grocery, etc. Give them the option of even donating a gift certificate.
Services – ask your local hair dresser, yoga studio, dance instructor or anyone else to donate an hour or two of their services towards your charity.

Auctions held for charity might be new to you, or perhaps you are unfamiliar with its mechanics. Here are a few valuable tips to ensure that the auction committee selection process takes place in a manner in which you are comfortable with:

1. Find some auctioneers – if you are starting from the very beginning, a good place to start would be the National Auctioneers Association website. Here you can find auctioneers, especially those with ‘BAS’ credentials and other related training and qualifications.

2. Compare and research auctioneers – today’s business environment is a competitive one, so it would augur well for you to have done a considerable amount of research before you finally choose your auctioneers. Scrutinize their websites, other auction companies and experts in order to make the best choice among them before you make a decision.

3. Informal interviews – make a standard set of questions and call up a few of the shortlisted auctioneers. Here are a few questions you might like to ask them:
a. Availability on date of auction
b. Number of auctions conducted annually
c. Number of auctions handled similar to your event
d. Method of work process with clients
e. Video of a previously conducted auction
f. Client referrals
g. Price structure and service offering

4. Speak to the clients you are referred to by the auctioneer. Talk to them and query as to what issues they encountered with the said auctioneer, what they liked about his style and method.

5. Final interview. If you like what you hear, then you should call the auctioneer in for a final interview. If satisfied with the outcome, ask them to present you with a proposal for your event.

Perhaps donating cash to a charity of your choice is what you do every year. Sometimes this can be a bit taxing, especially taking into consideration the economic crises and financial difficulties most people are experiencing at present. Taking all this into consideration, you also probably want to still continue making donations to this charity. A more viable method might be donating stocks instead of hard cash. This is not only easier on the purse, but might also enable you to up your donation to the charity.

In order to donate stocks towards a charity of your choice, you have to be in the 15% federal income tax bracket or above it. It is important that you also have adequate tax deductions that can be itemized rather than experience the normal deductions on your personal tax return.
Once you have chosen the charity you want to donate to, make sure that it is registered under the 501c3 nonprofit label with the IRS, otherwise your stock donation might not be deductible.

Next, analyze all the stocks you have under your name. The stocks you want to donate must be listed under your name for a minimum period of one year and have risen fairly significantly. This does not necessarily mean the stock must be one company’s stock, but must be under your name for at least a year.

If the stock you want to donate has risen in terms of value, then your donation to the charity is more than what you put down money for. For example, if you paid $5,000 a year ago, and at present if it is worth $20,000, then your donation to the charity is four times more than what it actually cost you.

Next, it might be worthwhile for you to do the math and take into account the amount of tax savings you have made. Here is an example:

Sold stock ($) Capital gains tax/15% Tax savings
$10,000 $9,000/15% $1,350 ($9,000×15%)

Putting together a children’s charity, just like setting up any other charity requires a lot of commitment, dedication and perseverance. There are also a number of things you need to do in order to ensure that your charity is recognized by the government, its agencies and other potential donor groups.

Step One: First, figure what kind of charity you would like to establish. It would be a good idea to analyze the area and decide on what is needed for the children. Amongst yourself and your group, research the legalities and required paperwork which is required by the Internal Revenue Service. You will also need to ensure that your charity is able to report back to the relevant authorities regarding the earnings and expenditures.

Step Two: Next, you need to figure out the mission and the goals of the charity. It is at this stage that you need to ensure that you secure a group of volunteers and start looking into funding mechanisms. A well-worded mission is necessary for this. Ensure that it not only outlines the scope of your charity, but its functions as well.

Step Three: Put together the Articles of Incorporation. This document is one of the legal steps that are necessary when setting up a children’s charity. The Articles of Incorporation just requires you to provide basic information regarding the charity, its name, purpose, scope, structure and other important facts.

Step Four: Define bylaws for your charity. These will outline the manner in which the charity will operate, how the hierarchy will be responsible for all major decisions and how you intend the charity to be run.

Step Five: You need to fill out the necessary paperwork that will qualify your charity for non-profit status. You can contact the state authorities directly for the required paperwork.
Step Six: You will need to get yourself a Federal Employer Identification Number. This is utilized by the IRS to identify your charity, and is a prerequisite for all IRS paperwork that would help in obtaining grants as well.

Step Seven: It is important that your children’s charity is recognized by the IRS so that your charity will avail all benefits made available to it. This is where the Articles of Incorporation and bylaws come into play.

Step Eight: Choose a board of directors and a registered agent who will be responsible for overseeing the operations of the charity.

Setting up a children’s charity is not as easy task, and it is important that you seek expert legal advice during the process to ensure you get everything right.