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Charitable Giving

It is that time of the year, year end closeout.  It is also time for us to be charitable.  We have a couple of months left in the year to make donations. So, let's start giving.  Please give to your alumni and your favorite charity!

Happy Holidays

The Holiday Season is Upon Us!

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Thanksgiving Day is a national holiday celebrated on various dates in Canada, the United States, some of the Caribbean islands, and Liberia. It began as a day. Christmas is an annual festival commemorating the birth of Jesus Christ, observed primarily on December 25 as a religious and cultural celebration among ..

Thanksgivings

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Make November the month you begin to make your donations.  Please give to a Historically Black College and University (HBCU).

Christmas

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Make this an annual gift of giving. Please donate to your family charity or university before the end of the year.


Make a Donation to Your Favorite College or University

Give to a Historically Black College and University (HBCU)

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Historically black colleges and universities are institutions of higher education in the United States that were established before the Civil Rights Act of 1964 with the intention of primarily serving the African-American community. During the period of segregation in the United States prior to the Civil Rights Act, the overwhelming majority of higher education institutions were predominantly white and disqualified African Americans from enrollment.

Help Support a Kid to go to College

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Scholarships for Black Students 


  1. Kia Motors America STEM/Sustainability Scholarship
  2. Malcolm X Scholarship for “Exceptional Courage
  3. Intel Scholarship Program
  4. 2019 Dr. Arnita Young Boswell Scholarship
  5. DR. WYNETTA A. FRAZIER “SISTER-TO-SISTER” SCHOLARSHIP
  6. The BURGER KING Scholars Program
  7. Ron Brown Scholarship
  8. 2019 NBNA (National Black Nurses) SCHOLARSHIP PROGRAM
  9. Jackie Robinson Foundation Scholarship
  10. Apple HBCU Scholars Program
  11. The Shawn Carter Scholarship Fund (SCSF)

African American Billionaires Give to Black Students

Oprah Winfrey Just Responded to an Instagram Commenter Who Insinuated She Doesn't Give Enough Money

Oprah Winfrey

The weekend, billionaire Robert F. Smith pledged to pay the student loans of 2019's entire graduating class at Morehouse College.

Soon after, on Instagram a followed left a comment on Oprah's account insinuating that she should've done the same after her commencement speech at Colorado College.

Winfrey swiftly responded to the comment with the reminder that she's donated $13 million in scholarships and put over 400 men through Morehouse over the years.


According to Forbes, Winfrey has donated over $100 million to her school, whose graduates she's continued to guide through their college educations and beyond. May 20, 2019

Billionaire Robert Smith pays off tuition for Morehouse graduates Class of 2019

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Billionaire philanthropist Robert F. Smith made headlines on May 19 when he pledged to pay off all the student loans for the Morehouse College class of 2019 during his commencement speech. On the same day, on the other side of the country, Oprah Winfrey was giving her own commencement speech at Colorado College. After, she posted a photo on Instagram to celebrate. 


Morehouse is an all-male, historically black college in Atlanta. The billionaire's gift is estimated to be worth about $40 million, based on the combined debt shouldered by the graduating class's nearly 400 students, making it the single largest individual donation to a historically black college or university.

The 56-year old Smith, who holds an undergraduate degree from Cornell University and a master of business degree from Columbia University, is the founder of the nearly 20-year-old Austin, Texas-based private equity firm Vista Equity Partners. His P.E. firm, which manages more than $46 billion in assets from pension funds and other big institutional investors, buys major stakes exclusively in software, data and technology companies. It has an exceptional annualized rate of return of 22%, according to Forbes. The magazine also estimates the business whiz is worth about $5 billion. 

Recognized for his leadership in both business and philanthropy, Smith is the first African-American to sign the Giving Pledge, created by Bill and Melinda Gates and Warren Buffett as a promise to commit at least half one's wealth to philanthropic causes. Other ultra-wealthy pledgers include former New York City mayor Michael R. Bloomberg and Facebook founder Mark Zuckerberg and his wife, Priscilla Chan.

Smith began his career in business at Kraft General Foods, where he earned a four U.S. and international patents, and joined Goldman Sachs in 1994 before ultimately founding his own investment firm. 

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Charity Navigator

Additional Information

A gift to a qualified charitable organization may entitle you to a charitable contribution deduction against your income tax if you itemize deductions. You must itemize in order to take a charitable deduction. Make sure that if you itemize, your total deductions are greater than the standard deduction. If they're not, stick with the standard deduction.
 

  • A contribution is deductible in the year in which it is paid. Putting the check in the mail to the charity constitutes payment. A contribution made on a credit card is deductible in the year it is charged to your credit card, even if payment to the credit card company is made in a later year.
     
  • Most, but not all, charitable organizations qualify for a charitable contribution deduction. You can deduct contributions only if they are made to or for the use of a qualified recipient. No charitable contribution deduction is allowed for gifts to certain other kinds of organizations, even if those organizations are exempt from income tax. Contributions to individuals, foreign governments, foreign charities, and certain private foundations similarly are not deductible. All organizations rated by Charity Navigator qualify for charitable status, and you can deduct your donations to these organizations, subject to certain limitations.
     
  • There are limits to how much you can deduct, but they're very high. For most people, the limits on charitable contributions don't apply. Only if you contribute more than 20% of your adjusted gross income to charity is it necessary to be concerned about donation limits. Under the new tax law, if the contribution is made to a public charity, the deduction is limited to 60% of your contribution base. For example, if you have an adjusted gross income of $100,000, your deduction limit for that year is $60,000.

    The rules on 20% limits and 30% limits are way too complicated to delve into in this space. If you are giving to organizations other than those mentioned above, first consult with your tax adviser to determine whether these other ceilings will apply. If you give an amount in excess of the applicable limitation to charity in one year, the excess is carried over for the next five years.
     
  • Rules exist for non-cash donations. If you contribute property owned for more than one year, the value of the deduction is normally equal to the property's fair market value. You have an advantage when you contribute appreciated property because you get a deduction for the full fair-market value of the property. You are not taxed on any of the appreciation, so, in effect, you receive a deduction for an amount that you never reported as income.

    You should clearly contribute, rather than throw out, old clothes, furniture, and equipment that you no longer use. However, bear in mind the condition of your donated goods. The IRS only permits deductions for donations of clothing and household items that are in "good condition or better."

    If you bring $1,000 in clothes or furniture to Goodwill or the Salvation Army, make sure that you get a receipt. Never throw such contributions into a bin where no receipt is available. If you are in the 25% bracket, that receipt may be worth $250 in tax savings to you. And remember that the IRS requires a qualified appraisal to be submitted with your tax return if you donate any single clothing or household item that is not in good used condition or better, and for which you deducted more than $500.
     
  • You need to maintain proper documentation of your contributions. If you want to claim a charitable deduction for a cash gift, then you must be prepared to verify your claim. In other words, you cannot deduct the spare change dropped in a charity's collection bucket without the proper documentation. If you are audited, the IRS will only accept one of the following to substantiate a monetary gift: a canceled check, credit card statement, bank statement or a written acknowledgment from the charity. Donating online via Charity Navigator's Giving Basket helps you fulfill this requirement since all your giving records will be stored in one place enabling you to quickly obtain an annual record of your charitable giving for tax preparation.
    If you contribute $250 or more, then you must prove to the IRS that you (a) made the donation and (b) you didn't receive anything in return for that donation. Therefore you'll need a receipt from the charity that includes the following information: the charity's name, the value of your gift, the date you made your donation and a statement verifying that you did not receive any goods or services in return for your gift.
  • Be especially careful when valuing a donated vehicle. Although a law implemented in 2005 attempted to crack down on taxpayers who were overvaluing donated vehicles, the government reports that many taxpayers still inflate the value of such donations. As a result, the IRS continues to take a close look at such deductions. If you donated a car worth more than $500, then you can only deduct the amount the charity received from the sale of your car. You can use the receipt from the charity to substantiate your claim. Do not attempt to use the fair market value unless one of the following conditions apply: (1) instead of selling the vehicle, the charity keeps and uses it, (2) the charity makes improvements to the car before selling it, (3) your car is sold at a discounted price to a person with a low income, (4) or if the car is worth less than $500. See our tip sheet for more guidance on donating vehicles.
     
  • The IRA charitable rollover offers tax benefits for those that qualify. The IRA Charitable Rollover allows individuals who are 70 1/2 years old to donate up to $100,000 to charitable organizations directly from their IRA, without that donation being counted as taxable income when it is withdrawn. To qualify, contributions must come from a traditional IRA or Roth IRA, and they must be made directly to a qualified charitable organization. Additionally, the donor may not receive goods or services in exchange for the donation, and they must retain a receipt from each charity to which a donation is made.

Learn More

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Tips on Charitable Contributions: Limits and Tax Break

The Basics of the Benefits

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Not all donations are eligible for deductions.

          

The recipient must be duly qualified. That rules out friends, relatives, and any other person or group who lacks tax-exempt status as determined by the U.S. Treasury.

      

The list of eligible entities includes organizations operated exclusively for religious, charitable, scientific, literary, or educational purposes; the prevention of cruelty to animals or children; or the development of amateur sports. Nonprofit veterans' organizations, fraternal lodge groups, cemetery and burial companies, and certain legal corporations can also qualify. Even a donation to a federal, state, and local government may be eligible if the donated funds money are earmarked for charitable causes.

          

Not everyone is eligible to deduct.

   

In order to get the potential tax benefits, you must file IRS Form 1040 and itemize deductions on Schedule A to claim the charitable deduction.