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!
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 ..
Make November the month you begin to make your donations. Please give to a Historically Black College and University (HBCU).
Make this an annual gift of giving. Please donate to your family charity or university before the end of the year.
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.
Scholarships for Black Students
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 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.
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.
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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.