Charitable giving tips during a crisis

Updated: June 17, 2020 10:16 AM

From COVID-19 relief, to supporting the organizations and communities impacted by riots, many people are wondering how they can give right now.


Barry Bigelow with Great Waters Financial said t's actually a great time to donate, because there's extra incentive with the signing of the CARES Act in March.

"Charities are going to benefit from that," Bigelow said.  "It's a great opportunity within tax planning, retirement planning, charitable giving planning, and estate planning to be able to do all of that in this year, so that's a big big help to charities."

The CARES Act helps with loan repayment and forgiveness, charitable giving incentives, tax credits, grants, and more.  

When you're giving, it's also important to know who and what you're donating too.

"The big thing would be to use reputable charities with local contacts," Bigelow said.  "Most national, reputable charities have local contacts where you can call the office, talk to them about what the best way is to give."

Bigelow also said avoid those Phishing emails that are likely scams trying to get your to donate to a cause quickly that you may not have even heard of.  Sometimes it could be as simple as having a similar name to a real charity.

You should also know where your money is going.  Investigate what you're giving to and what they do with your money.

Bigelow said a good rule of thumb is that 65% or more of their donation money goes directly to the cause and the organization is spending less than 35%. Reputable charities should be able to give those numbers to you. 

For more information about your finances during this time, visit the Great Waters Financial website.

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