Charity begins at home and this holds for foster care centers also.
A Win-Win Situation
When you donate, you can even get the benefits of a tax credit. Donations can be made in forms of cash or kind, but to avail ssthe donation tax credit you need to give cash. You can donate to any nonprofit organizations such as Arizona Friends of Foster Children Foundation (AFFCF) located in Phoenix, Arizona. The amount you pay will be added dollar to dollar for your tax refund.
To qualify for the tax credit, you need to make a cash donation to a Qualifying Foster Care Charitable Organizations (QFCO), get the receipt and file it by the mid of April. You also need to mention the tax ID of AFFCF along with the QFCO ID.
Many companies also partner up with foster care centers for donations that are tax charitable deductions. You can get in touch with your company HR and enquire about the same. You can even opt for planned giving in the form of taking out life insurance in the name of the foster care center and paying their premiums.
Another gift that you can give foster centers is the Charitable Gift Annuity (CGA). Here you can donate cash, securities or assets to the foster care and get a charitable tax deduction immediately. In return, you get a fixed income for life when the foster care invests the money for events or workshop programs. You can even include the organization in your will by sharing a percentage of your share which can qualify as a tax deduction.
You can even opt to gift a retirement plan to AFFCF by naming them as your beneficiary. AFFCF also has a program knows as Keys to Success that teaches young adults to become independent and responsible. Donations to such programs can help build confidence in these young youths.
Your Donations Do Make a Difference
Donations whether big or small; should come from your heart. The satisfaction you feel when you bring a smile on someone’s face is priceless. Other benefits of donating include:
- It gives you a new life purpose
- It makes you feel happy and content
- You can contribute to your community
- It makes you feel positive about your way of living
- It helps you value the things you have in your life
Foster care kids are always looking out for a loving hand to hold and comfort them. They do not have the best things in life, but that does not mean we cannot make it happen.