As employers, we know that the Covid-19 pandemic will have an unprecedented impact on our employees. From loss of childcare due to school closures, reduction in family income because of a spouse’s layoffs, or the added expense of caring for medically fragile loved ones, our workforces are likely to be under extreme financial pressure. Now you have a way to help.
In an attempt to “do it the right way” many companies, foundations, and individuals add specific conditions to their charitable donations. But adding restrictions to a gift adds unnecessary complexity, reduces the impact of the gift, and in some cases can turn out to eliminate your tax deduction. In other words, it's generally a bad idea.
Corporate philanthropy doesn’t have to be limited to just writing checks. Charities also appreciate donations of time, skills, inventory and capacity. Of these alternative options, the IRS has given “in-kind” donations of inventory a few complicating wrinkles, so we’ll try to smooth those out for you today.
It sounds completely fake. Like some click-bait advertisement at the bottom of a website. “Increase your donations with this one weird trick” or, “The big deduction secret the IRS doesn’t want you to know.” Luckily for us, it’s not a scam. It’s just boring old math. It’s so simple, in fact, that I can’t even turn it into a 300 word blog post. Ready?
Today's featured company is Girl Scouts of the USA, the national organization that oversees the 112 independent Girl Scout Councils and 1.9 million Girl Scouts across the U.S. In October, Girl Scouts added 12 weeks of paid parental leave for the birth or adoption of a child (or foster care) to their benefits package.
HBR.org recently added a Social Responsibility topic to the website, and it’s a great resource. Especially when it’s conclusions are overly broad or completely wrong. For example, “When Corporate Philanthropy Makes the Recipient Look Bad“, by Yuliya Shymko and Thomas Roulet, concludes that corporate sponsorship can damage the reputation of the causes they support. But really, can corporate philanthropy do harm?
There are an infinite number ways for businesses to create social impact through their CSR programs. The typical process usually starts with a list of program ideas. Instead, look at it the other way around. First identify the business benefit you want, and then select a CSR program that moves you in that direction.
Valor CSR
5021 N 20th St., #32824
Phoenix, AZ 85016
(702) 518-0951
info@valorcsr.com
