Foundation Source is trying to up the ante for philanthropist during the holiday season by issuing its own giving challenges.
Included in Foundation Source’s annual “Guide to the Giving Season” is a Giving Calendar, which prompts donors to take on a new philanthropic activity for each of the 22 days between Nov. 29, Giving Tuesday, and Dec. 20. The challenges will revolve around short, fun or thought-provoking activities such as quizzes, a movie night, podcasts or conversation starters, Hannah Shaw Grove, chief marketing officer at Foundation Source and a Financial Advisor magazine contributor, said in an email.
For individuals or groups that complete the challenges, the Fairfield, Conn.,-based Foundation Source, which provides support for private foundations, will make a donation to Mission 22, a nonprofit that supports veterans and their families, on their behalf. The organization will donate at least $1,000 to Mission 22 but hopes it will be much more, Grove said. In addition, Foundation Source will give a $500 TisBest gift card to be awarded on Giving Tuesday that the winner can direct to the charity or charities of his or her choice.
Foundation Source designed the Giving Calendar to keep giving at the front of people’s thinking “throughout the holiday season, and hopefully into the New Year. We put a focus on bite-sized challenges that can involve the whole family. Our calendar was set up as a 22-day giving challenge filled with expert tips, activities and resources for people who are new to philanthropy as well as experienced givers. We encourage participants to check back every day when a new challenge will be shared,” Grove said.
“In this current environment, charitable giving has never been more important, with many people looking for ways to maximize their giving dollars," Sunil Garga, president and CEO of Foundation Source, said in a statement. "As we head into this busy giving season, we hope our guide will inspire all types of donors with insights, strategies and tools to make their generosity go even further."
The “Guide to the Giving Season” also includes suggestions for helping loved ones to give a little extra this holiday season, such as creating a ‘giving game,’ championing a particular project, or hosting a fundraising party.
Grove added, “Advisors have a really key role to play in philanthropy. Talking with clients about their long-term goals as individuals and family in the context of an overall wealth plan makes it easier to see how giving can help families coalesce around their values, work collaboratively on building a legacy, and partner with their advisors to establish a timeline and budget. Most families will also look to their advisors to understand the tools and tax advantages that should be considered. When everything is coordinated under the wealth management umbrella it can yield better outcomes for everyone and make it easier to track progress.”
A section of the guide on “8 Tips to Maximize Year-End Giving” was designed to help donors amplify gifts by considering tax implications, using a formal charitable vehicle such as a private foundation or donor-advised fund, understanding required minimum distributions, exploring gift matching opportunities, and engaging their families in giving.
The Foundation Source tips are the following:
1. Find a Good Match
Many charities and even employers have annual fundraising campaigns during the holidays featuring matching contributions. Donors should take advantage of the offers to increase the impact of the donations. “If you’ve got the money available you could even start a matching fund yourself, supplying the funds to seed a future fundraising effort,” Foundation Source advised.
2. Family Matters
As relatives gather for the holidays, it’s the perfect time to get children and grandchildren involved in family giving. “Have fun with it,” Foundation Source said. Create a budget and engage everyone in identifying specific causes for which to advocate. “The entire family can then consider the recommendations and decide how to split up the money.”
3. Ease Uncle Sam’s Bite
With some careful planning, charitable contributions can be combined with overall tax and investment strategies to make the money even more productive.
4. Don’t Rely On Impulse Alone
Foundation Source cautions, “Good feelings can come in a rush when you spread a little holiday compassion, but that sense of satisfaction can be magnified by formalizing your giving strategies and developing long-term philanthropic goals.”
5. Adapt to the Market
The downturn in the market may mean there is less to give this year. “Don’t be afraid to make some tough choices that will maintain your charitable spirit without adding to your stress,” Foundation Source advised. “Focus your resources on favored causes that might themselves be feeling the pressure and need even more support than usual.”
6. Revisit Recent Crises
Crises endure even after the initial attention fades. Donors should circle back to remember the victims who are in a recovery cycle.
7. Know Your Minimums
Everyone should understand the requirements of their particular giving vehicle. “The last thing you want to do is to see your charitable contributions go toward paying penalties,” Foundation Source said.
8. Time is of the Essence
“The gift of time can be precious, and few things help brighten the spirit of giving more than direct, hands-on service in helping others. Tutoring children at a homeless shelter, or stocking shelves at a food pantry not only meets important needs but provides a tangible reminder of just how much your help can mean, especially this time of year. A smile of thanks might be the greatest reward of all. Using these tips thoughtfully will help expand the reach of your giving and make that holiday spirit shine even brighter,” Foundation Source said.
Gillian Howell, head of client advisory solutions at Foundation Source, said in a statement. "Charitable giving is an invaluable way to pursue passions, connect with community, and bridge familial generations through shared values. With the right tools and proactive planning, generous individuals and families can align their wealth management and legacy goals with a giving strategy that creates a lasting impact."