A Recent New York Times Article Provides Strategies for How Philanthropists Can Help During the COVID-19 Crisis
Paul Sullivan of the New York Times surveyed over a dozen influential philanthropists to provide six strategies for giving during this COVID-19 health crisis. He shares the following tips for donors who are wondering how to make significantly impactful donations.
Strategy 1: Distribute funds to charities through your local community foundation. Community foundations sustain important relationships with the most effective charities. Work with your foundation’s donor services team to pinpoint which organizations will use your donation to help the greatest amount of people.
Strategy 2: Give to your regular charities. Many organizations without a specific COVID-19 fund have seen a decline in donations during this time. Cancellation of annual fundraising events is a significant factor in the decline of funds. If you were planning on attending a cancelled fundraiser event, consider making a donation instead.
Strategy 3: Give to organizations that are supported by the government. This will act as a bridge to fund programs until public money has been cleared. Unforeseen expenses in organizations such as medical centers who need to buy testing kits will benefit greatly from these efforts.
Strategy 4: Accelerate your donor-advised fund giving plan. Money held in donor-advised funds have already been claimed as a tax deduction and often have a giving plan in place, though it may be spread out over an extended timeline. You can reevaluate those timelines in an effort to give to affected charities through your fund now.
Strategy 5: Adapt to the current crisis. When you make your donations to affected charities, consider loosening restrictions. An unrestricted donation ensures that your funds are going to areas where the organization needs it the most.
Strategy 6: Share your philanthropic efforts with others. Let people know of the good work you are doing. This will inspire friends as well as public leadership figures to contribute in similar ways.
To read the full New York Times article, please click here.