Posts Tagged ‘donation’

Tony Blair Turns Profit Into Charity

Tuesday, August 17th, 2010

The former British Prime Minister cleans up his image by donating millions to injured soldiers.

  • Tony Blair plans to donate millions in earning from his forthcoming memoir to charity for injured troops.
  • The proceeds will go to the “Battle Back Challenge Center”, a facility that will provide sports and rehabilitation services for wounded personnel.
  • Despite Blair’s donation, he is still under scrutiny. Families of some of the hundreds of British troops killed in Iraq and Afghanistan have criticized him for earning millions from the sale of his book and public speaking since leaving office.

Facts & Figures

  • Random House paid and estimated $7.5 million for his book, “A Journey”.

Best Quote

“I am delighted to accept this very generous donation.” – Chris Simpkins, General, Royal British Legion

Following Gates, Co-Founder Of Microsoft Plans To Donate $13.5 Billion

Thursday, July 15th, 2010

Billionaire co-founder of Microsoft plans to leave the majority of his fortune to philanthropy.

  • Paul Allen is worth an estimated $13.5 billion and has announced that he’s donating most of it to continue the work of the Paul G. Allen Family Foundation.
  • This public announcement was in response to Bill Gates’ and Warren Buffet’s campaign to encourage billionaires to donate half of their wealth to charity.
  • Allen’s Foundation was started 20 years ago, and it has distributed 3,000 grants totaling about $400 million.
  • For the most part, the Foundation has remained local (Pacific Northwest) and personal.

Facts and Figures

  • Paul Allen is 57 years old.
  • Forbes ranked Allen as the 37th richest person.
  • Allen has donated approximately $1 billion in his life to date.

Best Quote

“As our philanthropy continues in the years ahead, we will look for new opportunities to make a difference in the lives of future generations.” – Paul Allen, Co-Founder of Microsoft

Just graduated and they’re already hitting you up for an alumni donation? What’s the point?

Friday, October 23rd, 2009

“Hello, my name’s Susan and I’m calling you about your beloved alma mater… How about starting with a small monthly donation of $200?”

Sound familiar? Every graduate receives these calls seemingly moments after that graduation cap tassel crosses from right to left. Alumni donations have a large impact on colleges for several reasons and so they are solicited with what may appear to be overzealous enthusiasm. You may wonder how these people expect a new graduate to be able to donate anything. Don’t you need a job first?

Well, while your school is definitely hoping for a sizable check, that’s actually not the main reason for the unsolicited call. A large part of a school’s ranking is based on the rate of alumni donations – the percentage of graduates who give back to their school. By encouraging you to donate, sometimes even as little as $1, colleges are trying to maintain or even boost a significant factor in ratings determination. They also want to get you in the habit of giving.

While the size of your alumni donation right now might not be close to Warren Buffet’s, it still has a big impact on how your school is ranked and your giving patterns in the future.

Why do you need to keep records of your charitable donations?

Wednesday, September 23rd, 2009

The government is prepared to award you tax deductions in return for your charitable donations, but it’s up to you to prove those donations were actually made. The IRS requires a great deal of documentation to ensure that all your donations are legitimate, so it’s essential to keep good records and make sure your chosen charities received everything you gave them. The specific requirements for tax deductions are as follows.

If your donation was money, you need to provide a credit card statement, canceled check, or bank statement that details how much, when, and to whom you donated, as well as written acknowledgment from the charity of how much you paid them and when. If your donation was more than $250, the acknowledgment letter should also include whether the charity gave you anything in return for your donation, and if so, the approximate value of the services rendered.

Property donations also get you tax deductions, but the records you keep have to be much more detailed. Every property donation can be tax deductible only if at least the following records are provided: the name and address of the charity, the date of the donation, a description of the property and its location, an estimated value for the property and how you arrived at that number, and the amount you want to be paid as a tax deduction. If the property is worth more than $250, there are even more rules:

  • For property donations from $250-$500, you also need an acknowledgment letter from the charity.
  • From $500-$5,000, you must document how and when you acquired the property, as well as how much it cost you.
  • If you estimated the property’s value at more than $5,000, you need a qualified appraiser to verify your estimate.

It’s important to keep records of all of the above, as well as any additional documents that can help prove you actually made the donation. If any piece is missing, you probably won’t get any money back.