In the service of others
Originally published in The Sun Valley Source
Nonprofit organizations are so entwined in our local communities it may be easy to overlook the impact they have on our daily lives. The missions for not-for-profit organizations are varied. They may be particularly aligned in meeting basic human needs, animal welfare, artistic, scientific, educational or other essential services and value. Many nonprofits defy singular categorization as their reach, and social contributions are diverse.
BY ANY OTHER NAME
The key difference between nonprofit organizations and for-profit enterprises is that nonprofits have two bottom lines – a social objective as well as a financial one. While tax-exempt organizations by definition, include private family foundations, fraternal organizations and civic leagues, most of us think specifically of public charities when we think of nonprofits. Within the Wood River Valley, there are hundreds of nonprofit organizations which originally established in the region or make a positive impact with an auxiliary presence. Out of that volume, approximately 70 are organized as tax-exempt public charities.
FINANCIAL CONTRIBUTIONS
Donor retention and education by nonprofit organizations have become increasingly important. Changes to the U.S. tax code that took effect in 2018 mean some charitable gifts may no longer yield a tax benefit for the contributor. In 2017, charitable giving by Americans exceeded a record $400 billion. The comprehensive data for last year will be published this summer. We do already know that while overall giving increased slightly in 2018, smaller gifts have declined along with a reduction in the total number of donors. While many are under the impression that charitable giving will decrease since fewer people will be able to itemize their charitable deductions, the reality is people often donate not for tax reasons but for the good of a cause.
“The best way to find yourself is to lose yourself in the service of others.” ― Mahatma Gandhi
WHAT MOTIVATES US TO GIVE?
The Seven Faces of Philanthropy authors Russ Alan Prince and Karen Maru File attribute seven different rationales as to the basis of donor motivations: doing good makes sense; doing good is God’s will; doing good is good for business; doing good is fun; doing good feels right; doing good in return; and doing good is a family tradition. As humans capable of complex emotions, and with our charitable choices influenced by a variety of experiences, we may be inclined to identify with any combination of these views.
VOLUNTEER VALUE
Volunteers have proven to be essential to our social and quantifiable economic wellbeing. According to the Corporation for National Community Service, one-quarter of Americans volunteer annually. The volunteer spirit is even higher in the State of Idaho. The Gem State ranks 5th in the nation, with 34% of Idahoans volunteering their time for a cause. On an annual basis, this equates to more than $1 billion of service contributed.
BECOME INVOLVED
The enduring value a community receives from the existence of nonprofits is the enhanced quality and meaning of life charitable organizations provide. With the changing landscape of charitable giving, sustaining our nonprofit organizations has become more critical. Whether financially through outright or legacy gifts, or with the investment of volunteer time, everyone can play a meaningful role in contributing to the success of charitable missions.
Donors and volunteers seeking to support a cause that aligns with their values may be heartened to learn the inaugural Giving Guide of the Wood River Valley will be available electronically and in print this summer. The guide aims to elevate and garner exposure for nascent as well as established nonprofits within the greater Sun Valley community, while providing supporters with volunteer opportunities, corporate engagement information, and philanthropic insights. For more information contact welcome@givingguide.org.
DISCLOSURE:The Service of Others; SUZANNE HAZLETT, MBA, CIMA®, CFP® is a Certified Investment Management Analyst® and CERTIFIED FINANCIAL PLANNER™ professional. For more than 20 years Suzanne has worked with individual and corporate clients to help build, manage, and preserve their net worth. She strives to create a more approachable way for people to understand personal finance and its ties to life’s rites of passage. HAZLETT WEALTH MANAGEMENT, LLC is independent of Raymond James and is not a registered broker/dealer. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. 675 Sun Valley Road in Ketchum, Idaho, 208.726.0605.
