Donating to charities greatly benefits generous people. Donors tend to be better informed about the world, live longer, experience less depression, and possess a better overall quality of life. Here are some other interesting facts about charitable giving in the United States*:
- More than 92 percent of Americans give to charities.
- Low income families are the most generous when it comes to charitable giving, giving 4.5% of their paycheck. Upper class households give approximately give 3% of their income.
- The average person makes 24% of their annual donations between Thanksgiving and New Year’s, according to research from the Center on Philanthropy.
- The rate of charitable giving has dramatically increased over the past 40 years. Adjusted for inflation, total charitable donations in 1972 amounted to $106 billion in charitable gifts; in 2012, that figure was $228 billion.
In addition to the obvious societal benefits of charitable giving, there is a definite financial benefit as well – the most obvious being tax credits. Region 10’s Enterprise Zone Contribution program has been at the forefront of charitable giving by coordinating tax credits for nearly 40 different nonprofit, economic development projects in the Western Slope.
Cash donations made to approved EZ projects qualify for a 25 percent state tax credit… In-kind donations can receive a 12.5 percent credit.
The Enterprise Zone assists nonprofits that are engaged in economic development projects gain additional funding via increasing incentives for donors to give. Cash donations made to approved EZ projects qualify for a 25 percent state tax credit ($100,000 is the maximum amount). In-kind donations (e.g. labor, materials, equipment, etc.) can receive a 12.5 percent credit. When tax season rolls around, these credits quickly add up to significant savings. In addition, these designated nonprofits are better equipped to carry out their missions with extra donations. We like to call that win-win.
If you are planning on donating, be sure to contact your accountant or whoever prepares your tax return. If you represent a nonprofit organization that would like to qualify for this particular Contribution program, we highly encourage you to review OEDIT’s policies first. If this looks up your alley, then be sure to get in touch with Region 10 by emailing email@example.com, calling 970.249.2436, or visiting the Enterprise Zone website at http://www.region10.net/enterprisezone/.
Current Enterprise Zone approved Contribution Projects include the following organizations:
- All Points Transit
- Basin Clinic
- Colorado Mesa University
- Crested Butte Music Festival
- Delta County Economic Development
- Gunnison Arts Center
- Gunnison Valley Hospital
- Habitat for Humanity ReStore
- Haven House
- High Country News
- Hospice of Western Colorado
- House of Promise Residential Program
- Lake City D.I.R.T.
- Lake Fork Valley Conservancy
- Main in Motion
- Montrose Economic Development Corp.
- Montrose Recreation District
- Community Recreation Center
- Mountain Village Gondola Expansion
- Mt. Crested Butte Performing Arts Center
- Ouray County Grandstands
- Ouray County Chamber Resort Association
- Ouray County Ranch History Museum
- Ouray County Historical Society
- Public Art Experience (PAX)
- Public Art in Ridgway
- Region 10 Small Business Resource Center
- Ridgway Concert Series
- Rocky Mountain Bio Lab
- Sherbino Theatre
- Six Points Capital Campaign
- Telluride-Montrose Regional Air Organization
- Top of the Pines
- Tri-County Resource Center
- Uncompahgre Medical Clinic
- Western State College Center
- Wright Opera House Foundation
*Sources: Charity Navigator, National Center for Charitable Statistics