Charitable contributions can make a big difference locally and afar. And when it comes to making a donation to charity, there are many organizations to choose from. As you consider your gift this year, check out these facts about charitable giving.

Charitable Giving: 6 Surprising Facts

  1. In 2016, total giving to charitable organizations in the U.S. increased to an estimated $390 billion. 2016 marked the third consecutive year where total giving achieved record levels.
  2. Charitable organizations depend on donations from individuals. In fact, donations received by nonprofit organizations are largely made by individuals. In 2016, individual giving made up 72 percent of all giving. 
  3. December is the largest giving month of the year.¹
  4. Charities sometimes need flexibility in how they use donations. Designating money to a specific project is great, but you should also consider giving without conditions, allowing the organization the flexibility to meet changing needs — including just keeping the lights on.
  5. Diversification in charitable giving is not as valuable as concentration. While having variety in your retirement portfolio is valuable, spreading your donations thin could actually keep your favorite charity from making a larger impact.
  6. You can use life insurance to give to charity. Designate your favorite charity as a beneficiary on your life insurance policy² and you can make a larger gift than otherwise possible. Your local Farm Bureau agent can provide more information and make the process simple.

Whether you’re considering making a one-time contribution or planning to leave a legacy to your favorite charity, your donation can go far to improve communities and touch many individual lives. 

Sources:

¹ https://www.compassion.com/poverty/charitable-giving.htm

²State laws and regulations vary regarding charitable ownership of life insurance on an individual. Consult your Farm Bureau Financial Services agent and State regulations.