Establishing Year End Philanthropic Goals
By Andrea Young on December 1, 2021
As the year draws to a close and we approach the holidays, many look to make charitable donations during the giving season. We were so fortunate to have Maggi Alexander back to lead our November Empower Women event to discuss philanthropic giving. Maggi gave us helpful insight as to how we can focus our philanthropy to maximize impact.
Benefits of focusing your philanthropy
It can become overwhelming trying to decide how and who you want to give to with so many organizations in need. But rather than make smaller contributions to many different causes, take the time to be organized with your giving so you can maximize your impact. You can do this by defining your values, your areas of interest, what problems you want to help and how you want to give.
Getting your family involved
Whether you plan to create a foundation, donor-advised fund or you just want to make charitable contributions as you see fit, it’s a great idea to get your family involved. Sitting down with family and creating a mission statement can help determine how and where you want to direct your giving. You can also make your wishes known through a donor intent letter. This can be a helpful way to ensure your legacy always aligns with your values.
Do your research
Once you’ve identified the causes that you want to support, you’ll want to learn about the organizations to make sure that they align with your goals and values. It’s always a good idea to research the foundations and do your due diligence to make sure they are allocating their donations appropriately.
How to Research Charitable Organizations
- Seek out experts- Reach out to individuals who are involved in the areas that you are looking to donate to, for advice and guidance.
- Reach out to the organization directly- Call the charity and speak to the staff, they should be able to answer any questions you would have
- Search their list of Grantees- You can access this by the website or directly from the organization. This will shed light on how their funds are allocated.
- Guide Star- This is a database you can use to research nonprofit data.
HighTower Advisors, LLC is a SEC registered investment advisor