The charity giving account is a phenomenal addition to a scheme of payroll giving and it gives the employees of an organisation with the benefits of personal digital charity account. This account can be used to keep some charitable money aside that is only saved for charity giving to an organisation or a needy individual. In simple words, the charity giving account helps individuals to indulge in smarter and more organised charity in their life.
The basic purpose of this account is to manage regular donations. These donations can be for any purpose like to support certain charities. Sometimes, donors use these accounts to keep funds to collect; so that, they can do charities anytime whenever they want. These donations can be used to support disaster appeals and charity events as well.
Charity giving account features online access that enables the donors to access this account anytime with the help of the internet. They can check their transactions, edit regular donations, update their personal information and also add or change their preferred charities as it offers great flexibility to the users to make required changes.
Features Of Charity Giving Account –
The basic feature of this type of account is to put charitable money aside that is only meant for charity giving. There are several options integrated to these accounts that help the users to schedule their donations easily. Option to include charity to the database of charities’ trust that help one to validate the details. Encourage individuals to respond for the charity campaigns in a faster way and stand by emergency appeal. Allows one-off donations quickly and also, promotes charity within family and friends. Online access to get details of the charity, transactions and so on.
The charity giving does not encourage charity through cash, but also through non-traded assets, real estate and stocks. Moreover, with this type of charity account, you get tax receipt that help you with tax deductions.
Charity Giving Account Contributes In Tax Deduction –
By donating in the charity giving account, one can enjoy amazing tax benefits. The tax deduction it provides is same as the deduction one gets by donating in the public charity. By donating cash in charity account via wire transfer, check or even credit card, you become eligible for the tax deduction on your income up to 50 percent on the adjusted gross income. Though if you own some long-term assets like bonds, real estate or stocks, you get a chance to boost your deduction.
Minimum Balance To Maintain In Charity Account –
There is no limitation or rules for the minimum balance to be maintained in the charity account. So, open an account with the amount of your choice and it may go up to no limits. You can grant this balance virtually whenever you feel like. At the same time, this balance available in the charity account will be spent with a potential to have a certain growth.
So, these are few considerable aspects of charity account that you should be aware of and for the betterment of your charity, you should definitely get this account.