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Category: Education

If You Had $100,000 to give, What Charity Would You Support?

Many people have told me that it is more difficult to give money away than to earn it. The general instinct to support charitable organizations and causes may come naturally, but the question remains: which ones?

When I started at Wake Forest University I took ROTC, knowing my plan was to enlist in the Army upon graduation. I had one thing standing in my way: poor eyesight as a result of a detached retina. My sophomore year I qualified for Advanced ROTC. Thanks partially to my place in line, I had plenty of time to memorize the smallest characters on the eye exam next to the door. However, on the first day of a required six week summer camp at Fort Bragg, NC prior to my senior year, I entered the eye testing area from the back of the room and—without the chance to study the chart—I failed the eye exam. I was classified as 4F (unfit for service) and spent less than 24 hours in the Army while all of my ROTC class shipped off to Vietnam. Some may look at this as a good break, but my one life regret is that I didn’t serve in the military. This experience is at the core of my strong feelings for those who serve our country as well as my lifelong support of military non-profits.

Our life experiences are often a good starting point when deciding where to gift money. If you had $100,000 that you had to give away to someone other than a family member, what would you support?

Here are some beginning steps to get started:

  1. What specific causes move you or have had an impact on your life?
  2. Identify the non-profits that best address this need.
  3. Start small and increase your gifting as you get more comfortable with the organizations.

Why Do You Give to Charity?

According to the 2013 World Giving Index, the United States is ranked as the most charitable country in the world. Americans collectively donate billions of dollars out of their pockets and countless hours of their time for the benefit of others. What is the motivation?

I’ve reflected on my family’s motivation, and our simple answer is that we feel it is the right thing to do. We’re fortunate to have the resources to help others, and we know that a portion of our own success was the luck of being in the right place at the right time.

Your reasons may include:

  • Having a connection to your school, religious group, or other organization
  • Tax benefits
  • Having excess resources that are otherwise not needed

The biggest benefit of philanthropy, however, is increased happiness. A 2009 Harvard Business School paper showed that giving increased happiness, and increased happiness led to more giving. From a personal perspective, I can attest that my wife, Lynn, and I have gotten a great deal of satisfaction from helping others. Is your experience similar?

Thoughts on Charitable Giving

This time of year has many people thinking about charitable giving. Unfortunately, the tax benefits seem to be the primary catalyst, but I regularly challenge myself to take it further with this reflection:

What is the best thing I have done for someone else throughout the last year?

I hope to always have a great answer; think about what yours might be. Whether it’s giving money or time, we can all do our part to make the lives of someone else a bit more comfortable.

This year, my wife, Lynn, and I continued to support our church, the military, and special services devoted to kids (Epworth, Angels’ Arms and Kingdom House). Our family and close friends may know that these charities are important to us, but fewer would know that we actually have a defined charitable plan guiding our efforts to support non-profits.

Over the coming months, I will share our experience on the subject of charitable giving: how Lynn and I decided what our reasons are for giving, what strategic giving vehicles we considered, and why the charities that we chose are important to us. With my encouragement, I hope that you make charitable giving a higher priority in your own life.

Featured entries from our Journal

Details Are Part of Our Difference

Embracing the Evidence at Anheuser-Busch – Mid 1980s

529 Best Practices

David Booth on How to Choose an Advisor

The One Minute Audio Clip You Need to Hear

Hill Investment Group