Blog - Jimmy Lustig | Lustig Family Foundation

The Tax Benefits of Donating to Charity

On May 12, 2021

Donations can be the best way you can help out charitable organizations. What does it mean for your income, though? Fortunately, you do see some tax benefits from donating.

However, these tax benefits don’t come automatically by just filing your taxes as normal. You’re going to have to put some work in on adjusting your tax forms so that you’re getting the deductions you deserve. Check out these tax benefits you can look forward to once you start donating to charitable organizations.

Basic Deductions

Whenever you donate to a charitable organization, you’ll be eligible to get a percentage of that money deducted from your tax responsibilities. This can depend, though, on what exactly you are donating and who you are donating to. For example, you might be linked to only having 20% of your tax responsibilities taken away by donating to specific organizations like cemetery organizations.

You might also be only eligible to have a percentage of your tax income reimbursed if you’re not donating in cash. On the other hand, some charitable organizations will allow you to get a 100% tax deduction if you are donating with cash. Make sure you fully look up what deductions you can take before donating to a charitable organization.

Volunteering

Believe it or not, but you do get some tax deductions if you’re someone who volunteers for others. This can be work you’ve done for any registered charitable organization. However, you’ll want to make sure that you have all of your expenses recorded with receipts, as you can easily be audited if the IRS hasn’t found legitimate merit for you taking tax deductions for volunteering.

For example, you might end up spending hundreds of miles on the road driving to help a charitable organization with an event. You’re then allowed to take all the gas money you spent and put it towards a 100% tax deduction, given that you keep all of your receipts from the gas station. You can also take any other expenses that you may have had like meals on the road, needed items for events, and much more. Ensure that you fully look into any taxable deductions you can take whenever you’re volunteering for any charitable organization.

How You Can Recycle Your Unused Technology

By Jimmy Lustig

On April 30, 2021

In James Lustig, Jimmy Lustig, Philanthropy

As your technology gets older, you might think about upgrading it. However, constant upgrades mean that you might have a lot of devices just sitting around and taking up space. Instead of trashing your devices, check out these ways that you can recycle them.

Selling

It can be nice to make some extra money here and there. You should think about selling your old devices through an online site or a local pick-up marketplace. To do this, you’ll want to first find out how much your devices go for.

If you want a good estimate, go on a website like eBay and search up the device you’re looking to sell. You should then be able to select a completed order option that will tell you the last price that the device sold for. By doing this, you’ll be able to make a quick buck instead of letting your devices go to waste.

Giving

Sometimes, you might have someone around who would appreciate the device you’re not using. To find someone, go on your social media accounts and make a post asking if anyone wants that device. This way, you can make sure that one of your friends or family members can enjoy your possessions.

If you don’t know someone personally who would want your device, think about donating it to a charity. Many charities are out there to provide electronics to those that can’t necessarily afford them at the moment. By giving your old electronics to someone you know or a stranger, you’re helping out others instead of letting a device go to waste.

Recycling

Depending on the age of the device, you might have something that is about useless for anyone to have. You might think about sticking that device straight into the trash, but your electronics can be worthwhile for recycling companies. The reason for this is the expensive components electronics tend to have.

Whether it be a phone or a gaming console, all these devices typically use different types of metals for functionality. You can bring these devices to a recycling company that can extract these metals to be used for future devices. If you’re looking to help the environment, you can’t go wrong with recycling your electronics.

Mental Health Charities You Can Support

By Jimmy Lustig

On April 16, 2021

In James Lustig, Jimmy Lustig, Philanthropy

In our society, mental health issues are experienced in countries and cultures all across the globe. In Africa, 85% of the 100 million people that suffer from depression have no means to access effective treatment. Approximately 25% of United Kingdom residents will experience mental health issues every year. And here in the United States, 43 million Americans struggle with mental health issues.

Charity information services and evaluators such as Giving Compass, GuideStar, and Charity Navigator are instrumental in helping the world recognize World Mental Health Day, celebrated worldwide on October 10.

A few reputable, accountable, and effective organizations across the globe that face mental health issues head-on include:

The Jed Foundation

As the theme of this year’s World Mental Health Day is suicide prevention (every four seconds, someone dies from suicide), this non-profit organization really stands out. Founded by Donna and Phil Satow in 2000, the Jed Foundation works to prevent suicides for American teens and young adults. The Jed Foundation earned the highest rating (4-stars) by Charity Navigator for its transparency, accountability, and financial health.

Brain & Behavior Research Foundation

In looking to find cures ranging from addiction to schizophrenia in mental illnesses, this American foundation funds scientific research in these interests.

As two other family foundations cover their operating expenses, the Brain & Behavior Research Foundation commits every dollar donated to the Foundation for research through research grants. As a result of their total commitment to transparency, the organization was awarded GuideStar’s Platinum Seal of Transparency.

StrongMinds

StrongMinds, founded by former diplomat Sean Mayberry in 2013, focuses on the treatment of depression in African women, with a special emphasis on those patients in Zambia and Uganda. Their scalable methodology, based on low-cost and unique intervention, incorporates Interpersonal Psychotherapy. It is reported that 75% of the 55,000 African women thus far treated for depression were found to be depression-free six months after their treatment.

NAMI (National Alliance on Mental Illness)

The National Alliance on Mental Illness, or NAMI, has grown to become a network exceeding 500 affiliates in all 50 states through grass work organization by families of individuals affected and diagnosed with mental illness. Advancing public policy for people with mental health issues, NAMI has garnered the GuideStar Seal of Transparency as well as a 4-star rating by Charity Navigator.

Supporting Organizations That Assist Minority Founders of Startups

By Jimmy Lustig

On March 26, 2021

In James Lustig, Jimmy Lustig, Philanthropy

Several organizations that are among the leaders in building businesses are assisting American minority entrepreneurs. In their efforts to encourage these minority entrepreneurs to be successful, they assist startup companies and obtain the necessary funding. Among the most prominent of these organizations are the following:

Techstars Foundation

Working toward increasing the numbers of minority founders in the tech community, Techstars, an American seed accelerator, has launched a nonprofit division named Techstars Foundation that works to improve the representation of tech founders who are minorities by affording this group grants, scholarships, and sponsorships. Today, Techstars’ vast network of startup companies that number 762 with a collective funding of more than $2 billion can make sizable contributions to diversity in the world of technology.

CODE 2040

A nonprofit organization that robustly pursues its goal of representing Blacks and Latinos in the areas of technology, investments, and entrepreneurship, CODE 2040 places college-level minority computer science students in top tech companies’ internship programs. This organization has also initiated a one-year Residency Program that provides minority entrepreneurs financial help and support from experienced entrepreneurs and investors in building companies in their communities.

500 Startups

Since its beginnings, 500 Startups has invested in startups led by minorities and women such as AllDay Media, Mayvenn, and Walker & Co. To date, 15 classes have graduated from 500 Startups. In May of 2020, 500 Startups launched its Diversity & Entrepreneurship Summit, part of a conference series connecting minority entrepreneurs with founders and leaders of the tech startup community and venture partners. Additionally, the organization launched a $25 million micro fund for investing in startups that were beginning and led by minority founders.

Black Founders

As a national network of African-American founders, Black Founders works to increase black entrepreneurs’ numbers in technology. To do so, this organization generates networking events, educational programs, and a conference series throughout the year. One program begun by Black Founders is HBCUHacks, a series of weekend hackathons that provides students attending historically black universities and colleges opportunities to develop computer science skills so they can invent software and apps. One-fifth of those participating students who graduate with a degree in engineering have benefited from this successful program.

How You Can Support Texas Following the Power Crisis

By Jimmy Lustig

On March 12, 2021

In James Lustig, Jimmy Lustig, Philanthropy

The brutal winter storms in Texas are causing blackouts, and many residents have been left without power and water. These need to help residents cope with life in the crisis amid the pandemic. Below are several ways to support the state no matter where one is location-wise. Although there are organizations and relief funds to work with, use the choices below before finding them.

Donate to Mutual Aid Fund

Some of the mutual aid funds helping people in Texas during the blackout crisis include Austin Mutual Aid, Feeding the People Dallas, and Mutual Aid Houston. People are burning their furniture and clothes for warmth and boiling snow for water. The mutual aid funds are mobilizing venerable residents giving them food, clothes, and shelter. Local volunteers in Austin relocated the homeless population in hotel rooms.

Support Food Banks

Texans are running out of food since the weather crisis is disrupting the supply chain. The grocery stores and food pantries are empty. The stockpiled in houses is spoiling since there is no power to operate the refrigerators. Supporting food banks such as Feeding Texas will provide food to families in need.

Give Grants to National Organizations

National organizations one can support include Salvation Army, American Red Cross in North, South, and Central Texas. Monetary donations contributed to these organizations serve the most vulnerable people in this community during the natural disaster.

Support the First Responders

First responders and medical practitioners work day and night to support the communities. The Austin EMS Association is receiving monetary donations to feed its personnel. Many medics are working more than 24 hours without going home as call volume has doubled. It has become difficult for medics to search for food. First respondents also need food. They have to make sure roads are passable before going home.

Support the Fund Emergency Supplies

Find emergency supplies such as the Austin Area Urban League are receiving donations to provide emergency food, clothing, shelter, and other supplies to Texas residents. Austin Pets Alive is also accepting monetary donations to keep animals warm and safe during the storm.

Thousands of Texans are still in need of relief. Showing support through any of the highlighted ways will alleviate the States suffering to some extent.

5 Educational Charities to Support

By Jimmy Lustig

On February 17, 2021

In Blog, James Lustig, Jimmy Lustig, Philanthropy, Uncategorized

Children are the future. They will grow up to be the innovators of society. It is important we properly invest in their education to become members of an informed population.

We’ve compiled a list of 5 educational charities that commit themselves to help better children worldwide.

Pebbles Project

The Pebbles Project assists disadvantaged children in the West Cape of South Africa. Their website boasts that their primary focus is education, health, nutrition, community, and protection.
Support for this charity helps pregnant mothers and goes well into taking care of the children until they enter the workforce, prepping them for success.

Lightyear Foundation

This charity places heavy emphasis on teaching and educating children on STEM wonders in the United Kingdom. STEM stands for science, technology, engineering, and mathematics.
The Lightyear Foundation emphasizes children with disabilities. Many of their programs and activities cater to the disabled. The Lightyear Foundation encourages them to consider STEM as a career path.

Mobile Education Partnerships

Mobile Education Partnerships, or MEP, is a charity based out of Myanmar. Many of the displaced communities in South East Asia rely on their support. MEP produces textbooks, trains teachers, and runs many projects to bring education to children in refugee camps and other war-torn areas.

The Turing Trust

Focused in Africa, the Turing Trust is a charity that teaches information technology to students in the countries of Ghana and Malawi. Their educational efforts have successfully reached over 55,000 students. They have also provided over 5,700 computers across many African classrooms.
Their efforts also target teachers to enable them to incorporate technology in their lessons as a teaching aid.
Recently, this charity has also extended its efforts into the United Kingdom to support students living through the pandemic with laptops.

Life Skills Educational Charity

The Life Skills Educational Charity is out of the United Kingdom. Their objective is to help children become socially conscious and aware of knife crimes, drugs, and the practice of cyberbullying.
Studies conducted by Nottingham University show that children who go through the program are more likely to seek help. They also yielded greater results in communication and listening compared to other control groups.

Conclusion

Children are a wonderful investment, and these fantastic organizations are working hard to enrichen young lives across the globe.

Robert Downey Jr.’s Latest Philanthropic Investment

By Jimmy Lustig

On February 17, 2021

In Blog, James Lustig, Jimmy Lustig, Philanthropy, Uncategorized

Iron Man star Robert Downey Jr. has been covertly making headways into the world of environmental research the last few years. In 2019, Downey Jr. founded the Footprint Coalition, an organization geared toward supporting scientific research and sustainability technologies. Earlier this week, Downey Jr. revealed a new arm of the Footprint Coalition at the Davos Agenda of the World Economic Forum: Footprint Coalition Ventures. Downey Jr. explains that Footprint Coalition Ventures will be the investment branch of the organization and that its mission will be seeking out and supporting companies that research sustainability.

Downey Jr. went into further detail on the goals of Footprint Coalition Ventures in an interview with reporters from Fast Company. Downey Jr. explains that creating Footprint Coalition Ventures will put the Footprint Coalition in a better position to help answer vital sustainability questions. Continuing, Downey Jr. says that Footprint Coalition Ventures have two types of funds, one for preliminary investments and the other for subsequent investment opportunities. Furthermore, the company follows a rolling fund investment schedule. In this manner, investors will be able transfer funds to companies on a quarterly basis, making Footprint Coalition Ventures more accessible to different kinds of investors. Downey Jr. adds that such a schedule opens the company to as wide a pool of investors as possible.

Footprint Coalition Ventures focuses on funding companies that research in six areas, including food and agriculture, energy, education, and advanced environmental solutions. Thus far, five companies, including Arcadia Earth and Cloud Paper, have received funds from Footprint Coalition Ventures.

Looking to the future, Downey Jr. says that he plans on using his status as a celebrity to raise awareness on the Footprint Coalition and sustainability ventures in general. While many other celebrities who are involved in similar organizations tend to keep a low public profile, Downey Jr. feels that it is his responsibility to use his platform to influence others. Jonathan Schulhof, who runs the day-to-day business of Footprint Coalition Ventures, points out that the company has used a YouTube video of Downey Jr. detailing the differences between plastic and polyhydroxyalkanoate, a new type of sustainable polymer invented by RWDC Industries, to help woo investors. Schulhof continues that such content can inspire audiences by making something extraordinary seem commonplace.

Five Great Books About Philanthropy in 2020

By Jimmy Lustig

On December 15, 2020

In Blog, James Lustig, Jimmy Lustig, Philanthropy, Uncategorized

With so many options out there, how – and why – should people consider giving? The five books below provide many answers to these and other questions, making for fascinating reading, both inspirational and impactful.

One of the best guides to the giving process is the traditional Inspired Philanthropy: Your Step-by-Step Guide to Creating a Giving Plan and Leaving a Legacy, by Tracy Gary. Efficient covers everything from the basics of plan making, working with advisors, the right questions to ask non-profits, and much more. The inclusion of worksheets, resource lists, and descriptions of planning tools is beneficial.

The Promise of a Pencil, by Adam Braun, tells the story of how one man’s actions impacted thousands of lives globally. After encountering a begging child and starting with only $25, Braun built an organization that has helped build over 250 schools worldwide. Inspirational and uplifting, if ever there was an argument for the power of giving, this is it.

In The Soul of Money: Reclaiming the Wealth of Our Inner Resources, Lynne Twist offers positive proof that changing our attitudes towards earning and spending money can make our lives more meaningful and fulfilling. Challenging everyday assumptions about society’s views of money, the author illustrates her journey from conspicuous consumer to non-profit activist in an honest, no-punches-pulled way.

Sharna Goldseker and Michael Moody bring a fresh perspective in Generation Impact: How Next Gen Donors Are Revolutionizing Giving. Moving between first-hand accounts and analysis of a new class of doner’s work, the book shows the impact of young rising stars of philanthropy in disrupting traditional giving models and creating entirely fresh approaches to the field.

Another disruptive approach to giving is Impact Investing: Transforming How We Make Money While Making a Difference by Antony Bugg-Levine and Jed Emerson. The new field of impact investing is thoroughly explained, showing how it’s possible to “blend” investment success with positive change.

This year, perhaps more than in most, it’s essential to consider how a charitable contribution can positively impact peoples’ lives. The wisdom and practical advice that abound in the five volumes discussed will hopefully inspire and energize in equal measure.

How to Help Others During Natural Disasters

By Jimmy Lustig

On December 15, 2020

In Blog, James Lustig, Jimmy Lustig, Philanthropy, Uncategorized

Natural disasters happen around the world over and over again. Natural disasters, such as tsunamis, hurricanes, tornados, and earthquakes, leave people, land, businesses, and animals completely devastated. You may be wondering just what you can do to help people who are dealing with the aftereffects of a natural disaster. While you may not be able to fly overseas and help one-on-one physically, you can help through several charities and organizations. Read on to learn more.

Help with safe water and sanitation needs.

You can donate to a company known as Oxfam to help people receive safe water and sanitation services. For example, Hurricane Irma destroyed crops and homes throughout Haiti and the Dominican Republic, leaving many people without clean water. When you donate to Oxfam, you are helping people get the clean water they so desperately need as well as access to basic sanitation.

Look for a Go Fund Me campaign.

We all can’t jump on the next airplane to help people in need, but you can donate to many charities that will make sure your money is well spent! Fund Me is an excellent online crowdfunding group that has raised money for hundreds of national disasters. Jump on and search for the natural disaster you are looking for. You will see organizations that will welcome your help.

Donate your blood

Donating blood is a simple yet effective way to help people who have been victims of natural disasters. All blood types are always needed, but there is currently an urgent need for O negative blood and platelet donations. Check the Red Cross website to find a location near you. You may also want to check with One Blood to learn how Hurricane Irma has impacted Florida’s blood supply and what you can do to help.

Donate time and energy

If you want to be hands-on, then you will like to donate your own time to help after a natural disaster. United Way Miami is an organization that is now accepting new volunteer applications. Hop on their website and fill out their form. Even if you can’t help right now, United Way will keep your application on file and may call you for help in the future.

How Nonprofits Have Adapted During COVID-19

By Jimmy Lustig

On December 8, 2020

In Jimmy Lustig, Philanthropy

In the midst of the COVID-19 pandemic, many nonprofits have experienced a sharp decrease in donations. A small number of donors have reported that they don’t feel comfortable donating money when their own financial situation is uncertain. A much larger percentage of donors still want to help but report that they’re not sure how their donation will help people stricken by the pandemic. And since some facilities rely largely on in-person donations, stay-at-home orders have made it even more difficult for them to get the donations they need to stay afloat.

As a result, nonprofits have found several ways to adapt during the pandemic. One way is by getting in touch with their donors through phone calls or physical letters. Many donors report that they still want to help–they’re just unsure how to do so. By contacting their frequent donors directly, non-profits give them an avenue to help out their favorite churches and charities and rest assured that they know exactly where the money is going.

Some non-profits are also making appeals to their communities that are similar to year-end appeals. They stress the importance of giving to charity during these unpredictable times and highlight how their community has been affected by the pandemic. By sharing their stories, they make the pandemic seem more “real” to their donors and encourage them to reach for their wallets.

Nearly 50% of volunteers have reported that they plan to cease their volunteering activities due to health concerns. To keep people engaged in their charity, many non-profits are brainstorming ways that volunteers can continue to help, even while they’re sitting at home. This keeps the community engaged in their non-profit and encourages more donations during the pandemic.

Additionally, the CARES Act of 2020 established a new tax deduction for certain charitable donations up to $300. Some non-profits have been emphasizing this fact to encourage the donations that the charity needs to stay alive.

Finally, one of the biggest ways that non-profits have encouraged donations is simply by being honest. They’ve informed their donors that their non-profit is struggling and they need help. The non-profit benefits the entire community, and by making cash donations, they’re not just helping themselves–they’re helping their friends, neighbors, and all the people around them.