Jimmy Lustig | Lustig Family Foundation

Jimmy Lustig is an active philanthropist. He and his wife created the Lustig Family Foundation.

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Understanding Tax Deductions for Charitable Gifts

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On October 4, 2024

In Jimmy Lustig, Philanthropy

Giving back to the community is noble, and many people find it rewarding. But did you know that your generosity can also offer tax benefits? Understanding tax deductions for charitable gifts can help you maximize your impact while saving on your tax bill.

What is a Charitable Deduction?

A charitable deduction is a tax benefit you can claim for donations made to qualified charitable organizations. These organizations typically have tax-exempt status, meaning they don’t pay income tax. When you donate to these organizations, you can deduct the amount of your donation from your taxable income.

Who Can Claim a Charitable Deduction?

Generally, individuals who itemize their deductions on their tax return can claim a charitable deduction. If you take the standard deduction, you cannot claim a deduction for charitable gifts.

Types of Charitable Deductions

There are two main types of charitable deductions:

  1. Cash Donations: These are the most common type of charitable deduction. You can deduct the total amount of your cash donation if you itemize your deductions.
  2. Non-Cash Donations: You can donate clothing, furniture, or vehicles to qualified charities. The deduction for non-cash donations is typically based on the item’s fair market value. However, there are specific rules and limitations for non-cash contributions, so consulting with a tax professional is essential.

Limitations and Rules

While charitable deductions can be beneficial, there are certain limitations and rules to keep in mind:

  • Itemized Deductions: You must itemize your deductions to claim a charitable deduction. If you take the standard deduction, you cannot claim this benefit.
  • Deduction Limits: The amount you can deduct is generally limited to a percentage of your adjusted gross income (AGI).
  • Documentation: You must keep records of your charitable donations, including receipts or canceled checks.

Qualified Charitable Organizations

Not all organizations qualify for charitable deductions. To be eligible, an organization must have tax-exempt status under Section 501(c)(3) of the Internal Revenue Code. You can check the IRS website or consult a tax professional to verify an organization’s status.

Additional Considerations

  • Appraisals: For non-cash donations, you may need to obtain an appraisal to determine the item’s fair market value.
  • Donor-Advised Funds: These funds allow you to make a charitable contribution and receive an immediate tax deduction while maintaining some control over how the funds are distributed.
  • Consult a Tax Professional: Tax laws can be complex, and the rules for charitable deductions may change. It’s always wise to consult with a tax professional to ensure you maximize your deductions and comply with all regulations.

By understanding the basics of charitable deductions, you can make informed decisions about your giving and maximize your tax savings. Remember, while tax benefits are a bonus, the actual value of charitable giving lies in making a positive impact on your community.

Charity vs. Philanthropy

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On May 6, 2024

In Jimmy Lustig, Philanthropy

Charity and philanthropy are two terms often used interchangeably when referring to acts of giving and positively impacting society. While they share a common goal of helping others, there are distinct differences between charity and philanthropy. 

This article will explore the nuances between these concepts and shed light on their unique characteristics.

Charity

In its traditional sense, charity typically refers to acts of giving to provide immediate relief and assistance to individuals or groups in need. It focuses on addressing immediate needs and alleviating suffering. Charitable acts often involve providing food, clothing, shelter, or medical aid to those experiencing hardship or crises. Charity is often reactive, responding to specific situations and providing temporary support.

Philanthropy

On the other hand, philanthropy takes a broader and more proactive approach to social change. It involves strategic giving, long-term planning, and addressing the root causes of social issues. Philanthropy is driven by a desire to create lasting, systemic change and improve the overall well-being of communities. It goes beyond providing immediate relief and seeks to address the underlying factors that contribute to social problems.

While charity focuses on direct assistance and immediate impact, philanthropy involves a more comprehensive and strategic approach. Philanthropists often research, analyze, and collaborate with stakeholders to identify and address the root causes of social issues. They invest in programs, initiatives, and organizations that work towards sustainable solutions and long-term societal transformation.

Another distinguishing factor is the scale of operation. Charity often operates at a smaller scale, with individuals or smaller organizations providing aid to a limited number of beneficiaries. Philanthropy, on the other hand, can involve significant resources and encompass large-scale initiatives and projects. Philanthropists may establish foundations or endowments to fund their philanthropic endeavors, allowing for sustained support and impact over an extended period.

Furthermore, charity often relies on individual or corporate donations, whereas philanthropy can involve more strategic and structured giving. Philanthropists may engage in impact investing, which combines financial returns with social and environmental benefits. They may also collaborate with other philanthropists, businesses, and nonprofit organizations to leverage resources and maximize impact.

Both charity and philanthropy play vital roles in creating positive change and improving the lives of others. Charity offers immediate relief and support during times of crisis, while philanthropy focuses on long-term solutions and systemic change. It is important to note that charity and philanthropy are not mutually exclusive. Many philanthropic endeavors incorporate charitable acts as part of their larger strategy.

Whether one chooses to engage in charity or philanthropy depends on personal values, resources, and desired impact. Both approaches have the potential to make a meaningful difference in the lives of individuals and communities. Understanding the distinctions between charity and philanthropy allows individuals to align their charitable efforts with their goals and values, contributing to a more compassionate and equitable society.

The Next Steps After a Leadership Change in Your Charity

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On January 8, 2024

In Blog, Jimmy Lustig, Philanthropy

A leadership change in a charitable organization marks a significant moment that necessitates careful planning and strategic actions. Successfully navigating this transition requires a thoughtful approach to maintaining the organization’s mission, engaging stakeholders, and fostering a sense of continuity. Here are key steps to consider after a leadership change in your charity:

Conduct a Comprehensive Transition Plan

Start by conducting a comprehensive transition plan that outlines the key aspects of the change. Identify immediate priorities, critical tasks, and long-term goals. This plan should thoroughly assess the organization’s current state, challenges, and opportunities.

Communicate Transparently with Stakeholders

Transparent communication is paramount during a leadership change. Keep stakeholders informed about the transition process, the reasons behind the change, and the vision for the future. Open and honest communication builds trust and ensures that all stakeholders, including donors, volunteers, and staff, are on the same page.

Assess and Strengthen Internal Operations

Take the opportunity to assess and strengthen internal operations. This may involve conducting a review of existing processes, evaluating the efficiency of workflows, and identifying areas for improvement. Streamlining operations contributes to the organization’s overall effectiveness and prepares it for sustained success under new leadership.

Engage with the Board of Directors

Collaboration with the board of directors is crucial for a smooth leadership transition. Work closely with the board to define strategic goals, align organizational priorities, and establish a clear vision for the charity’s future. The board’s support and guidance are pivotal in steering the organization in the right direction.

Empower and Motivate the Team

A change in leadership can create uncertainty among the staff. Empower and motivate the team by providing clear communication, emphasizing the organization’s mission, and instilling a sense of purpose. Recognize and celebrate the contributions of the team, reinforcing a positive and collaborative work culture.

Assess and Strengthen External Relationships

Evaluate and strengthen external relationships with donors, partners, and the community. Cultivate existing connections and explore opportunities for new collaborations. Open communication with external stakeholders ensures continued support and reinforces the charity’s position within the broader community.

Develop a Succession Plan for Future Stability

Learn from the transition experience and develop a succession plan for future stability. A well-thought-out succession plan identifies potential future leaders within the organization, ensures a smooth handover of responsibilities, and mitigates disruptions caused by future leadership changes.

Foster a Culture of Adaptability

Foster a culture of adaptability within the organization. Embrace change as a natural part of growth and encourage a mindset that values innovation and continuous improvement. A culture of adaptability positions the charity to navigate future challenges and seize new opportunities.

 

Jimmy Lustig Unique Corporate Philanthropy Models

Unique Corporate Philanthropy Models

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On October 28, 2022

In Blog, Jimmy Lustig, Philanthropy

According to a survey, over 60% of consumers are likely to buy from companies that support social issues. This is a huge reason why many companies are now developing their corporate social responsibility (CSR) strategies. Aside from being beneficial to the consumers, CSR can also help companies attract and retain top talent. It can also improve brand equity and encourage employees to work harder.

 

We’ve collected inspiring examples of corporate philanthropy that can help you build a strong foundation for your initiative. These examples use different tactics to engage their employees and increase the impact of their generosity.

 

Rise Against Hunger by Kraft Heinz

In 2011, Kraft Heinz launched a campaign known as Huddle to Fight Hunger, which involved donating a meal’s worth of money to local food banks for every Facebook “like” that person had made. This effort was also used to boost brand awareness.

 

The partnership between the two organizations grew into a permanent one. For the last three years, the two companies have held an annual event involving packaging thousands of meals. This year, Kraft Heinz provided $2.5 million to help fund the event.

 

Through their charitable campaigns, Kraft Heinz created effective marketing and fundraising strategies. They also used non-cash volunteering activities and donations to positively impact their local communities.

 

Volunteer Grant Program by Microsoft

One of the most prominent companies in the world regarding corporate responsibility is Microsoft. Through its volunteer grant program, the company could provide financial assistance to a different charity for each hour of work that its employees volunteered. Microsoft employees logged over 3 million hours of volunteer work each year.

 

The company’s volunteer grant program is also successful because it encourages employees to get involved in philanthropy and provides them with rewards. It also allows them to select their charity for donations. This method increases the levels of engagement and helps boost the company’s buy-in.

 

One of the essential factors you can consider when implementing a corporate philanthropy program is the inclusion of employee choice. This method allows employees to impact the causes they care about positively.

 

Student Loan Reductions by Penguin Random House

One of the most effective ways companies can implement corporate philanthropy is by providing financial assistance to their employees to pay off their student loans. The company could help its employees reduce their student loan payments by $1,200 annually through this method. This method can have a significant impact on the financial situation of their employees and can help boost the company’s retention rate. As the outstanding national debt of colleges and universities has reached over $1.5 trillion, this method can strongly incentivize employees to participate.

Jimmy Lustig How to Make Your Business More Sustainable

How to Make Your Business More Sustainable

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On July 21, 2022

In James Lustig, Jimmy Lustig, Philanthropy

In 2022, running a business will be hard. Climate change is one of the most significant issues enterprises face today, and it is becoming increasingly clear that everyone has a role to play in addressing this issue. It is no longer a secret that we all are responsible for reducing our emissions and saving the planet from environmental disasters. There are many simple steps that you can take to make your company more sustainable.

Most businesses have taken the necessary steps to reduce their greenhouse gas emissions. However, setting realistic goals and implementing effective strategies can be challenging for small and medium-sized enterprises. This guide aims to help you navigate the various steps in setting green targets.

Use Eco-Friendly Packaging

According to the EPA, packaging accounts for over 23% of the materials that end up in landfills in the US. You can help reduce your company’s pollution contribution by implementing eco-friendly packaging techniques.

One of the most effective ways to reduce your company’s packaging waste is using biodegradable containers. Instead of using single-use containers, use containers made from various materials such as seaweed, wood pulp, and corn starch. Also, avoid using a mishmash of materials. For instance, if your packaging has multiple types of polymers, it can potentially be unrecyclable.

Good packaging can make a product more likely to be reused or recycled. Having well-designed and applicable packaging can also help keep your products attractive and from going to waste. For instance, if you have a logo on a drawstring bag, your customers might use it for other products.

Set Goals to Strive Toward

Setting goals is also essential when it comes to setting green targets. Although it might seem like an obvious step, it’s additionally vital to consider the various factors that affect the environment. One of these is climate change research. Follow the latest scientific studies and make the right decisions for your company and the planet.

Although going green for the environment is essential, other benefits can also be realized by becoming more sustainable. Being able to become more responsible for your company’s background can help boost its reputation and attract more potential customers.

Contrary to popular belief, going green can help your company’s growth. In many cases, it can lead to new and innovative products and services that will help your target market become more accepting of your values.

Although it might seem costly, going green can help your company’s bottom line. Not only can it save you money, but it can also help the environment by reducing the amount of energy your company uses. Other ways to go green include implementing energy-efficient lighting and buying local.

Reduce Energy Use

Before you start implementing a plan to go green, you must have a good understanding of your company’s energy consumption. Having a smart meter can help you monitor your company’s overall energy usage and identify areas where changes can be made. Having an up-to-date energy performance certificate (EPC) is also essential to ensure that your company’s buildings are energy efficient. This will allow you to identify areas where improvements can be made.

One of the most significant energy-consuming components of an office building is its lighting. Aside from using natural light, it’s also essential to consider the various factors that affect the building’s energy usage. One of the most significant changes that can be made is to replace the older, inefficient lighting with more energy-efficient models.

Go Paperless

In the US, office workers use over 12 trillion sheets of paper annually. Not only does this amount to a lot of trees, but it also costs a lot of money.

Try implementing online billing and paperwork to cut down on paper waste and increase your physical storage space. Not only will it help reduce your paper usage, but it can also help you save money on your bills. One of the easiest ways to implement this practice is by sending email receipts to customers.

Although a 100% paperless office is a noble endeavor, it can sometimes be impractical. Even if you can still use a piece of paper, make sure you purchase sustainably sourced paper. Not only will it help reduce your paper usage, but it can also help you save money on your bills.

Jimmy Lustig Highlighting Some of the Most Influential Philanthropists

Highlighting Some of the Most Influential Philanthropists

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On June 16, 2022

In James Lustig, Jimmy Lustig, Philanthropy

One of the most important factors that people can consider when it comes to living is giving. Being able to give back to the communities that you live in is a powerful way to create a deeper sense of purpose and make a difference in the world. In the U.S., there is a culture of philanthropy that involves high-net-worth individuals giving to various causes.

Some of the most prominent philanthropists in the world make their impact by giving back a portion of their wealth. Even if you don’t have the necessary resources to support a large number of charitable organizations, you can still give back to the communities that you live in.

Andrew Carnegie

One of the wealthiest individuals in history, Andrew Carnegie died almost a hundred years ago. Despite his passing, he is still regarded as the biggest philanthropist in the world. Due to the growth of the steel industry in the U.S., he was able to create a fortune that was worth almost $200 billion in 2007.

Over the course of his life, he gave away over 90% of his fortune. He established several schools and universities, as well as thousands of libraries and free public libraries across the world. He also supported the construction of thousands of church organs. Carnegie Hall, which is regarded as one of the most famous structures in the world, was also built as a result of his philanthropy.

Paul Tudor Jones

One of the most prominent philanthropists in the United States is Paul Tudor Jones, a hedge fund manager. He is known for his work with the Robin Hood Foundation, which focuses on providing education to children in New York. Through his fund, he has made real and measurable investments.

Through his network of fund managers, Jones could raise additional funds and partners for his charitable organization. He has also been able to create a network effect that has increased the impact of his work.

Bill and Melinda Gates

Bill Gates is one of the most successful entrepreneurs in the history of the information age. Through his company, Microsoft, he has been able to become one of the world’s wealthiest individuals multiple times. He has given away over $100 billion to various charitable organizations. Through his partnership with Warren Buffett, the Bill and Melinda Gates Foundation has focused on multiple global health and education issues.

Ray Dalio

Through his charitable organization, the Ray Dalio Philanthropies, the founder and CEO of the investment firm, Ray Dalio, has supported various causes. His approach to philanthropy is different from other prominent individuals because he doesn’t look for credit and instead focuses on making his donations in secret.

Through his charitable organization, Ray has been able to support various causes. He has partnered with the Boys & Girls Clubs of America to fight human trafficking.

Warren Buffet

One of the wealthiest individuals in the world, Warren Buffett, is also one of the most generous philanthropists. Through his charitable organization, the Warren Buffett Foundation, he has been able to support various causes.

Due to his success in investing and personal frugality, Warren Buffett partnered with Gates to create the Giving Pledge, which urged America’s wealthiest individuals to give most of their wealth to charitable organizations. Through his philanthropy, Warren Buffett has been able to support various causes.

 

Jimmy Lustig How to Give Back Without Giving Money

How to Give Back Without Giving Money

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On April 22, 2022

In Blog, Jimmy Lustig, Philanthropy

While it’s important to give back to the community, it doesn’t have to be a big cash donation. There are a variety of ways to support local nonprofits and charities. Doing so can help them reach their goals and provide them with the resources they need.

  1. Donate Blood

You can help save three lives each time you donate blood if you’re healthy and weigh 110 pounds or more. It can be done six times a year. To schedule an appointment, contact your local blood center.

  1. Volunteer Time

Getting involved with a local charity or nonprofit organization can be a great way to support them when you can’t offer up cash. Many of them rely on volunteers to help with various tasks, such as collecting donations and organizing events. To find out more about volunteering, contact the charity you’re interested in supporting.

  1. Save Unneeded Materials

Sometimes, donating used items can help a local charity. For instance, a local thrift store uses donated plastic bags instead of purchasing their own to package merchandise. It asks its supporters to bring in their extra plastic bags when dropping off their donations

  1. Share Your Network

If a charity you follow reaches out to you for help, consider if members of your professional or personal network would be able to assist. For instance, if a building repair project needs help, you might have a friend who lives in a nearby town who can help.

  1. Purchase Goods from Charity Shops

Although it’s not always possible to give back to the community with cash, you can still support local charities by shopping at stores that sell goods and services that support them. For instance, many thrift stores are operated by local organizations such as The Salvation Army. These stores sell used goods and services to raise money for various charitable causes.

  1. Donate Old Items

If you have too many clothes, books, or other items that are no longer useful, consider donating them to a charity or giving them to someone who needs them. Doing so will allow you to claim a charitable donation on your tax return, and the charity can benefit by either reselling them or giving them to people in need.

  1. Raise Money Through Crafts

Making and selling sweet treats or crafts is a simple and effective way to support local charities. You can sell various types of crafts and products, such as pet treats and decorative items, and a portion of the proceeds will go toward supporting the charity. If you’re a skilled knitter, consider donating your creations to a charity that will use them to provide warm clothes and other items to people in need. Likewise, if you’re a skilled cook, consider helping a local soup kitchen by making meals for those in need.

  1. Share Your Skills

You can also help others by volunteering as a board member or mentor for a charity or church. For instance, if you’re a retired business executive, you can help new entrepreneurs by giving advice on how to navigate the marketplace.

 

Great TED Talks All About Giving

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On January 16, 2022

In Jimmy Lustig, Philanthropy

While philanthropy and giving are wonderful endeavors, they’re often met with criticism for a multitude of reasons. It’s important that we strive to constantly learn and improve the way we approach philanthropy, and one of the best ways to do that is to listen to the experts. Many philanthropists have given TED Talks over the years, and they can be a great way to learn more about the subject, and how we can improve it in order to make sure marginalized groups and those in need are getting the support they deserve. Here are a few of the best TED Talks about giving.

The Way We Think About Charity Is Dead Wrong – Dan Pallotta

Dan Pallotta believes that innovation and risk-taking are the keys to making philanthropy successful. In his talk, he challenged philanthropists and non-profit leaders to be willing to fail in order to truly succeed.

In his talk, Dan challenged the notion that traditional charity should be run as efficiently as possible. Instead, he argued that investing in the leadership and technology of non-profit organizations could actually create more positive change.

The Why and How of Altruism – Peter Singer

When we see a video of a child who has been seriously injured in a car accident, we usually assume that we would immediately help the child. However, when we see the number of children who die every day due to hunger and disease, we realize that we have a lot of hypocrisy and inaction.

Peter Singer argues that being able to live without want is a natural inclination to be altruistic. However, he suggests that there are ways to balance the practicality of giving with the emotion of doing good.

Why Giving Away Our Wealth Has Been The Most Satisfying Thing We’ve Done – Bill and Melinda Gates

In 1993, after taking a walk on the beach, Bill and Melinda decided that they wanted to give away their wealth to society. In this interview, the couple talks to Chris Anderson about their marriage, their failures, and how they’ve enjoyed giving away most of their wealth, claiming it’s been one of the greatest decisions they’ve ever made.

Want To Help Africa? Do Business Here – Ngozi Okonjo-Iweala

Despite the negative images of Africa, there are also positive stories happening in the continent, according to Ngozi Okonjo-Iweala. She believes that there are plenty of business opportunities in the country.

In her talk, Okonjo-Iweala challenged the world to include Africa instead of just giving aid. She argued that by engaging the continent in the global economy, we can create a significant impact in a way that traditional aid can’t.

4 Red Flags Among Charities To Look Out For

4 Red Flags Among Charities to Look Out For

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On August 23, 2021

In Blog, James Lustig, Jimmy Lustig, Philanthropy

As the wallet empties, the heart is filled. Part of being a person is helping the needy. However, some errant individuals are preying on innocent souls without flinching an eye. They are running charity organizations to solicit aid, only to swindle naïve citizens. Be wary of the following four red flags before giving out to charities.

Extremely Dubious Operations

Any charity organization that is not transparent in its activities is not worth your resources. The majority of fake charities are suspicious of their grant expenditure. They cannot precisely point the finger at what they have done with the relief funds they received.

Consequently, a charity that claims 100% disbursement of its funds to the cause is equally alarming. A charity has expenses and bills to sort out, such as salaries, administrative costs, and rent; hence they may only tunnel about two-thirds of their grants to the noble cause.

The Charity Is Fresh

A young and new charity organization that claims to have an enormous track record is another red flag to look out for. Before generously sharing out your resources, scan through the internet for reviews as well as a portfolio on the subject of charity.

Zero reviews depict the charity is fresh and probably started a few days ago.

Pestering Phone Calls and Emails

Once you’ve committed to giving, the charity is not giving you space to breathe. Unlimited phone calls, text messages, and emails confirming your status are another red mark. A genuine charity should not seem to prey or focus on your giving. The majority of scam charities keep bothering individuals to the extent of imposing deadlines on the aid. In case you start receiving badgering calls, run and don’t look back.

The Charity Is Unregistered

A search of the particular organization in the directory of charities is futile; then, you are likely to be falling for a scam. All non-profit organizations and charities are locally regulated and registered in various authorities. A genuine charity will not dodge registration by any means whatsoever.

Charity sees the call, not the cause. As you benevolently help out the needy, look out for the above four signs of any malicious charity organization.

How To Choose A Charity For Your Business To Support

How to Choose a Charity for Your Business to Support

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On August 22, 2021

In Blog, James Lustig, Jimmy Lustig, Philanthropy

Businesses that give back to the community also benefit from their generosity. Donating to local organizations helps to create a happier, healthier, and more prosperous neighborhood. A reputation as community-minded also aids in the overall public opinion of the business. The choice of who to support is a crucial decision because not all charities are equal. A few guidelines can help any business manager to choose wisely.

Choose Ethical Charities

Any charity a business selects to align itself with needs to have a good reputation. Make sure the group is an organized and legal nonprofit with excellent recordkeeping. Transparency is vital in how donations get dispersed and what percentage of funding goes to the cause versus administration. Experts recommend charitable organizations keep their administrative costs at or below 15 percent of their total budget. Some reputable groups may rise above this amount, but the variations should not be much higher.

Ensure Measurable Accomplishments

Select a nonprofit that has a record of achievements. Any established group receiving regular donations should have the ability to detail what they have built or improved in the community. Continue to follow those that promise future benefits without making a financial commitment to see if they meet their goals.

Pick Relatable Organizations

A medical-related company may want to give to health-centered charities. A business that focuses on children should choose a nonprofit that helps with children’s causes. The customers of any business will appreciate a company giving back to things that mean the most to them. The right choice of charity can also help increase the visibility of the company to potential customers.

Keep it Local

National and international charities do impressive things, but everyone wants to see their community thrive. Small businesses usually rely on support from their neighbors. Helping those neighbors is a way to say thanks for the support.

Support of a local cause can help increase public awareness of a business and draw in new customers. Charitable work is a way for business owners to network within the community and create connections they would have missed otherwise. Giving back allows a company to make a difference in its community, and that helps everyone.

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