Tag: Jimmy Lustig Page 7 of 9

Picking The Right Philanthropy For Your Business James Lustig

Picking the Right Philanthropy to Support as a Business

On January 21, 2020

Choosing a philanthropy to support as a business is different than choosing one to support as an individual. While there are a few things to consider prior to choosing a philanthropy, similar values are the most important. Especially if the business is asking its customers to be involved, it is important to make sure that the business is giving to a philanthropy that matches the business at some basic levels.

For instance, a business that focuses on the educational needs of children could easily partner with a philanthropy that builds schools in third world countries. This would be a perfect fit because the business customers and employees would already be tied to the educational process. On the other hand, if the business chose a philanthropy that helps addicts recover, it could be a difficult partnership because there are no similarities between the two. Here are three other things to take into account when choosing philanthropy for a business to support.

The Timeline of Impact

True impact in philanthropic terms takes time, but short-term wins are important also. Hosting a service activity for customers and employees at a local non-profit is an example of a short-term win that could turn into a long-term impact. The key is to be in it for the long-term but to celebrate short-term wins along the way.

The Type of Impact

It is important to explore this topic with honesty from a personal and business perspective. If a company wants to explore philanthropic endeavors primarily to help the business and create positive publicity, that is ok and even encouraged. On the other hand, if the business decides to pursue philanthropy for the sake of helping a non-profit, it will be a more difficult and more worthwhile thing.

How a Philanthropic Partner Should Look

It is vital for a business to find the right partner. This goes deeper than the above mentioned “similar values” concept. Businesses that operate on a for-profit basis often have different definitions of success than their nonprofit brethren. A for-profit business is results-oriented and can only succeed if they produce a good product. A nonprofit business, on the other hand, can operate without ever producing a product or reaching a goal as long as it continues to raise funds. It is important for a business to partner with a nonprofit that shares its values or frustration will set in.

Philanthropy Trends to Expect in 2020

By Jimmy Lustig

On December 23, 2019

In Blog, James Lustig, Jimmy Lustig

Philanthropy is a never-ending endeavor that is designed to promote community well-being and solve problems within a society. Many nonprofit organizations and businesses use philanthropy to change lives and to improve social conditions. The process of philanthropy is always evolving. Every year new trends emerge that help to make the act of philanthropy a more practical and effective activity. The following trends for philanthropy in 2020 will be presented here.

Donors Will Have a More Personal Impact with Giving

Forbes stated that donors want to know that their contributions are making a difference. The amount of money that a donor gives to a cause doesn’t make a difference. Large corporations that give millions want their voice to be heard and so does the average person who only gives a few dollars. They want to tell their story or have input into the best way to change a negative social situation. Nonprofits will have to provide their donors with a platform that will allow them to be heard by everyone.

Nonprofits are Going to Team Up with Third Party Organizations to Reach Donors

Another philanthropy trend that will be present in 2020 has to do with third party donations. According to Nonprofit Tech for Good, third party businesses will be utilized for reaching more donors. Third party businesses used for this purpose will include streaming services, video sites, various mobile applications and through various service orientated enterprises.

Nonprofit Platforms for Building Communities and Keeping Donors

Nonprofit organizations are constantly expanding on mobile platforms for building donor communities. Mobile devices, computers and various forms of electronics are being integrated into an interconnected scheme to keep donors aware a cause. Nonprofit platforms will utilize applications, websites, blogs, social media and mobile advertising to provide donors with information, donation opportunities and updates about issues.

Text Donations will Increase

Donors are going to be giving more money through text messages. This is important because text message giving is easy to perform, and people generally pay attention to what is being sent to their phones. This method of giving will increase throughout 2020 and beyond.

Artificial Intelligence

Artificial Intelligence will be used for more philanthropy efforts in 2020. This means that donors will be able to give more giving to their causes with less efforts. They can simply tell their smartphones to give a donation and an AI program will perform this task. Donors will continue to stay more involved with a cause.

Student-Run Philanthropy Spotlight: THON

By Jimmy Lustig

On December 16, 2019

In Blog, James Lustig, Jimmy Lustig

It began as a simple idea way back in 1973. Why not hold a dance contest to raise money for kids battling cancer? Since then, students at the University of Pennsylvania have turned that first dance fest into one of the most successful fundraising movements in American history. THON – short for dance marathon – was the brainchild of then Penn State Interfraternity Council President Bill Lear.

The first THON drew 78 dancers, lasted 30 hours and raised just over $2,000. Since then, THON has raised an amazing $168 million. The money is delivered to the Penn State Children’s Hospital where it is used for the direct care of patients and cancer research.

The annual Penn State THON has spun off numerous “mini-THONs” held at area high schools. These have raised an additional $36 million for Four Diamonds, a foundation associated with Penn State Children’s Hospital.

Today THON events are huge and have become an annual institution for Penn State students. Thousands of participants flocks to the Bryce Jordan Center to either dance or cheer on dancers determined to prevail in the grueling marathon event.

Keeping the events organized and safe requires literally hundreds of highly coordinated volunteers handling an array of specialized tasks. One of the 16 groups, for example, is charged with monitoring the health, hydration and well-being of the “thonners” who may be on their feet dancing for up to 46 hours.

In addition to raising money to treat kids with cancer and pay for medical research, THON events are invaluable for raising public awareness. That’s important because pediatric tumors are so rare, many people don’t know this problem exists. Pediatric cancers are less than 1% of all malignancies and will affect 1 in 200 families. About 16,000 cases are reported annually for people age 20 or younger.

While it’s a good thing that pediatric cancer is rare, it presents problems for medical researchers who are working to treat and cure the problem. Limited awareness makes raising funds extremely difficult. That’s exactly why THON is a blessing for those afflicted and those determined to beat this disease.

THON is the largest student-run charity in the world. It has helped more than 4,000 families and has marshaled the contributions of 16,500 student volunteers.

What is Impact Investing?

By Jimmy Lustig

On November 21, 2019

In Blog, James Lustig, Jimmy Lustig

Investors have the power to improve the world and turn a profit at the same time, they merely need to find the right methods for doing so. Impact investing is one such technique, one that is growing in popularity as more and more people take an interest in corporate responsibility.

How it Works

Impact investing is an investment strategy that focuses on businesses that have a positive impact on the world. Investors look for companies or small businesses that have good environmental policies, provide opportunities to underprivileged communities, or offer other benefits to society. However, they still also look for businesses that can turn a profit.

Both aspects are important because companies need to make money and stay in business in order to provide societal benefits. Investors who turn a profit can dedicate even more money to impact investing or general philanthropy. A talented investor can turn impact investing into a virtuous cycle that provides both social and financial benefits to everyone.

Myths and Misconceptions

There are quite a few myths surrounding income investing. Many of them deal with the potential for profits. For example, some investors believe that impact investing necessarily has lower rates of return than other methods. That is not the case. Investors have reported internal rates of return as high as 34% on their investments, which demonstrates the potential for profit.

Other investors worry that they will need to tie their money down for long periods to see a reasonable return. The average holding period for income investors is roughly five years, which is on par with that of venture capital firms. Investors can expect a reasonably rapid return on their investment as long as they choose their investments wisely.

The Results of Impact Investing

Impact investing really can make a big difference for a community. Businesses that operate in developing nations often need relatively small investments of capital in order to thrive. Those that get the investments provide livelihoods for their workers, who can go on to spend their wages in the local economy. That fuels more growth and encourages development.

Impact investors can also encourage companies to focus on protecting the environment, such as by providing alternative jobs to people who work in destructive industries. Impact investing is getting more popular over time, so it is likely that the positive impact will likewise continue to increase.

Exploiting Myths About Philanthropy

By Jimmy Lustig

On October 14, 2019

In Blog, James Lustig, Jimmy Lustig

Philanthropy is one of the most important parts of an American altruistic culture. However, it is also one of the most misunderstood aspects. The American understanding of philanthropy focuses on big gifts from single donors and obscures the actions of people who work from the ground up. This distorted focus encourages charitable organizations to approach giving and development in ways that arguably do not work.

American media love a big story about donations from a single person. Pointing to figures like Andrew Carnegie, Bill Gates, or Julius Rosenwald is an easy, uncomplicated story to tell. It also feels good to know that people who have made a lot of money haven’t forgotten about those who have very little. These stories make great morality tales and the men behind the donations really do make a big difference.

However, focusing on large donations from the very wealthy is not necessarily efficient. The truth is, plenty of people who live outside of the 1% give small donations that can really add up. Whether those donations come in the form of money, time or donated labor, they are all of value. For example, college students and recent graduates don’t always have a lot of money to give, but they may be able to work an internship or donate time in the development office. Cultivating those relationships can mean more donations down the line. It can also be a great way to develop new talent for the organization.

It’s also important to understand those small donations can add up. A thriving community that donates regularly can actually be a better source of donation income than a wealthy, fickle donor. Evidence for this can be seen in the Latinx community, where donations to organizations like churches and mutualists are common.

Many nonprofits also neglect to understand the data around giving. Though most Americans donate to charity annually, they do not necessarily give to the same organizations every year. Organizations also tend to believe that women give less than men, and this is often untrue. Data shows that, today, women are the higher source of income for up to two-thirds of American families. Many women are also large donors. People like Sheila Johnson and Oprah Winfrey are often left out of conversations about giving, but they give millions annually to a number of causes.

No matter the common myths that are debunked around philanthropy, the most important piece of knowledge to take away from charitable giving is that any amount, large or small, can make a difference.

Suggestions for a Company Volunteer Day

By Jimmy Lustig

On September 23, 2019

In Blog, James Lustig, Jimmy Lustig

Companies put a great deal of effort strengthening teamwork skills in an effort to make the work environment a better place. While there are numerous activities that can be done in the actual workplace to improve this, volunteer work is one of the best options. Having a company volunteer day not only gives workers the opportunity to give back to the local community in which they live but it can strengthen their bonds with each other as well. There are a wide variety of different company volunteers that can be held.

Food Banks provide the perfect opportunity for companies to give back to those in need of food to feed their families. Local food banks are in constant need of volunteers to help sort, package, cook, and serve local community members. Taking a weekend to lend a hand to those who are in need of food not only helps the hungry but is an excellent morale boost. Volunteering at a food bank also can provide employees with a sense of the scope and severity of hunger in their neighborhood, leading them to live a more sustainable life and produce less food waste.

Taking the time to spruce up and clean a local neighborhood or park is another great way to host a company volunteer day. This would also serve as an excellent team-building activity for the workers. Whether it be collecting litter, planting new trees, or helping to paint a community building, there are many things that can be done to improve the community that you live in.

Hosting a drive to help collect items such as backpacks or clothes for children at the beginning of a school year is also another wonderful company volunteer platform. While it doesn’t necessarily have to be these particular items being collected at the drive it could be something that your local community is in dire need of. During emergencies, many companies host a local blood drive when there is a shortage. Drives are a perfect way to rally the company together for a good cause. This is also a great opportunity for employees to contribute by bringing in items if they are unable to attend the actual volunteer event.

If these suggestions don’t seem to fit the bill for your particular company, take the time to meet together and let employees decide on a volunteer activity. Have an open discussion with the team to see what means the most to them right now, and make plans to form a company volunteer day. This type of volunteer work can boost morale and help to build leadership skills while building a sense of altruism.

How to Encourage Your Employees to Volunteer

By Jimmy Lustig

On September 17, 2019

In Blog, James Lustig, Jimmy Lustig

Of late, corporate social responsibility (CSR) and the broad concept of philanthropy have gained increased attention where businesses commit themselves to give back to society. The success of CSR projects depends on how well-coordinated they are. To increase the success of charity projects, companies should endeavor to involve their workers by encouraging them to volunteer in various ways.

Making giving a corporate culture

The art of giving can be enforced within your company by making charity a corporate value and internal culture. Employees joining your company will be highly likely to adopt such a culture and commit themselves to live by it. Besides, businesses that have incorporated the culture of giving in their internal values stand a better chance of attracting employees that have a passion for philanthropy.

Allocating responsibilities

To win the hearts of your employees towards giving to charity, you should endeavor to allocate related responsibilities to workers who have a passion for CSR. Once you identify employees who are committed to serving society through charity, giving them an opportunity to organize and coordinate the fulfillment of the CSR projects cements their commitments.

Recognizing employees’ dedication

Employees who have dedicated themselves to fulfilling charity projects that are organized internally by your company should be appreciated and recognized. Recognizing the top participants in philanthropy encourages more workers to show commitment to similar projects in the future. Such recognition can be in the form of giving workers certificates of participation or even branded attire that recognizes their philanthropic efforts.

Showing commitment right from the top

Employees are highly likely to follow suit the foundations laid within the workplace by the senior managers. The entire C-suit structure of your company, including the president, Chief Executive Officer, and other senior managers, should show commitment by attending CSR projects. Whereas such projects should not be made mandatory for other employees, the senior management will generally serve as a role model and encourage employee participation.

Making CSR fun and attractive

The last incentive that can attract your employees’ participation in charity projects is by making the projects fun. Creating teams that compete and win prizes during the project brings even the workers who have no passion for philanthropy on board. Pictures and videos of the event can also be published on the company’s social media platforms as a way of fronting the workers to the market and showing their dedication.

The Most Philanthropic Athletes

By Jimmy Lustig

On August 20, 2019

In Blog, Jimmy Lustig

In this day and age, sports fans around the world demand far more philanthropic activity from athletes than ever before. With athletic contracts and sponsorship deals putting many of today’s athletes into countless Forbes “wealthiest people” lists, it would be quite surprising if these athletes were not giving back to their communities or donating to charities. Fortunately, many of today’s superstar athletes make it a priority to pursue philanthropic endeavors, propelling some of them to even start their own non-profit foundations.

The Top 10 Most Philanthropic Athletes

Serena Williams – The world-famous tennis superstar is arguably the leading philanthropic athlete, donating her time and money to a broad range of charities around the world, most notably including UNICEF.

Colin Kaepernick – This NFL star has a bad reputation amongst some football fans, however, the former football player has taken up activism full-time and has donated a large portion of his NFL earnings to causes like social justice and education.

Ronda Rousey – MMA’s top female athlete of all time has spent a lot of her free time helping out underprivileged children, teens, and young adults.

Cristiano Ronaldo – Soccer’s megastar might be one of the wealthiest athletes in the world currently. He is well known for helping children’s hospitals, schools, and other foundations. He also has a habit of donating his winnings from various competitions to charitable causes.

Lebron James – He is arguably in the top 5 list of greatest NBA stars to ever play the game. His off-court charity game is equally as impressive as he donates time and money to children’s education through his self-named organization.

John Cena – WWE is officially classified as a sport, despite its theatric qualities. There is no acting, however, behind Cena’s leading role in the Make a Wish Foundation charity, helping to grant over 500 wishes so far. He is also invested in spreading awareness and raising funds to beat breast cancer.

Conor McGregor – Despite his bad-boy image, Conor is heavily involved with Irish charities and mentorship programs. He has donated to help out homeless shelters, children’s hospitals, and more.

Michael Phelps – The most decorated Olympic athlete of all time is also the most giving. Phelps has donated millions of dollars of his own money and his time to help underprivileged kids through his own organization.

Carlos Beltran – Baseball’s most charitable player is without a doubt Carlos Beltran. He is known to occasionally drop millions of dollars into children’s charities that he supports, and has started his own organization to provide hurricane and natural disaster relief.

Tiger Woods – Despite his marital meltdown and slight fall from grace, Woods has always been a huge giver and continues to be. He is particularly well known for helping impoverished young adults pay for college.

Philanthropy Trends of 2019

By Jimmy Lustig

On July 19, 2019

In Blog, Jimmy Lustig

With the better part of this year behind us and the mild weather months on the horizon, this time can be used to reflect on the trends that we have seen in philanthropic involvement this year so far. Identifying and analyzing current trends in philanthropy and how they have changed in comparison to previous years is the best way to make future predictions. We can use these trends to predict how societal involvement and philanthropic engagement should pan out in 2020 and even beyond.

Donations are increasing

Since the Great Recession, total charitable donations have been on the rise. Since 2014, the U.S. is continually surpassing their total donation amount year after year, with no evidence of this trend slowing down anytime soon. However, while most would attribute this to a rise in the number of households becoming involved in philanthropic engagement, it is actually more likely due to a larger monetary amount donated from the same number of households, on average. The donor pool is decreasing, while the donation amount continues to rise.

More millennial involvement

The millennial generation is the most recent age group to begin to enter the workforce. With this emergence comes a new generation of socially aware individuals with a salary and income to support their philanthropic desires. Millennials are a generation surrounded by social media influence where activities, like volunteering and donating to charities, are broadcasted. Seeing others involved in acts of kindness and volunteering is contagious to others, with help from real-time streaming and technology available on smartphones.

A rise in impact investing

Impact investing is the act of investing in companies that are intending to not only gain fiscal profits but also provide social impacts to benefit organizations that align with the company’s mission statement. This is not a new concept by any means, but it is an activity that has seen a rise in interest by many industries in recent years. Impact investments provide a way for donors to be able to advise and oversee their funds, which appeals to the businesses who are more considerate of making a profit while also doing good for society.

Technology making us more knowledgable

Philanthropists and donors are interested in knowing more about their charitable impact. Donors are becoming more focused on results and have been known to increase their charitable contributions when they are provided information on how their donation has directly impacted the organization and cause. Technological advancements make it easier to provide donors with this information. It is now easier than ever to spread awareness of organizations and even more simple to make a donation with the click of a button on a social media profile.

It is likely that these growing trends from 2019 will follow us into 2020. With technology and social impact progressing as it has been, there is no limit as to what philanthropic trends we might see in the near future.

Tax Benefits Of Philanthropy James Lustig

The Tax Benefits of Philanthropy

By Jimmy Lustig

On June 24, 2019

In Blog

Volunteering in a charitable organization that is important to you can provide many altruistic benefits, like a feeling of selflessness and compassion. Those benefits alone are typically enough for individuals who are heavily involved in philanthropy and serve as a motivating factor to continue to contribute. However, as an added bonus, philanthropic contributions can also provide financial benefits to volunteers as well in terms of their taxes. While tax deductions are not typically the driving factor behind most philanthropic engagement, it is still helpful for volunteers to know about the fiscal benefits of their hard work and dedication.

Cash Donations

Donating money to a charitable organization provides them the opportunity to choose what they use your contribution for. In most cases, monetary donations are used by philanthropic organizations and nonprofits to cover expenses. Since nonprofits do not receive revenue profit, as the name alludes to, all expenses that they face are covered by donations or pro bono contributions. This can go towards amenities and necessities like supplies, research, events, and employee compensation. So long as you save your receipts and any documentation of monetary donations, you can claim a tax deduction for the fiscal year in which it was made.

As with any governmental involvement, there are limitations on these tax deductions. However, for most individuals, the ceiling of how much you can donate is not usually an issue. A percentage of your gross income is able to be match from your contribution to your tax deduction. It is recommended to consult with a local tax professional if you plan to make a bigger donation to be sure that you are educated on your tax deduction limitations.

Non-cash Donations

Non-cash donations offer an endless amount of ways that individuals can get involved in philanthropic endeavors. Many people think that they are not fit for philanthropic involvement due to a lack of funds but this is not the case. Volunteering your time is a great way to help a charitable cause while remaining financially sound. Since most charities run as non-profit entities, they are always welcoming volunteers to assist their employees in their missions. You can itemize a list of the resources that you used to volunteer for tax deduction benefits, like time, mileage, parking expenses, etc.

Donating items like clothing, glasses, shoes, furniture, and technology are another way that people can be involved in bettering society through philanthropic contributions while also ridding themselves of items that they no longer need. As always, saving the receipt for these donations will make them tax deductible.

There are also a number of very generous individuals who donate high value items like cars, houses, and land. There is a fair amount of paperwork involved in these donations as the items carry a higher appraisal value than others. This is when it is especially important to consult with a tax professional to be sure that all areas are being covered when making a large donation like this if you intend to declare it on your next tax deduction.

No matter the donation, large or small, monetary or not, any charitable contribution is making a positive impact on an organization and helps them take the necessary steps towards accomplishing their mission. Just be sure to retain all paperwork and proof if you intend to reap the fiscal benefits in addition to the altruistic ones.