The Aphorisms of Charitable Giving

The Aphorisms of Charitable Giving

It’s December and there is not much time left to get those charitable contributions (read: tax deductions) completed before it’s too late (read: deductible in 2013 rather than 2014). We all have our ways of determining which charities to support and our own philosophy of giving; this week, I thought I would share part of mine, using as illustrations some of those folksy expressions we often hear but to which we pay little heed:

“Charity begins at home.” Generally this saying is used disparagingly against charitable giving. Why give to charity when you can use the money to enrich your own life? But, I like to think of this saying in a different way by favoring charities that impact close to home. Therefore, my top picks in this category are (again, MY top picks, not necessarily yours):

• The Withum Employee Hardship Fund, about which I blogged last  week, exists to help employees in my firm who are facing extraordinary financial hardship. Over the past year, we have assisted a couple of Sandy victims as well as an employee facing large medical bills.
• The Dreyfus Family Needs Charitable Trust, a similar fund at my wife’s place of employment (BNY Mellon, Dreyfus Service Corporation). As Sandy victims ourselves, Dreyfus generously made a grant to us which left us speechless. Pay it forward, baby!
• Temple B’nai Torah, also discussed in a previous blog, is our local house of worship, and a true favorite in our charitable planning. TBT provides a religious and social network for 490+ families on the South Shore of Long Island.

“Give a man a fish and he eats for a day…” Again, often used as an argument against making handouts to the poor (and the first half of the next saying). But, because short-term hunger does exist, often through no fault of the hungry person, and will always exist at different times and places, isn’t the short term solution of “giving a fish” necessary?

• Mazon – A Jewish Reponse to Hunger, is an organization that fights hunger here and abroad. It seeks to provide those short term solutions for hungry people while at the same time advocating for ways to end hunger by attacking its root causes.

“…Teach a man to fish and he eats for a lifetime.” The second half of the saying immediately above with which I agree wholeheartedly – education, education, education – long-term, it is always best to give a “hand up” instead of a “hand out.”

• Binghamton University, the public university from which my wife and I graduated, provides world class educational opportunities for students of modest means, many of whom are first generation college attendees or children of immigrants. We will be forever grateful for our start at Binghamton and, as long as it remains true to its mission, will support it both financially and as a volunteer.
• New Ground, a Long Island based charity that educates and empowers families and veterans who are caught in the vicious cycle of homelessness. By taking a “tough love” approach to this problem, New Ground hopes to break the cycle of homelessness and enable its clients to function independently for generations to come.

“Save for a rainy day.” If you follow this blog, you know that I love the donor advised fund. These funds enable you to put aside some money today (or donate long term appreciated securities), and get a current tax deduction while leaving the determination of the ultimate beneficiaries to some point in the future. In addition to my regular charitable contributions, I like to make sure that my donor advised fund is replenished for use down the line in supporting charities when our discretionary income may not be as plentiful.

Whether you have a formal, written mission/vision statement to define your philanthropic impulses or you follow your religious precepts, or you just want to give back to help others, I urge you to set aside some time now, during the holiday season, to make your charitable giving a reality.