Page 18 - Healthcare News Nov/Dec 2021

A Time to Give
reater
It’s important to tell these
stories — to let people know what these nonprofits are doing to serve the people of this region and about the help they need to carry on their missions.”
to do a broader reach to people, organizations, and initia- tives that need help financially, as well as with volunteer- ing.
“Now, more than ever, it’s important to help these or- ganizations reach those people who need a service or basic needs,” Moriarty went on. “It’s important for the business community to lead the way.”
Elaborating, he said that, while it’s always important to give back, this year it is even more important to consider the needs of area nonprofits and look for ways to support
Please see Giving, page 19
IC “
t’s Always Time, But This Year, the Need Is Even G
arla Cosenzi says the challenges facing area businesses can do just that.
businesses due to the pandemic and many ac- Dan Moriarty, president and CEO of Monson Savings
companying forces, from workforce shortages Bank, another long-time sponsor of the Giving Guide,
to supply-chain issues, are well documented and generally agreed, noting that many understood. nonprofits are facing fiscal
CARLA COSENZI
rants and the auto industry with the chip shortage, but
it seems that we sometimes forget to talk about the non- profits, which are suffering just as much, if not more,” said Cosenzi, president of Tommy- Car Auto Group, adding that an ongoing desire to support and bring attention to the
DAN MORIARTY
especially an inability to stage many of their traditional fund- raising events.
He said Monson Savings has committed itself to sup- porting nonprofits even if they can’t stage that annual bowl-a- thon, dance, or dinner, and he encourages other businesses to
missions — and the needs — of these nonprofits is why her business supports many such organizations, and also sponsors BusinessWest’s annual Giving Guide.
“It’s important to tell these stories — to let people know what these nonprofits are doing to serve the people of
this region and about the help they need to carry on their missions,” she went on, adding that, at this time of year, and especially at this challenging time, it is important to give back in the many ways that individuals, groups, and
do the same.
Meanwhile, many nonprofits have been forced to down-
size for the same reasons and are trying to carry out their missions with smaller teams and fewer resources, and at a time when the need has perhaps never been greater.
“In the wake of what everyone has been going through with the pandemic, a lot of the funding and contribution sources for these nonprofits has maybe been put on hold or delayed,” he said. “That’s why it’s important for local businesses, and especially the community banks like ours,
“People know about restau- challenges because of COVID,
Giving Is Important
But How You Give Can Definitely Improve Your Impact
BTy DONNA M. ROUNDY, CPA and COREY JENKINS, CPA
he holiday season is the time of year when we importance of giving what you can. While every little bit look beyond our own wants and focus on how we counts, the way you donate funds may cause more work can use our resources to give to our loved ones, for organizations if you are restricting your gifts.
friends, and those less fortunate. During this season of giv- Restricted Gifts Are More Cum-
the biggest need or request for support. If large donations are allocated to programs that have a smaller need base, this could result in one program being overfunded and others struggling to stay afloat. Instead of restricting gifts, donors should consider donating unrestricted funds to assist with the organization’s overall mission, with confi- dence that their chosen charity will put the funds toward areas of most need.
Competing for Contributions
In the age of social media, the donor pool for nonprof- its is now anyone who has access to the internet. Large national and worldwide organizations with big marketing budgets can access anyone with a Facebook, Instagram, TikTok, Twitter, or other social-media account. Local not- for-profit organizations in your own neighborhood now must compete for your attention, often with a fraction of the marketing budget. When choosing who to donate to, keep the following in mind:
• Keeping your dollars local is a great way to give and support the community where you live and work. While completing your holiday shopping, look around and really consider where the need is in your own community.
• Many large, nationwide charities have local chapters
Please see Not-for-profits, page 19 /HEALTHCARENEWS
ing, don’t forget about your local not-for-profit agencies. These organizations face many challenges, including using limited resources to help the increased number of indi- viduals looking for assistance as we continue to navigate through the COVID-19 pandemic. There are some ways we, as individual donors, can ease those challenges.
People Are Charitable and Give What They Can
Taking a broad look at who is giving, Baby Boomers represent the largest average gift per individual at $1,212. While 72% of Boomers give, a not-far-distant 60% of both Generation X and Millennials also give.
Reasonably, as Millennials are encumbered by student debt and starting salaries, they have the lowest average annual gift at $481. Gen-Xers fall in between those two generations for individual giving, but they also make their presence known by leading their generational counter- parts with volunteer hours served.
Many things in life come down to whether you have more time than money. Many charities rely on monetary donations to keep functioning, so never underestimate the
bersome Than Unrestricted Gifts
Donors have the option to restrict gifts for a specific purpose or time, which means organizations can use those funds only for a certain program, event, or specified period. While this concept may appear to be beneficial at face value, donors may not realize that it can also present challenges especially to smaller, local organizations with limited resources. The tracking and reporting of restricted funds can be cumbersome and complex. It can be help- ful to keep the following considerations in mind when deciding whether to make your donation restricted or unrestricted:
• For smaller organizations with a finance department of one or a few individuals, restricted donations come with added pressure. Extra time and care are required to track these donations. The added time and effort can pull resources away from the core activities that support the not-for-profit’s mission.
• While a donor may have a particular interest in specific programs offered through an organization, that specific program may not be where the organization has
GIVING GUIDE
18 DECEMBER 2021
BusinessWest