Cultivation is an art form. Once you are on the radar as a potential donor for a nonprofit organization, it seems like they never stop! They represent a noble cause. They have needs.
You are invited to parties and events. You rub shoulders with the great and the good. Sometimes you think they assume you are wealthier than you really are. One day the economy slows down and the stock market develops problems. How can you support your charity now?
It is easy to consider charitable giving as the easiest to cut discretionary expense when money is tight. You simply stop putting a check into the collection plate. If money is tight for you, it is even tighter for the nonprofit. You don’t want to cut them loose.
Here are some alternatives your client (and you) can consider. Money might be tight, but you can still help your favorite cause. Ask your tax advisor which gifts can be reported as charitable contributions and how it’s done.