Page 28 - BusinessWest November 24, 2021

A Time to Give
It’s Always Time, But This Year, the Need Is Even Greater
Carla Cosenzi says the challenges facing area businesses due to the pandemic and many accompanying forces, from workforce short-
ages to supply-chain issues, are well documented and generally understood.
and the annual Giving Tuesday set for Nov. 30 — and especially at this challenging time, it is impor- tant to give back in the many ways that individu- als, groups, and businesses can do just that.
Dan Moriarty, president and CEO of Monson Savings Bank, another
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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.”
“People know about restaurants and the auto industry with the chip shortage, but it seems that we sometimes forget to
talk about the nonprofits, which are suffering just as much, if not more,” said Cosenzi, president of Tom- myCar Auto Group, adding that an ongoing desire to support and bring attention to the missions — and the needs — of these nonprofits
long-time sponsor of the Giving Guide, agreed, noting that many non- profits are facing fiscal challenges because of COVID, especially an inability to stage many of their traditional fundraising events.
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, to do a broader reach to people, organizations, and initiatives that need help financially, as well as with volunteering.
“Now, more than ever, it’s important to help these organizations 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 impor- tant to give back, this year it is even more important
Giving
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It’s important to tell these stories — to
CARLA COSENZI
DAN MORIARTY
He said Monson Savings has committed itself to sup- porting nonprofits even if
is why her business supports many such organiza- tions, and also sponsors BusinessWest’s annual Giv- ing 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 — with the holidays approaching
they can’t stage that annual bowl-a-thon, dance, or dinner, and he encourages other businesses to do the same.
Meanwhile, many nonprofits have been forced to downsize 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
Giving Is Important
But How You Give Can Definitely Improve Your Impact
By Donna M. Roundy, CPA and Corey Jenkins, CPA
The holiday season is the time of year when we look beyond our own wants and focus on how we can use our resources to give to
our loved ones, friends, and those less fortunate. During this season of giving, don’t forget about your local not-for-profit agencies. These orga- nizations face many challenges, including using limited resources to help the increased number of individuals 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 Boom- ers 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 counterparts 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 importance of giving what you can. While every little bit counts, the way you donate funds may cause more work for organizations if you are restricting your gifts.
Restricted Gifts Are More Cumbersome Than Unrestricted Gifts
Donors have the option to restrict gifts for a spe- cific 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 resourc- es. The tracking and reporting of restricted funds can be cumbersome and complex. It can be helpful to keep the following considerations in mind when deciding whether to make your donation restricted or unrestricted:
• For smaller organizations with a finance depart- ment of one or a few individuals, restricted dona- tions 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 organi- zation has 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 pro- gram being overfunded and others struggling to stay afloat. Instead of restricting gifts, donors should con- sider donating unrestricted funds to assist with the organization’s overall mission, with confidence 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 nonprofits is now anyone who has access to the internet. Large national and worldwide organiza- tions with big marketing budgets can access anyone with a Facebook, Instagram, TikTok, Twitter, or other social-media account. Local not-for-profit organiza- tions in your own neighborhood now must compete for your attention, often with a fraction of the mar- keting 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
Not-for-profits
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28 NOVEMBER 2021
GIVING GUIDE
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