You don’t need to wait until the holiday season to start thinking of others. Warren Buffet, the world’s second richest man, announced plans to give away 85% of his fortune ($30 billion) to the foundation started by the world’s richest man, Bill Gates. The Bill and Melinda Gates Foundation will then double in size to $60 billion, making it more than twice the size of the next 3 largest foundations combined (Ford Foundation $11 Billion, Lilly Endowment $8 Billion, and Andrew W. Mellon Foundation $5.5 Billion).
Foundations must give away 5% of their assets per year to keep their tax exempt status. Thus, the Gates Foundation will need to give away over $3 billion per year to the causes of their choice. The Foundation has been spending money on research, prevention and treatment for AIDS, tuberculosis, malaria, and vaccine-preventable childhood diseases. It focuses its efforts in developing countries, primarily in Africa and Asia. This leaves plenty of good causes for the rest of us to get involved with.
According to a survey produced by the Giving USA Foundation, Americans gave $200 billion to charities and other non-profits in 2005. In addition, nearly 80% of Americans give to at least one organization at least once per year and the average contribution per family is 2.2% of after tax annual income. That’s only $3,000 per year for a family earning $200,000 per year.
What’s the point of making lots of money and not giving anything back? There are many people who are less fortunate than us, who could benefit from even the smallest donation. And with all of the charities available today, it’s easy to choose one that you feel would best benefit from your help.
Life is short. Don’t be average. Give today!
No comments:
Post a Comment