• DO: Think about how you will merge your giving strategy and goals with your corporate strategy and goals. Are there any charities who share a similar vision or mission? For example, if you’re a financial advisor – you may want to look into teaming up with a nonprofit like Junior Achievement who teaches youth about making smart money decisions. Do you run a construction company? You may consider finding some nonprofits or schools who teach trades to low-income adults.

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• DON’T underestimate the power of relationships you will build through partnerships with nonprofits. If you take the partnerships seriously, you will gain valuable contacts through staff and board member interactions. This is an investment that could impact your bottom line.

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• DO: Ask your employees what their passion is. Imagine spending all your time rallying your employees to support your favorite animal shelter only to find out not a single person you work with is passionate about animal rights. If you find out their passions don’t align with your corporate strategy for giving, consider offering them a matching gift grant to encourage giving to nonprofit of their choice. On average, major corporations match employee gifts up to about $1,000. Match any amount, even $100, will go a long way to show your team that it’s crucial for the team to be engaged in philanthropy.

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• DON’T forget to provide time for volunteering opportunities to your employees. The estimated national value of an employee hour is $25.43. Even if you’re a small business and can’t afford a big corporate giving program, you can probably afford to offer group volunteering and optional volunteer time off hours for your employees to give back their time. If you organize a time for employees to take the day off to volunteer at a food pantry for the day, that amounts to a $1,000 donation to a charity.

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• DO: Track every penny you spend on charitable giving. These donations are 100% tax-deductible. Think strategically with every gift -- ask yourself why questions and how it will add value to your company and the people who make up your company. You should be tracking corporate philanthropy just the same as you would monitor any other performance metric in your company. As we say at Blackbird Philanthropy Advisors, anything worth doing is worth doing well.

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• DO: Take the time to get to know the nonprofits you support. You could even organize nonprofit tours and interviews for your employees to help choose the best spot to invest your corporate cash and time. This process should be taken seriously just as any other endeavor you undertake in your business.

Our brains are hardwired to serve. Here is why businesses and their employees benefit from embracing meaningful causes.
By Susan SteinbrecherCEO, Steinbrecher and Associates@SteinbrecherInc
​Published by Inc. Magazine, May 31, 2019

At a recent celebration for Harvard Business School's Class Day, speaker Michael R. Bloomberg, extolled the value of graduates aligning themselves with companies that were deeply committed to philanthropic efforts, stating that at Bloomberg, "...philanthropy gives us a competitive advantage in recruiting and retaining talent -- and it's as good for the bottom line as anything a company can do."

Literally translated, the word philanthropy means "love of humanity." By very definition, philanthropy is only philanthropy when it stems from giving without personal gain. It begins and ends with a selfless motive -- that of helping one's fellow man without seeking recognition or reward.

Most of us know that charity is its own reward. The true wealth of charity is measured by good deeds, not ego and material gain. That's why many affirm that they get back far more than they give. In other words, what they receive is the joy of love in action, the manifestation of their gift of time or money in such a way as to make a visible difference.

Interestingly, good people doing good work experience benefits that go beyond just their contentment in the knowledge that they are advancing the well-being of humanity. A well-known study examined the brain activity of a group of people, each of whom was given money ($128) and asked to make choices about whether to keep the money for themselves or to give some or all of it to charity anonymously. The outcome was fascinating. The participants who gave the money to charity experienced an extremely high level of pleasure. The researchers concluded that, "The warm glow that many donors get from giving to charity involves the same brain mechanisms that evoke pleasurable sensations after sex, eating good food, and using heroin or other drugs."

Companies that embrace philanthropic efforts enjoy significant advantages that contribute to the mutual benefit of both management and employees on every level such as:

Loyalty and morale rise.
This occurs in direct correlation to the enhanced sense of personal engagement and connectedness of the employees since they are proud to be associated with a company that cares and does good for others.

Employees experience an increased sense of personal satisfaction.
The reward that goes with being part of a meaningful community effort is something bigger than themselves that makes a difference in the lives of others.

Team building.
This happens at a higher level since all employees are working side by side together towards a common goal.

A sense of accomplishment.
The collective group can work together to achieve something for the community while serving as a profound team-building event for the employees.

We've been taught since we were children that it is better to give than to receive. This Chinese proverb illustrates the intrinsic worth of charitable works:

"If you want happiness for an hour, take a nap. 
If you want happiness for a day, go fishing. 
If you want happiness for a year, inherit a fortune. 
If you want happiness for a lifetime, help somebody." 

Many people wonder if their volunteer time at a charity completing professional tasks can be deducted on their taxes. You cannot deduct the value of services rendered in volunteer service to a nonprofit. You can, however, deduct the expenses you incurred while volunteering or traveling to and from the volunteer assignment.

• Gas mileage (at the rate of $.14/mile), public transportation costs, and airfare or train travel to farther volunteer destinations or conferences can all be deducted. Meals and lodging for longer distance volunteer assignments may also be deducted.
• If you’re required to wear certain type of shoes or outfit, the purchase of those items may be deducted.
• Out of pocket expenses (ie. books, materials, copies, supplies, etc.) can also be deducted as charitable contributions.
• Save your receipts and ask the charity to verify the expenses as an in-kind donation if the total adds up to $250 or more for the year, otherwise you're able to claim in-kind donations up to $250 as a tax deduction.

Example 1 - The Artist:

An artist who paints a mural on the wall of her local local Boys & Girls Club can deduct the cost of paint, paint brushes, and other supplies needed to complete the mural. She can also deduct the gas mileage it took to get to and from the charity to complete the volunteer service. She cannot deduct for the time it spent her. 

Example 2 - The Nurse:

A Red Cross volunteer who is a Registered Nurse travels to Florida to help with hurricane disaster relief recovery. He can save the receipts for his airfare, lodging, and meals while on assignment. He cannot calculate the hours he spent working as a nurse for Red Cross and deduct the pay he would have been paid in his workplace.

Always consult with your tax advisor to be certain.