Supporters
The Musical Youth Foundation is fortunate and proud to have received support from a variety of great organisations who understand our vision and the benefits it is already having on the community. Our supporters to date include…
Corporate Donations: The benefits to donating to charity
Giving to charity is not something that you just do at home but also with your company. With the advent of tax deductible donations and brand awareness companies everywhere in Ireland are seeing that charitable giving is a great way to help others. A few benefits of donating to an Irish charity are:
• Tax Deductible donations
For corporate donations in Ireland, companies can claim a deduction on donations as a trading expense or “expense of management”.
The example used on the Revenue.ie website is as follows:
“Company X donates €1,000 to an approved body. Assuming a corporation tax rate of 12.5%, relief to the company is €125, i.e. €1,000 @ 12.5%. While the approved body has the benefit of €1,000, the cost to the company of making the donation is only €875 (€1,000 – €125). The company will simply claim a deduction for the donation as if it was a trading expense or an expense of management, there is no grossing up arrangement and therefore no repayment claim by the approved body arises.” (http://www.revenue.ie/en/business/faqs-charities.html)
Please note that corporation tax rates are subject to change. This is the rate in Ireland in 2016. Please check with revenue to find new rates as they appear.
As you can see, by donating to a charity in Ireland a little can go a lot further.
• CSR – increase your standing in the marketplace
Giving to charity can add to your Corporate Social Responsibility (CSR) in many ways. As one of the most important buzz words in the past five years, CSR helps distinguish companies who care from those who don’t. By giving money to charity, through organising fundraising events and direct donations, companies can show they care and want to make a difference.
• Brand Awareness and Alignment of Causes
Creating a charity partnership is a great way to use affiliate marketing to align causes and gain brand awareness and PR. Research possible charity partners, set up meetings to make sure they are right for your company and start using each other’s branding over social media and in content to further both organisation’s profiles.
• Give back to the community
Every company gives jobs to the community that it settles in which helps the economy but you can do so much more. Invest in a local charity that helps kids or a cause close to the heart of the community and see how business booms and the local economy flourishes.
• Release some good endorphins
Feel good by helping a great cause. Find a charity that you feel strongly for and spend some time getting to know what exactly they do with the money they receive. By investing in that charity you will know the true power of your money.
What is clear from this article is that giving to charity not only gives you a feel good factor, but you can also make a huge change in your community and the broader economy through donating with your company. Create a charity team who organise fundraisers and start making a difference today.