Financial adviser talks Giving Tuesday, end-of-year donations
After hitting the turkey and Black Friday sales, many Americans will focus on generosity Nov. 27 for Giving Tuesday. The annual event the Tuesday after Thanksgiving encourages people to donate resources to nonprofits.
David Shine, senior vice president and private wealth adviser at Morgan Stanley in Houston, also serves as the president-elect of the board of directors at Bo’s Place. Located near NRG Park, Bo’s Place helps grieving children, parents and families through support groups, education and other resources.
Shine said giving to organizations like Bo’s Place is important and offered advice toward making the most of your Giving Tuesday and end-of-year donations.
In its seventh year, Giving Tuesday is meant to stir up good deeds in people across the nation.
“The day was created to inspire people to take action on the Tuesday after Thanksgiving in whatever way is meaningful for them: with donations, by volunteering, through acts of kindness and connection or advocacy,” Shine said.
He said Houstonians tend to be generous, but “Giving Tuesday helps keep charity and volunteering front in center in people’s hearts and minds. Days of recognition create excitement in people’s hearts and inspire them to look for opportunities to give and serve others.”
Bo’s Place Executive Director Mary Beth Staine said the special day of giving helps provide care for those who are grieving in three main ways.
“Every gift is important, but Giving Tuesday helps bring awareness, create a social community of giving and provide much-needed general purpose funding,” she said.
According to Shine, December donations account for about 30 percent of charitable giving each year, and about 12 percent of giving is done during the last three days of the year as people rush to get in their tax deductions. Shine said donors might be able to deduct the amount of their contributions to qualified organizations from their federal income tax in 2018 if they make the donation by the end of the year by check or credit card. For specific advice, he said see a tax professional.
Although financial donations are critical to nonprofits, Staine said volunteers are necessary as well. She encourages Houstonians to get involved and see how rewarding volunteering can be.
“Many organizations like Bo’s Place cannot provide our services without selfless volunteers who are dedicated to our mission. Giving and volunteering makes us more thoughtful and compassionate people, which leads toward a stronger and more supportive community,” Staine said. “In my experience, our volunteers always share that they receive far more than they give when volunteering. The courage of the families who come to Bo’s Place is humbling.”
Shine said donors in the United States gave an estimated $274 million on Giving Tuesday last year, but he said two-thirds of people give without really researching. He counsels them to instead spend some time studying how they want their money to be used.
“People should think about the values and causes that are important to them,” Shine said. “Depending on their financial situation, their giving style and their goals, a charitable giving planning process can take many different paths.”
While monetary donations are most common, Shine added that donations of property or other tangible assets like jewelry or cars can also be helpful options.
To learn more about Giving Tuesday, visit www.givingtuesday.org. For more information about Bo’s Place or how to donate or get involved, visit www.bosplace.org or call 713-942-8339.