Tax credits provide extra incentive to give back to the community before 31 March
The Acorn Foundation’s 2022 Give Back, Get Back campaign is highlighting the benefits that giving back to the community can provide. Besides the tremendous satisfaction gained from giving to important causes, donors can receive a 33.3% tax credit on all gifts made before 31 March (up to the level of your taxable income).
“We’ve found that many of our donors like to contribute to their favourite causes at this time of year and receive an immediate tax credit,” says Lori Luke, Acorn Foundation CEO. “It’s important to understand that philanthropy is not just for the wealthy; most Acorn supporters are very modest people who simply are passionate about the community.”
Almost 400 generous locals have set up endowment funds with Acorn to support causes in the community close to their hearts. The endowment fund model allows a single gift to continue making an impact for years to come. This is because the capital in the fund is invested in perpetuity and a portion of the investment income is distributed to the community annually.
Donors can choose whether they name specific charities, choose a cause or causes that are important to them, or leave the money unrestricted, which allows Acorn's Distributions Committee the opportunity to grant money to organisations working in the areas of greatest need across the Western Bay of Plenty. To date, Acorn donors have enabled the foundation to contribute over $10M to the community, supporting more than 250 local charitable groups.
People give because they are passionate about a cause, or want to make a difference in our community; the 33.3% tax credit this year just provides a really nice incentive to act before 31 March.