It’s hard to believe we are already in the fourth quarter. If you watch football, especially college football, if the camera pans the sideline as the clock runs down, marking the end of the third quarter, you will see many players’ hands go in the air holding up four fingers. If the mic is on you will hear comments like, “Fourth quarter”, “Let’s go, fourth quarter”, “Fourth quarter, here we go!” The message being communicated is, we have 15 minutes left to finish strong. For a team that is losing at the end of the third quarter, the message is to get focused, put the past behind you, and do what it takes to regain the lead. For a team that is winning, the message is to stay focused, don’t let up, and finish on top. In that brief break between quarters, you will see players roaming up and down the sidelines, four fingers in the air, looking their teammates in the eye and encouraging them that they can win.
As the nonprofit fundraising event season winds down, it’s a good time to review your charitable giving and make the adjustments you need to meet your charitable goals for the year. What does that look like? Here are a few charity check-in suggestions:
First, gather the information you need. If you were able to attend a fall fundraising event, review what you learned, the stories you heard about the work of the organization, or the handouts with important information about their work. If you missed the event, for whatever reason, check for other material you may have received via email or mail. You may need to reach out to the charity to get an update. Was there a particular individual or organizational success that was shared, or a particular need identified? Call the Executive Director, or your contact at the organization, and ask for any information you may be missing so you can plan your year end giving. Make sure you have the information you need for each of the charities you want to support.
Second, review your finances. What did you plan to spend on charitable giving this year? How much of that have you already spent via online giving, monthly giving, giving at events, etc.? Do you have more giving set up automatically through the end of the year? Do you have the funds you need in the right place to do your end-of-year giving? Do you need to move resources into position for giving, such as gifting appreciated stock into a donor-advised fund, so you can make grants in the coming months? You may need to schedule a visit with your CPA or investment advisor to discuss your giving objectives and get advice on the best ways to maximize your charitable giving and minimize your taxes this year.
Finally, call a team meeting to review your end-of-year giving plan. In football, you will see the team gathering on the sideline during that break going into the fourth quarter. This huddle is about tactics and strategy for sure, but it’s also about focus and motivation. A chance for coaches and players to encourage one another and commit to finishing strong. Who is on your team and who do you need to huddle with? Maybe you and your spouse need to plan a time to review your charitable giving so you can make sure you are on the same page. Maybe you like to include children or grandchildren in the process. Maybe you like to have your family discuss charitable giving over the holidays. I know several families who make this a part of their Thanksgiving tradition. Their giving is a tangible expression of their gratitude and thankfulness. If so, make sure you have the information ready, and the rest of the team knows what they should bring to the meeting.
At your team meeting, despite what my inner accountant says, I would suggest leading with a discussion of the accomplishments and needs of the charities you want to support. Talk about how you have supported their work, what their current needs are, and what you would like to do this year. Follow that discussion with a review of your finances and budget. If the needs you want to support are greater than your original budget, you may decide that the priority is to revisit your finances and make adjustments to meet the needs. If you find you can meet all of the needs within your current budget and there is room to do more, revisit the needs of the charities and find ways to help them meet more needs.
As we enter the fourth quarter, reviewing your charitable plans for the year and making adjustments to finish strong may be your next best opportunity to Give Well.
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