Financial Planning Extends to Your Community and Causes with National Nonprofit Day
by A. Scott White, CFP®, ChFC, CLU
President, Scott White Advisors
August 17th marks a compelling day for philanthropy efforts across the nation, officially designated by The Registrar at National Day Calendar as National Nonprofit Day. Founded by speaker, author, and business strategist Sherita Herring in 2017, the date is significant as it marks the anniversary of the Tariff Act of 1894, which established tax-exemption for nonprofit organizations. Over the years, this tax-exemption has served to be incredibly beneficial to communities everywhere and has remained in place – with few changes – for nearly 128 years now. For the past 5 years, National Nonprofit Day has helped lift nonprofits into the spotlight for a day, recognizing philanthropic achievements in order to further their causes.
Philanthropy is an integral piece of financial planning, and integral piece of society. Establishing a connection between an individual and their community, the practice of philanthropy can end up touching many lives. Simultaneously, it furthers causes one cares about, creating positive change for years and generations to come. Though sometimes overlooked or underappreciated, the act of giving back can help build communities and create a cycle of mutual support.
National Nonprofit Day recognizes these very efforts, establishing the seventeenth of August as a day to celebrate the philanthropic community and those furthering the causes, they believe in. In fact, recognizing such community efforts can bring more attention to philanthropy itself, garnering more attention and creating more positive change. Similarly, to National Philanthropy Day, National Nonprofit Day gives individuals and organizations a time to reflect on the benefits of giving back and the avenues philanthropy can open for so many.
Philanthropists are a tireless community of people working to change the world, step by step. Factoring philanthropy into financial planning allows one to still be able to give back and make change, but even more responsibly, more carefully, and more prudently. With specialized plans and donor-advised funds, any individual can make charitable contributions that truly embody their beliefs and values through their philanthropy. Not only does it have a positive community impact, but it can create connections within multiple generations in a family as well, establishing a common purpose and initiating dialogue concerning values and beliefs, furthering the family philanthropy.
This inevitably also leaves a compelling legacy for future generations. Philanthropy itself bridges generational gaps, shaping communities and promoting causes that reach much farther than one individual. This “butterfly effect” thus creates a much more impactful, emotional return for any financial investment. Put simply: philanthropy is fulfilling, even without a national holiday to recognize philanthropic efforts. Yet National Nonprofit Day is still a wonderful time to pause and recognize efforts to better the world and communities, as well as give charities an opportunity to promote themselves for increased fundraising. But perhaps more importantly, it gives Gift makers who create charitable opportunities and all those who utilize such charitable opportunities a day to commemorate their efforts – and perhaps even encourage philanthropic endeavors of their heirs.
Committing to contribute to one’s community and causes through philanthropic financial planning is a big step – and an important one. From establishing a legacy to creating positive change to initiating further dialogue, it can be an ideal avenue to truly make a difference. Find out how to best incorporate your philanthropic goals into your financial plan with Scott White Advisors today. Visit www.scottwhiteadvisors.com or call (239) 936-6300.