...History Generosity is a quality, the desire to give to others without being asked. Before even the enactment of any legislation, philanthropists helped to shape the way we organize to support the less fortunate. The history of charitable organizations in the United States originated almost at the same time as the formation of our new nation. Benjamin Franklin, was one the founders of our nations and the earliest American philanthropists. He founded the University of Pennsylvania to educate youth. The early setters formed charitable and voluntary associations to help with issues of the era like education, orphanages, and illness (Arnsberger, Ludlum, Riley & Stanton, 2008 p. 1). Young Americans were able to form charitable organizations to fill gaps in the social welfare programs. Back then, charities were mainly hospitals and orphanages support by religious groups and wealthy individuals. During the 19th century, these organizations were controlled and founded by private corporations or a person (Arnsberger, Ludlum, Riley & Stanton, 2008 p. 2). The bloom of the American industry gave birth to bigger corporations; at the same time, the increase of more formal charitable organizations. It wasn’t until the late 19th century that government began paying more attention to this new sector. The first legislation the government imposed was in1894, the Tariff Act that established a flat two percent tax to corporate income, but excluded charities. However, the Tariff Act was...
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...Issue: How to plan with charitable deductions to public charities, private operating foundations and private non-operating foundations. For this issue, the focus will be on charitable contributions and deductions of individuals. Definitions: Public charities: All organizations, foreign and domestic, described in IRC 501(c)(3) are private foundations except the types of organizations set forth in IRC 509(a)(1), (2), (3), or (4). Some examples of the exceptions that would qualify as public charities, as defined in 509(a)(1) and IRC 170(b)(1)(A)(i)-(v) are: churches, educational organizations, and hospitals. Private operating foundations, as best discerned from IRC 170, are foundations whose income or assets are used for operations that directly benefit the public, rather than for grant making. Some examples would be zoos, museums and libraries. Private non-operating foundations are foundations whose income or assets are disbursed to other, charitable organizations. Some examples are foundations that support cancer research. For this topic: Contribution base means adjusted gross income (AGI). For this topic: Capital gain property is defined as any capital asset that, if sold, would result in a long-term capital gain. Additionally, any property that is used in the trade or business should be treated as a capital asset. Analysis: IRC 170(a)(1) states: There shall be allowed as a deduction any charitable contribution…which is made within the taxable...
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...Grade Recieved - "A" Although both for-profit and not-for-profit hospitals provide a certain amount of charitable services to the public, there is debate as to which provides a higher level of charitable services to its respective community. Which type of hospital do you feel provides more charitable health care services, and why? In your answer, be sure to provide at least 2–3 reasons for your choice, using properly cited references. In this discussion I will be discussing who I feel is more charitable between for-profit and not-for-profit hospitals and why. Based on the research that was conducted, it turns out that for-profit hospitals provide more charity than not-for-profit hospitals. Many not-for-profit hospital organizations have been slammed for not doing their part in charity work while reaping the benefits of the tax breaks they are receiving. Without a concern to the operation or foundation, all corporations and organizations operate with an intention in mind. The purpose of not-for-profit is to push a mission while for-profit works in order to make a profit. Not-for-profit and for-profit have or must have an awareness to assist individuals, but also needs to reap financial gain when all is said and done, or they will not be able to continue to operate. Although funds are obtained through donations for not-for-profit, they still have bills that need to be paid and profits cannot go to stockholders and other individuals. Many not-for-profit...
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...The Efficacy of Celebrity Endorsements for Charitable Causes: An Experiment on Consumers’ Purchase Intentions Toward Charity-linked Products Celebrity endorsement has been a prominent practice in marketing for years (Money, Shimp, & Sakano, 2006). Approximately twenty percent of all advertisements worldwide use celebrity endorsements (Shimp & Andrews, 2013). In the United States alone, the use of celebrity endorsers in advertisements has increased from 10 percent to 25 percent over the last decade, and the number is even higher in markets such as India (24 percent), and Taiwan (45 percent) (Crutchfield, 2010). The general belief among practitioners and scholars is that products or brands endorsed by celebrities appear to offer a higher degree of appeal, attention, and enhanced message recall than those without celebrity affiliation (Toncar, Reid, & Anderson, 2007). Agrawal and Kamalura (1995) contended that the impact of celebrity endorsements on stock returns was positive, and suggested that celebrity endorsements were worthwhile investments in the commercial context. Celebrity endorsement is also gathering increasing momentum in attempts to develop public awareness of charitable causes. For example, a growing number of celebrities have become involved in heightening public awareness of poverty in low-income countries (Samman, Auliffe, and MacLachlan, 2009). More recently, even more celebrities around the world have taken on the Ice Bucket Challenge, dousing themselves with...
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...In February 2012, I had the opportunity to visit (SAFB) at XXXXXXXXX with my classmate, XXXXXXXX. The purpose of my visit was twofold. First, I wanted to learn more about the SAFB, the XXXXXXX complex and how each operates to help the hungry. Second, I wanted to donate a few hours of my time to a charitable organization. My four hour volunteer day at the SAFB started at 0845 at the main security entrance to the XXXXXXXX complex. All visitors to the complex must sign in and out complex and are escorted by XXXXXXXXX personnel to and from their destination while visiting. After signing in, name tags were issued, and security called the XXXXXXXX Coordinator to pick us up from the security building. We existed the security building and met the volunteer coordinator halfway to the XXXXXXXXX building that housed the kitchen. On the way the volunteer coordinator gave us a quick overview of the mission of the SAFB. The SAFB’s mission is to fight hunger in Southwest Texas through distributing food, educating the public regarding hunger, and acting as advocates for those suffering from hunger in 16 counties surrounding San Antonio. After reaching the XXXXXXXX building that housed the kitchen, we entered the building through the main dining room that prepares up to 500 meals three times a day for the residents of XXXXXXXXX complex and other venues for food distribution. The volunteer coordinator took Elsa and I to the administrative offices area to secure our personal...
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...Charitable Contributions The first person to be discussed in this paper will be Steve Jobs. He has been referred to as greedy and an ogre by several. Mr. Jobs invested most of his money in real estate and then had it in trusts to reduce his taxable income from approximately 35% to 15% (Vince 2011). Little has been discovered about the personal charitable contributions made by Mr. Jobs. Apple, on the other hand made numerous contributions to schools and other civic groups. Apple (maybe in an effort to reduce criticism from others in his group that gives generously) has started to match employee charitable contributions to their various charities, up to a limit of $10,000.00 (Mogg, 2011). The next individual to be discussed is Warren Buffet. Mr. Buffet states to have made over 62 billion dollars in 2010, with an AGI (adjusted gross income) of 39 billion dollars (Kent, 2011). Most of the variance is due to capital gains and losses which are the adjustments for AGI. The charitable contributions and local taxes are from AGI which is how his taxable rate of 17.4% was determined. This is a much lower rate than many of those employed by his company, and since his income is much higher than this group of employees he qualifies for a higher percentage of charitable contribution. At the AGI, Mr. Buffet states to have in 2010, he would qualify to contribute about 20 billion dollars just in cash donations. Mr. Buffet is obviously doing many things right, not only to benefit him and his family...
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...The charitable contribution deduction became a part of the Internal Revenue Code in 1917, however, it has undergone substantial revision in the time proceeding. This deduction was enacted to encourage giving to nonprofits by providing a tax incentive to individuals who donate. The deduction was enacted during World War I as a way to provide support for charities to survive the war (Thorndike 1). During this time, new taxes were placed on incomes and estates which became a threat to charities because the taxes took away from the extra money wealthy givers had to give to charities (Thorndike 1). As a result, the charitable contribution deduction became an incentive to individuals to give back to charities to keep them running without the help...
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...Your Community Partners reflect your creativity and effectiveness, and collectively you are focused on providing the highest quality standards. The Mentor Network Charitable Foundation and their ‘Change Agents” have addressed many physical, mental and emotional health needs across the country. Similarly, PCHAS’ mission is to provide Christ-centered care and support for children and families in need. The agency’s vision is for families to have access to quality, professional mental health and social services that are provided in accordance with their identified needs. For 114 years, we have been resolve in our commitment to helping children and their families heal and be empowered, and remain together as a healthy unit. Our organizations have a mutual interest of caring for youth and their families who are facing emotional, behavioral and other challenges. A grant from the Mentor Network Charitable Foundation would help us continue providing services that make a positive difference in the lives of...
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...intelligence Charting troubled Waters The Blue Issue worth.com volume 21 | edition 02 Boston, MA Leading Advisor Fidelity CharitableSM Ryan Boland, Director, Complex Asset Group “ ” When does it make sense to donate real estate to charity? By Ryan Boland While the donation of appreciated securities—stocks, bonds and mutual funds—is common, relatively few individuals donate real estate to charity. Under specific circumstances, however, such a donation can be mutually advantageous to both the giver (the owner of the real estate) and the recipient (the charitable organization). At a most basic level, those circumstances are: (1) when the property in question has significant long-term appreciation, such that the owner would incur a sizable capital gains tax upon selling it, and (2) when the property is relatively easy for the charitable organization to liquidate, with minimal chance for incurring liability or major carrying costs prior to the sale. These conditions are most frequently met by individuals seeking to donate a long-held primary or secondary home. The donation of commercial or industrial real estate is also possible, but brings many other potential concerns, including possible tenant or lease issues and other legal complications. The ideal scenario might look something like this: A couple who bought their house 25 years ago for $250,000 has seen it appreciate to a current valuation of $2 million. Their mortgage...
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...Office of Servicemembers' Group Life Insurance VGLI Beneficiary Designation/Change 1 VETERAN INFORMATION (please print clearly using capital letters) All the information in this section is required. First Name: Last Name: Control #: Address: (See Billing Statement) Social Security #: MI: City: State: Email: Daytime Phone: Evening Phone: ZIP Code: Check here if your address has changed By Law – If you do not name a specific beneficiary, your insurance will be paid to your survivors as follows: 1. Widow or widower; if none to 2. Child(ren) in equal shares, with the share of any deceased child distributed among the descendants of that child; if none to 3. Parent(s) in equal shares; if none to 4. A duly appointed executor or administrator of the insured’s estate, and if none, to 5. Other next of kin Check here if you want by law designations, and complete and return only sections 1 and 4. INSTRUCTIONS FOR COMPLETING THIS FORM Use this form to designate or make changes to the beneficiary(ies) of your VGLI death proceeds. The information on this form will replace any prior beneficiary designation. You may name anyone or any entity as your beneficiary without anyone knowing or consenting to it. You may change your beneficiary at any time by completing a new VGLI Beneficiary Designation/Change form. This form cannot be used to reinstate your coverage if your insurance is not in force due to failure to pay timely premiums. INSTRUCTIONS FOR DESIGNATING A PRIMARY OR...
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...THE BUSINESS ENVIRONMENT – UNIT 1- ASSIGNMENT 1 P1 The two businesses’ I have chosen are ASDA and OXFAM. Both are business are hugely recognised, but differ in their business approach. Asda’s aim is to provide a variety of food/necessities/clothing/fuel and to make a profit of these sales, but still provide them at a competitive rate. However Oxfam’s aim is to aid those who are less fortunate by providing clothing, food, shelter at no cost. Oxfam has no intention of making profit as it is a charitable business. This compares to Asda who do want to make a profit, for their providing of goods to customers. Both businesses are in fact similar in the way that they provide, but one (Oxfam) is less profit probing than the other. ASDA Asda is an English based supermarket/stall. Formed in the 1920’s by English farmers, it is now part of the Wal-Mart family. Wal-Mart is an American based business who specialise in similar activities as Asda does in the UK. Wal-Mart bought Asda in 1999 for approximately 6.7bn. Asda is an international business as it operates on quite a large scale in certain countries around the world. This is because it is part of the Wal-Mart family, which operates internationally. Asda provides customer service by providing goods to customers for a price. These goods include clothing (George), food, technology items. Asda have both business and ethical aims and objectives. One of the most obvious aims is to provide locals with a variety of purchasing choices...
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...sector. The public sector consists of non-profitable businesses/organisations such as charities. However, the private sector consists of profitable business/organisations in various forms such as sole traders, partnerships, franchises, private limited and public limited. Types of business in the Public sector Charitable Organisation Charitable organizations are a kind of business that fit within the nonprofit category meaning all profits are re-used in order to re-invest back into the business. In general, this type of entity is sometimes referred to as a charity or foundation, which can be run publicly or privately and has unlimited liability or in other words has full responsibility for the entire amount of debt and other liabilities combined by the organisation. Depending on the location of the charity, the legal definition of what creates a charitable organization may depend on its country of origin. Therefore, the tax which also applies to a charity will also depend upon the region or country in which the charitable organization is based or operates from. Being a business/organisation there are many advantages and disadvantages. The advantages of being a charitable organisation are that there are certain tax exemptions and tax reliefs for taxpayers who make donations to charity. Also Charities can apply for grants from trusts/donors that have a policy of giving only to charities. A registered charity has more chance of gaining access to and securing funds from central government...
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...TO: Salvador Rameriz FROM: xxx DATE: December 8, 2013 SUBJECT: Charitable Giving of Target and Walmart The aim of this project was to compare and contrast the charitable practices between Target Corporation and Walmart. This report presents the charitable giving of these two corporations. For the past few years, both Target and Walmart had become major contributors that give back to the community. Introduction The Target Corporation was founded by George Dayton in 1902 and headquartered in Minneapolis, Minnesota. It is the second largest discount retailer in the United States and its first Target store was opened in 1962 in Roseville, Minnesota (Target Corporation, 2013). The company has been praised for giving back to the community with an average of 5 percent of pretax earnings consistently each year, in fat and in lean times. Wal-Mart Stores, Inc., branded as Walmart, is one of the largest retailers in the world. The company was founded by Sam Walton in 1962, incorporated on October 31, 1969 and headquartered in Bentonville, Arkansas. After the death of its founder in 1992, Walmart and Walmart Foundation dramatically increased charitable giving (Walmart, 2013). Target Corporation Charitable Giving and Community Services Target Corporation is consistently ranked as one of the most philanthropic companies in the U.S. As the company grows, so does their work...
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...Contents 1.0 Company’s profile 4 2.0 Objective 8 3.0 Audience 11 3.1 Internal audience 11 3.2 External audience 12 4.0 Strategy 16 5.0 Tactics 18 6.0 Effectiveness 21 7.0 Outcomes 23 8.0 Suggestions 25 9.0 References 28 1.0 Company’s profile The Berjaya Corporation group of companies started on 1984 when the Founder, Tan Sri Dato' Seri Vincent Tan Chee Yioun acquired a major controlling stake in Berjaya Industrial Berhad (originally known as Berjaya Kawat Berhad and now known as Reka Pacific Berhad) from the founders, Broken Hill Proprietary Ltd, Australia and National Iron & Steel Mills, Singapore. The shareholding change also resulted in a major change in the business, direction and the dynamic growth of a diversified conglomerate under the flagship of Berjaya Corporation Berhad ("BCorp"). In October 1988, Berjaya Group Berhad (then known as Inter-Pacific Industrial Group Berhad) became the holding company of Reka Pacific Berhad, after a major restructuring, Inter-Pacific Industrial Group Berhad (formerly known as Raleigh Berhad) was incorporated in 1967 as a bicycle manufacturer. In 1969, the Company gained official listing on Bursa Malaysia Securities Berhad (“Bursa Securities”). BCorp then assumed the listing status of Berjaya Group Berhad on the Main Board of Bursa Securities upon the completion of the group restructuring exercise in October 2005 and the listing of the new shares on 3 January 2006. On 26 May 2010, BCorp was added to...
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...Exploring Business Activity Scenario: Tesco’s core purpose is to create value for customers to earn their lifetime loyalty. (Source: www.tesco.com). Tesco is Cancer Research UK Charity of the Year for 2012. They aim is to raise around £10million to help find the cure for cancer but also help keeping families together by prolonging lives. Cancer Research is therefore the leading charity to help patients suffering with cancer. Task 1: There are different aspects of business activity in the United Kingdom’s economy; this involves the Primary sector, Secondary sector and Tertiary sector. Primary sector involves extracting raw products from natural resources for example farming. Secondary sector is the main sector in the economy this includes industrial manufacturers of finishing products from raw material this includes both light and heavy industries. An example of secondary sector involves making plastic from oil. The final business activity is tertiary, tertiary sector is a voluntary or non-profit sector of the economy. These provide services to individuals and businesses. The two organisations I am going to describe the purposes of are Tesco and Cancer Research UK. Tesco’s and Cancer Research Up are two very different types of businesses. Tesco’s is a profit organisation while cancer is a non-profit organisation. Profit organisations rely on keeping running costs to a minimum. These running costs are the day-today costs that are needed to help run the organisation...
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