As of August 2021, the New York Wine & Food Festival has collected over 13.8 million dollars for charity work, according to Business Wire. Food Network & Cooking Channel NYC Wine & Food Festival (NYCWFF) is expected to host its first major event in New York City from October 14-17, 2021. In a bid to support needy New York residents, NYCWFF will partner with its longtime beneficiary and popular hunger-relief foundation, Food Bank For New York City. Together, they will create awareness and raise funds for individuals living with chronic health conditions and facing food poverty.
For decades, individuals and organizations worldwide have launched foundations for charitable causes focusing on culture, education, health, and hunger relief. So, why do charities like healing the world with a kiss matter? Below are three reasons charitable causes are beneficial for you and the local community.
Donating offers financial benefits
When people talk about giving back to the community, they don’t expect anything in return. However, contributing to charitable causes has a positive impact on your finances. Note that you can deduct up to 60 percent of your taxable income when you donate to a registered charitable organization. If the gifts are in cash, you’re likely to enjoy a 100 percent deduction of your adjusted gross income. But, you may be limited to 20 or 50 percent tax deductions depending on the nature of your contributions and the type of organization you’re donating to. With this in mind, take time to learn the rules for donating to charity. Doing so helps you enjoy the tax benefits of giving donations.
Promote sustainability in communities
One of the main objectives of charitable organizations is to create sustainable communities and help individuals become self-sufficient in all ways possible. It’s worth noting that funds donated by well-wishers build a strong foundation when used for education, healthcare, training programs, and sustainable projects like farming. So, by prioritizing sustainability, individuals and local communities can support themselves without relying on donated funds. For example, donations made to veteran organizations can help create loans for veterans looking to purchase a home. With easy access to low-interest-rate mortgages like VA loans, veterans can own homes without facing many challenges, thereby reducing the risk of being homeless.
Charities boost the power of a community
While funds donated by big companies can make a huge difference, charity groups prefer small amounts given by individuals committed to making a significant change in their community. Most non-profit organizations believe that small amounts donated by locals in a community add up a lot. By leveraging the power of a community, charities can do worthy causes like donate to fight unjust policies, give to the needy, and improve healthcare. Naturally, bringing communities together for charitable causes helps inspire individuals worldwide to participate more in charities.
Charity is an act of giving your time or money without expecting a reward or profit in return. Doing so helps serve vulnerable individuals and ensure that people’s needs and human rights are met. Taking part in charitable causes allows you to enjoy tax credits, hence saving capital gains, especially when you donate securities. It also boosts the power of communities and promotes sustainability.