Fear of fiscal cliff inspires fundraising spike
December 11, 2012
Some of America's wealthiest individuals are considering making larger donations at the year's end as the result of concerns that a fiscal cliff could be on the horizon combined with the possibility of Congress repealing a tax break for charitable contributions, according to The Wall Street Journal.
In the past, the promise of tax deductions helped to encourage wealthy people and families to open their wallets
for worthy causes and institutions that required support, reports The Washington Post. It's for this reason that Colgate University successfully endeavored a $480 million fundraising campaign that helped it bolster financial aid support and build new facilities on campus.
However, many individuals are hastening their donation plans
so they can benefit from tax breaks that are currently in place, The Wall Street Journal adds.
"People want to take advantage of 2012's certainty," Benjamin Pierce, head of nonprofit group Vanguard Charitable, told the source. "Front-loading is very much on their minds."
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