Dec. 13, 2006 – COSTA MESA, Calif. – Tis the season to be jolly and generous as the holiday season fills the air with joy and good will towards mankind. Companies far and wide dig deep into their pockets this time of year in order to contribute a little extra to their community and the better good of society as a whole.
Many companies donate cash, others who cannot afford to give cash, donate in many other ways. Businesses of all types have several options, from donating company services, inventory, to allotting company time for employees to volunteer. Donating not only benefits the recipient of the donation and the charity, but also the donator. Thanks to federal tax laws, businesses now reap benefits from donating. Businesses not only receive a nice tax return, but increase their PR initiative at the same time. Giving back to society allows companies to build a positive public image and motivate employee moral.
Fortune 500 companies can afford to shell out hard cash for the holiday season, but other companies choose to go a different route. A popular choice for many companies is the donation of inventory to charitable organizations. The federal government encourages businesses to donate inventory allowing them to have tax deduction when tax season comes around. The company in doing so reduces its federal income tax.
Companies like iBank.com have taken the initiative to encourage employees to donate to a good cause. iBank.com’s employees were invited to attend The Second Harvest Food Bank Orange County “no lunch lunch” organized by the Society of St. Vincent De Paul. During this “no lunch lunch”, participants were fed what is called “the poor mans lunch” which consisted of soup, bread and wine. At the event, employees were asked to donate any amount they could. Of the donations, 96.4% was allocated to the food bank to use to purchase food and supplies for the less fortunate. This participation does not yield tax return benefits, but builds camaraderie and goodwill amongst employees.
Other suggestions to give back this holiday season:
• Encourage employees to donate by matching employee contributions.
• Allocate company time for employees to volunteer for a charitable organization.
• Company fundraisers.
• Provide company service to charity.
• Provide charitable organization with excess inventory.
• Adopt a charity or individuals to sponsor by the entire company.
• Sponsor food drives.
• Invite blood mobiles to work site.
iBank.com is the online commercial lending marketplace for business loans, commercial mortgages loans and equipment lease financing powered by Credentrust Software. iBank.com’s mission is to enable corporations and small businesses to sell more products and services by providing their customers with seamless connectivity to credit and capital. Core values are at the heart of everything iBank.com does, which include: Outstanding customer service, integrity in all activities, nothing is impossible with God, kindness in our relationships, and excellence in everything.
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