December 11, 2023
How Can I Effectively Spend my Year End Charity Budgets?
While the tradition of year-end generosity among UK businesses is commendable, a critical issue often arises as companies hurriedly allocate surplus budgets to charities in a bid to meet philanthropic commitments before the fiscal year concludes.
For many businesses, unspent charity budgets are often absorbed back into the P&L, and therefore lost. The perceived solution is to hurriedly find random charities to fulfil the philanthropy aims of the original purpose driven budget.
The problem lies in the scattered nature of these donations, as the urgency to utilise funds can result in a lack of strategic deployment.
The Challenge of Scattered Year End Donations:
Lack of Focus: The urgency to utilise surplus budgets before the fiscal year-end can lead to hasty decisions, causing companies to donate to a diverse range of causes without a clear focus or strategic alignment.
Limited Impact: Scattered donations may result in minimal impact on any single cause, as the funds are spread thin across various charities. This dilution diminishes the potential for creating substantial, long-lasting change.
Missed Opportunities: Charities receiving last-minute, scattered donations may struggle to plan and implement effective programs, missing out on the chance to optimize the impact of the funds received.
If you are a charity budget holder with surplus yet to be allotted, and would like to find a controlled solution, then help is at hand.
Investors In Community www.investorsincommunity.org is able to hold your donation in a charity wallet, that you can allot to your chosen good causes over the months or even years that follow your current year end.
By uploading your budget to your business profile wallet, it has in legal terms been donated to the Investors In Community Giving (IICG) CIO registered charity. The representation of the money sits in your business’s wallet, and you are able to then instruct the passing of this money to your chosen charities and good causes, whenever you want, in whatever denominations you choose.
The benefits are clear:
- You can select those causes that fit your evolving strategic aims, as opposed to reactively throwing the budget at a variety of charities as a means to commit to your CSR budget spend
- This can be done over your year end, as you have effectively donated to IICG charity, but you still control the funds for later deployment
- Better outcomes are then evidenced, by the thought-out donating, and a more defined Impact Statement can be had as a result
- All donations are tracked and measured, giving a full audit trail for your records
Use the IIC business wallet all year round, to control, measure, audit, and report all your community and charity giving.
This will save time and money in a single efficient process of managing, deploying, verifying and auditing your business’s generosity.
For more details, contact info@investorsincommunity.org
