Periodic Giving

You may set aside time on a recurring schedule to donate to organizations. And maybe once a month, once a quarter or once a year, I used to pull out a folder with information about organizations I supported once a quarter and wrote checks to them. I had to find their addresses or pre printed envelopes, write the checks and pay for the postage. It took time but physically writing the checks let me pause to think about the good things the organizations do with these funds. For those of you who enjoy physically writing checks, feel free to skip to the next section. For those of you who find writing checks to be a hassle and don’t want to pay postage, let me explain a few options you have online banking bill pay. The first option that almost everyone has access to is the bill payment service or their bank or credit union. You can set up recurring payments in the online banking service to save you time and money. Automatic deductions by the organization. Another option is to give your organizations permission to deduct donations electronically from your checking account. savings account or credit card. This may be easier for you than setting up the donations and online banking. The downside to this method is that information about your bank account is stored by every organization you gave permission to. If any one of them were hacked, you might need to set up a new bank account or credit card to prevent fraud. Recurring distributions from a donor advised fund. If you use the donor advised fund, you can set up recurring payments in a way that’s very similar to using your bank or credit unions bill pay service, you make a large donation and then disperse it steadily over a long period to organizations. Why would you want to make a big donation to an organization or fund rather than just giving a little each time you want to send funds? I’ll explain why in the next lecture.