Many retailers find it advantageous to make in-kind donations to causes like foster children and families in their communities. Your business may have products that could be just as valuable as cash donations, and such arrangements may be easier for you to consider depending on your current circumstances. These are some of the major reasons behind in-kind donation programs and ideas for what to give.
Free Up Space
Time and space are money when you’re doing business. You may have goods that you’re thinking about storing because they’re out of season or difficult to sell. Sometimes donating them makes more sense than paying for storage and managing them as part of your inventory.
Discourage a Discount Mentality
Many retailers today are concerned about consumers expecting more and more price reductions given that they can shop and compare prices online 24/7. Depending on your type of business, you may want to cultivate customers who appreciate your services. In that case, you could donate products instead of slashing prices.
Receive Tax Deductions
While you need to consult your tax professionals about how any charitable gift may affect your taxes, many in-kind donations can qualify for deductions. It’s an extra reward that reinforces the good feelings you get for being generous.
Contribute to Your Community
Most of all, many businesses understand the wisdom of investing in the communities where they do business. Foster children and families need all kinds of goods including food, health and beauty items, household products, musical instruments, and art supplies. Improving the lives of children also improves the life of the community on every level.
TFI Kids Fund is thankful to all the individuals and businesses that work with us to help foster children. Contact us to find out more about in-kind donations and other ways your business can help foster children and families in your community.