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Holiday Financial Giving

The leaves are falling and you can almost hear the sleigh bells ringing. As exciting as the holiday season may be, there are many people out there that this season is far from merry and bright. It has been a tough year for many with increased prices on almost everything you buy. This is just one reason why West Bank values giving back to others, especially during this holiday giving season. The West Bancorporation Foundation awards gives out a variety of grants each quarter to organizations that focus on human service, education, and arts & culture. This year West Bank has granted over $213,761 to non-profit organizations. Giving to organizations that recognize the importance of building strong communities is an important part of West Bank’s mission. There are many deserving organizations out there but it is important to make sure your charitable giving is going to the right place. Here are 4 things to remember when donating money this giving season.

Do your research

There are many organizations that make claims about their organization that might not be true. Some establishments claim that all of their proceeds go to the cause they are promoting. It is important to do your research to see how much of your donation goes directly to the mission or if it is helping pay overhead costs. Before giving your money to any organizations, make sure you get details on how your money will be spent.

Keep your records

It is important to track your financial giving for multiple reasons. One is to properly file your taxes when tax time rolls around. Another reason is to make sure you are being charged correctly. Whether it was a one-time donation or a recurring transaction, you should always monitor that the correct amount is being pulled from your account.

Pay with debit card or check

There are many payment options out there, but when it comes to donating to charities, make sure you are using a form of payment you can easily track. Smart options are debit card, credit card or check. Wire transfers, gift cards, and cash are not as safe. If the charitable organization is legitimate, they will not require donations via gift cards or wire transfers.

Don’t give out personal information too quickly

Before giving any personal information to a charity, double check it is going to the correct place. Legitimate charities will not ask for information like your social security number or bank account number.

The West Bancorporation Foundation, Inc. (the Foundation) was founded in 2004 to grant funds to nonprofit organizations in the communities we serve in the areas of Human Services, Education and Arts & Culture. If your organization would like to apply, click here: https://www.westbankstrong.com/about_us/west_bancorporation_foundation

Note: West Bank does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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