By Jafet Pabón Rodríguez, Popular One Senior Private Banker
Individuals, families, and companies that engage in philanthropy share a common philosophy: make the world a better place. It is well known that the government's spending for these purposes is often cut back, making donations from individuals and companies even more important.
According to a study conducted in 2022 by research firm Estudios Técnicos, Inc . on the economic and social impact of nonprofit organizations in Puerto Rico, the main source of funding for charities in the island is individual donations, which account for 41.2% of all contributions. Therefore, any decision to engage in philanthropic activities, be it as an individual or as a business, should be included in your financial plan 2 . This helps ensure that the philanthropic endeavor will not end with a donor's death or management changes in a company.
It should be noted that any donation made to a duly qualified nonprofit entity is 100% tax-deductible.
There are many ways to engage in philanthropy, and when it comes to helping those in need, no amount is too small. If an individual, family, or company is interested in sharing their wealth and creating a long-term social impact, it is important to formalize these intentions through a financial planning process that will reflect this goal, not only during an individual's lifetime, but also for generations to come.
Our team of experts at Popular One 1 are ready to assist you in developing your philanthropic financial plan and help you manage your finances, investments 3 , risks, or business insurance. Contact your Private Banker today. Call us at 787-281-7272 or email us at 787-281-7272 or email us at [email protected] .