The Scholarship Fund Today
Today’s Challenge
Scholarships are very important...and life-changing. Scholarships provide access to education in the area of credit management and are awarded with one single goal: to help assist the business credit professional excel within the business credit profession.
There are always more requests for scholarships than there are funds. Please consider making a contribution to the CFDD Scholarship Fund. There are many ways to contribute.
Tax Benefits and Responsibilities
People give to charity for many heartfelt, altruistic reasons. But as made evident by the surge in online gifts flowing through our site on December 31, many worthy charities are funded by donors who are able to make larger gifts as a result of the tax deductions they later claim.
But before you prepare your tax return, you should know that the government is increasingly concerned with taxpayers inflating the value of their gifts. In recent years, new laws have been passed to curb those who abuse the spirit of such tax breaks. And the IRS continues to scrutinize claims for charitable deductions to make sure taxpayers are entitled to such claims.
If you want to claim a charitable deduction for a cash gift, then you must be prepared to verify your claim. In other words, you can no longer deduct the spare change dropped in a charity's collection bucket without the proper documentation. If you are audited, the IRS will only accept one of the following to substantiate a monetary gift: a canceled check, credit card statement, bank statement or a written acknowledgment from the charity (showing the charity's name, the date of the donation and the amount given).
If you contribute $250 or more, then you must prove to the IRS that you (a) made the donation and (b) you didn't receive anything in return for that donation. Therefore, you’ll need a receipt from the charity that includes the following information: the charity’s name, the value of your gift, the date you made your donation and a statement verifying that you did not receive any goods or services in return for your gift.
If you are among the many donors that give online on December 31, then your gift still qualifies for a deduction on your tax return even though you pay the credit card company in the following year. If you wait until the last minute and pay by check, your gift qualifies so long as the check is mailed on or before December 31.
Cash & Credit Donations
Consider supporting the CFDD Scholarship Fund through a direct cash contribution.
Contributions can be made by check and sent to: The CFDD National Scholarship Fund, The National Association of Credit Management, 8840 Columbia 100 Parkway, Columbia, Maryland, 20145-2158.
Contributions may also be made using a credit card, via the NACM Bookstore. To make a credit card contribution, click here.
Matching Gift Donation
You could double your donation with a corporate matching gift!
Did you know that many companies have special programs to match employee gifts? And that you may be able to double your gift by just filling out some simple forms at your company’s human resources or community relations office? That means your gift could go twice as far…fund twice as many scholarships…and help twice as many credit professionals. It’s as easy as that!
You may work for, or have retired from, a company that will match all or some of the amount of your gift to the CFDD National Scholarship Fund. Please contact your company’s Human Resources department to determine if it has a matching gift program and whether your gift to the CFDD National Scholarship Fund is eligible for a match. Once you have determined that your company will match your charitable donation, complete the appropriate form (provided by your company) and include it with your donation. Please be sure to complete the entire donor portion of the form.
Follow these easy steps to take advantage of a matching gift program:
- Check with your company’s human resources or payroll department to determine whether it offers a matching gift program.
- Ask for donation guidelines and a list of eligible charities if your company does offer a matching gift program.
- Decide how much you want you donate. Be sure to find out whether different giving methods, such as a donation made via credit card, result in a different matching level.
- Request several copies of the matching gift form. You’ll be more likely to complete the form if you have one on hand.
- Donate through the matching program to ensure that your donation is matched.
“In Memory of” or “In Honor of” Donations
A tribute gift is a meaningful way to convey sympathy to the bereaved, memorialize a loved one, commemorate a special occasion or honor someone. It is also an opportune way to express gratitude to a counselor or staff member who has made a special impact.
A note is sent to the individual being honored—or the family of those memorialized—informing them of the gift and the identity of the donor. The amount of the gift is kept confidential. If you’d like to make such a gift by check, please click here to print a donation form, then complete and mail the form (with a check made out to CFDD Scholarship Fund) to CFDD National Scholarship Fund, 8840 Columbia 100 Parkway, Columbia, Maryland, 21045-2158.
The Silent Auction Fundraiser
Consider donating an item, valued at $25 or more, to the CFDD Silent Auction. The Auction is held in conjunction with the CFDD National Conference.
Estate Plans
If you are looking for a way to help an organization you love in the years to come, please consider including the CFDD Scholarship Fund in your will or estate plans. We encourage you to consult with a qualified professional, such as your attorney and financial advisor. We would be deeply grateful to be remembered with a bequest.
In case your legal advisor should ask for it, the Federal Tax Identification Number for the CFDD National Scholarship Fund is EIN #20-2574848.
