Before Making Charitable Donation, Check Out the Charity

 

Staten Island’s only community-based business bank shares suggestions for making wise contributions

 

STATEN ISLAND, N.Y. – When making charitable donations, it’s important  to ensure that those in need, not scam artists, are the one who will benefit.

With this in mind, Victory State Bank urges you to heed the following advice from the Federal Trade Commission:

 

Before you donate:

  • Ask for detailed information about the charity, including name, address, and telephone number.
  • Get the exact name of the organization and do some research. Searching the name of the organization online — especially with the word “complaint(s)” or “scam”— is one way to learn about its reputation.
  • Call the charity. Find out if the organization is aware of the solicitation and has authorized the use of its name. The organization’s development staff should be able to help you.
  • Find out if the charity or fundraiser must be registered in your state by contacting the National Association of State Charity Officials.
  • Ask if the caller is a paid fundraiser. If so, ask:Keep a record of your donations.
    • The name of the charity they represent
    • The percentage of your donation that will go to the charity
    • How much will go to the actual cause to which you’re donating
    • How much will go to the fundraiser

 

  • Make an annual donation plan. That way, you can decide which causes to support and which reputable charities should receive your donations.
  • Know the difference between “tax exempt” and “tax deductible.” Tax exempt means the organization doesn’t have to pay taxes. Tax deductible means you can deduct your contribution on your federal income tax return.
  • Never send cash donations. For security and tax purposes, it’s best to pay by check — made payable to the charity — or by credit card.
  • Never wire money to someone claiming to be a charity. Scammers often request donations to be wired because wiring money is like sending cash: once you send it, you can’t get it back.
  • Do not provide your credit or check card number, bank account number or any personal information until you’ve thoroughly researched the charity.
  • Be wary of charities that spring up too suddenly in response to current events and natural disasters. Even if they are legitimate, they probably don’t have the infrastructure to get the donations to the affected area or people.
  • If a donation request comes from a group claiming to help your local community (for example, local police or firefighters), ask the local agency if they have heard of the group and are getting financial support.
  • What about texting? If you text to donate, the charge will show up on your mobile phone bill. If you've asked your mobile phone provider to block premium text messages — texts that cost extra — then you won't be able to donate this way.

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTC: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com.

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