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The Peanut the Squirrel GoFundMe is not what you think: Here is what we found out
Manage episode 450573181 series 3320629
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3 Key Takeaways:
- Personal GoFundMe vs. Direct Charity Donations Donating through GoFundMe for Peanut the Squirrel may not benefit the actual sanctuary. Instead, funds are linked to an individual, not the nonprofit organization, which raises concerns about where the money is truly going.
- Tax Deductibility Concerns Contributions made through GoFundMe may not qualify as tax-deductible donations, even if Peanut's sanctuary has legitimate charity status. This oversight could mean donors miss out on potential tax benefits.
- Avoid Unnecessary Fees Using platforms like GoFundMe can incur a 2.9% processing fee, reducing the amount that goes directly to the cause. Direct donations to the charity are more efficient and ensure more funds support the animals.
3 Memorable Quotes:
- "If this isn't tax deductible, the money doesn’t have to go to the nonprofit, and it doesn't have to be reported on their 990."
- "2.9% of your donation is going to a third-party processing fee, which means less support for the animals you care about."
- "There are ways to give appreciated stock directly, saving up to 22.9% in fees and taxes—money that could go straight to the cause."
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