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#400562 - 08/10/05 04:55 PM Donations for winter clothing for LMI families
Anonymous
Unregistered

We have a Goodfellows Program in our city that provides children of low income families with winter clothing and footwear. Specific income guidelines must be met for the children's family to qualify. Would a donation to this organization qualify for CRA investment credit?

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#400563 - 08/10/05 05:25 PM Re: Donations for winter clothing for LMI families
LoisLane Offline
Diamond Poster
LoisLane
Joined: Oct 2001
Posts: 1,570
Wisteria Lane..
No, but if one of your bank employees sat on the Board of the Goodfellows Program and provided budget assistance or other expertise, you might then get credit.
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#400564 - 08/10/05 06:07 PM Re: Donations for winter clothing for LMI families
HRH Dawnie Offline
Power Poster
HRH Dawnie
Joined: Aug 2002
Posts: 7,353
Anchorage Alaska
I guess I'll have to ask a question before I say yes or no. You mean a donation of funds from the bank so the program can purchase cloting? Yes that would qualify. A donation of employees old coats would not.

Also, if you purchase clothing (with bank money) and donate that, the cost of the donation would be qualified (we do this quite often to save chairities time).

Remember that the BANK has to spend money to qualify for the donation. All other thoughts aside, the organization sounds like a pretty slam dunk entity for CD credit if you are putting bank money out to them
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Dawn Coursey VP/CRA Queen

CRA Rating is in...Oh who cares...I'm home with the baby.

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