Feeds:
Posts
Comments

Archive for the ‘Taxes’ Category

KPMG Survey: Corporate Tax Leaders Say U.S. Business Tax Reform And Transfer Pricing Environment Are Top Global Tax Concerns

Survey Results Issued In Connection With KPMG’s U.S. Tax Summit

NEW YORK, June 4, 2013, The potential for U.S. federal business tax reform and the rigorous pursuit of transfer pricing adjustments by foreign countries are the top global tax concerns facing senior U.S. tax professionals, according to a survey issued today by U.S. audit, tax and advisory firm KPMG LLP in connection with its 2013 U.S. Tax Summit this week in Orlando, Fla.

“It’s clear from our survey that tax department leaders are focused on how to manage in the persistent and active regulatory environment in transfer pricing and are also devoting increasing attention to how changes in U.S. tax legislation will affect their global operational decisions,” said Jeffrey C. LeSage , vice chairman of KPMG’s U.S. Tax practice. “We believe that these and other key tax issues will present U.S. companies with challenges and opportunities as the global business landscape continues to evolve.”

The survey of almost 250 U.S. senior tax professionals — conducted prior to KPMG’s 2013 U.S. Tax Summit, taking place June 3-5 — also polled companies on tax cloud initiatives, the tax impact of import and export activities, sustainability, and legislation on taxation of Internet sales.

According to the survey, 26 percent cited the pursuit of transfer pricing adjustments as their greatest global tax concern, while 24 percent pointed to the potential for U.S. federal business tax reform. Other top concerns included the increasing number of countries aggressively pursuing ‘permanent establishment’ as an approach to asserting a jurisdiction’s taxing authority and the lack of a uniform approach by countries (15 percent) and challenges related to obtaining meaningful data that enables a company to project its annual effective tax rate with confidence (12 percent).

Tax Not Adequately Involved With Cloud

The survey also revealed that just 12 percent of tax departments are involved in early-stage  discussions around cloud-related business transformation and almost one-third (30 percent) said when it comes to decisions on cloud-enabled business transformation their department is still being left out of the decision-making process.

“The feedback related to cloud business activities is particularly eye-catching,” said Laura Newinski, national managing partner-Tax at KPMG, “because we’ve seen that many companies that leave tax departments out of early cloud-related discussions also leave money on the table when it comes to the ultimate return-on-investments (ROI) of their cloud projects.”

In another interesting finding, 4 in 10 tax executives had not yet evaluated the potential impact of the Marketplace Fairness Act of 2013, despite the Senate’s recent passage of the bill, which would allow states to require online and other out-of-state merchants to collect and remit sales and use taxes on products and services they sell.  Only 5 percent said they had evaluated the legislation and believe it will have a significant impact.

“Companies that may be affected by the potential changes to the taxation of online and remote sales need to pay close attention to the legislation and new tax compliance obligations that may be imposed on them,” KPMG’s LeSage said. “If passed, the bill could be the most significant game changer in U.S. state and local tax in years.”

Legislative & Regulatory Impact on Trade & Customs

When asked what new regulatory, legislative or policy development has had the most impact on their company’s global import and export activities, nearly one in four respondents (21 percent) cited aggressive enforcement of customs valuation laws associated with related party pricing and the ‘dutiability’ of  royalties.

And with regard to tax’s role in a company’s sustainability strategy, more than one-third (37 percent) of respondents report that they have no significant role as a tax executive in implementing that strategy for their companies.  Rather, 28 percent said their role involved strategic implementation to managing the overall after-tax return of sustainability projects.

“As all of these issues spotlight, the challenge for tax departments in the future will be to stay out in front of developments and make the case that their insights can add value to their company’s overall business and bottom line in light of rapidly evolving needs,” said LeSage.

The KPMG “pulse” survey, conducted May 16-23, reflects the responses of 242 senior tax professionals including tax directors, tax managers, vice presidents of tax, chief tax officers and tax analysts.

About KPMG LLP

KPMG LLP, the audit, tax and advisory firm (www.us.kpmg.com), is the U.S. member firm of KPMG International Cooperative (“KPMG International”).  KPMG International’s member firms have 152,000 professionals, including more than 8,600 partners, in 156 countries.

Contact:

Robert Nihen/Bridget Carroll

KPMG LLP

201-307-8296/201-505-6501

rnihen@kpmg.com;   bccarroll@kpmg.com

SOURCE:

KPMG LLP

Advertisements

Read Full Post »

Take Tax IQ Quizzes

The following is a brief list of links that will take you to various tax IQ quizzes.  This may help you test your basic tax skills and get you prepared for tax season.  Just follow the instructions at the various sites to determine your score.

http://apps.irs.gov/app/understandingTaxes/student/activities.jsp

http://www.betterfinancialsolutions.net/tools-resources/tax-iq-quiz/

http://www.leuthnertax.com/Financial-IQ-Test.c703.htm

http://accountingworldcpas.com/tax-iq-quiz.php

http://abcnews.go.com/Politics/Tax/page?id=10232774

Read Full Post »

Aon Hewitt Survey Reveals More U.S. Employers Likely to Add Roth Features to their Defined Contribution Plans in 2013

‘Fiscal Cliff’ Provision Opens Door for Increased Roth 401(k) Adoption

LINCOLNSHIRE, Ill., Feb. 6, 2013, A new survey by Aon Hewitt, the global human resources solutions business of Aon plc (NYSE: AON), reveals an increasing number of U.S. employers are planning to add Roth features to their defined contribution (DC) plans in 2013. This comes on the heels of new legislation that makes it easier for DC investors to convert balances within their savings plan into Roth accounts.

Immediately following the passage of the American Tax Payer Relief Act of 2012—or so-called ‘fiscal cliff’ deal—Aon Hewitt conducted a pulse survey of more than 300 individuals representing large U.S. employers to determine the prevalence of Roth accounts and employers’ likely actions with respect to their plans over the next 12 months. According to Aon Hewitt’s findings, while almost half (49 percent) of respondents currently offer no Roth provisions, 29 percent of those that don’t offer Roth are very or somewhat likely to add this feature in the next 12 months. Of those new adopters, more than three-quarters (76 percent) will add both Roth contribution and in-plan conversion features.

“While employers have steadily been adopting Roth features in recent years, the new law, along with a better understanding of Roth by both participants and companies, will encourage more plan sponsors to add these options in the near-term,” said Patti Balthazor Bjork , director of Retirement Research at Aon Hewitt.

Aon Hewitt’s survey also found that employers that already have a Roth contribution option are likely to allow employees to make in-plan conversions to Roth accounts. Of those respondents that currently allow Roth contributions but do not offer in-plan conversions, more than half (53 percent) are very or somewhat likely to add this feature in the next 12 months.

For companies that already allow Roth contributions and in-plan conversions, more than three-quarters (79 percent) are very or somewhat likely to expand the eligibility for in-plan conversions, allowing them for previously non-distributable amounts.

“The new rules open the door for employers to allow expanded in-plan conversions, but it’s not a requirement,” explained Bjork. “However, it makes the Roth conversions more attractive for employees, so there will likely be increased interest and incentive for employers to offer them.”

Aon Hewitt’s retirement practice advises, designs and administers defined contribution benefits for hundreds of mid-sized and large plans. For more information visit aonhewitt.com.

Sign up for News Alerts: http://aon.mediaroom.com/index.php?s=58
Follow Aon Hewitt on Twitter @AonHewitt

About Aon Hewitt
Aon Hewitt is the global leader in human resource solutions. The company partners with organizations to solve their most complex benefits, talent and related financial challenges, and improve business performance. Aon Hewitt designs, implements, communicates and administers a wide range of human capital, retirement, investment management, health care, compensation and talent management strategies. With more than 29,000 professionals in 90 countries, Aon Hewitt makes the world a better place to work for clients and their employees. For more information on Aon Hewitt, please visit www.aonhewitt.com.

About Aon
Aon plc (NYSE: AON) is the leading global provider of risk management, insurance and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 61,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative and effective risk and people solutions and through industry-leading global resources and technical expertise. Aon has been named repeatedly as the world’s best broker, best insurance intermediary, reinsurance intermediary, captives manager and best employee benefits consulting firm by multiple industry sources. Visit www.aon.com for more information on Aon and www.aon.com/manchesterunited to learn about Aon’s global partnership and shirt sponsorship with Manchester United.

MacKenzie Lucas , 847-442-2995, mackenzie.lucas@aonhewitt.com
Maurissa Kanter , 847-442-0952, maurissa.kanter@aonhewitt.com

SOURCE: Aon plc

Read Full Post »

Americans Make Hard Choices on Social Security, Prefer to Raise Payroll Taxes and Increase Benefits

Survey finds sharp contrast between what Americans want and what lawmakers are talking about

WASHINGTON, Jan. 31, 2013, Americans support Social Security and are willing to pay more to preserve and even improve benefits, according to a new survey released today by the nonpartisan National Academy of Social Insurance (NASI).

The new study, Strengthening Social Security: What Do Americans Want?, finds a sharp contrast between what Americans say they want and changes being discussed in Washington, such as cutting benefits by using a “chained” Consumer Price Index to determine Social Security’s cost-of-living adjustment (COLA).

Large majorities of Americans, both Republicans and Democrats, agree on ways to strengthen Social Security — without cutting benefits. Fully 74% of Republicans and 88% of Democrats agree that “it is critical to preserve Social Security even if it means increasing Social Security taxes paid by working Americans.”

When asked the same question about increasing Social Security taxes for better-off Americans, 71% of Republicans and 97% of Democrats agree. Social Security taxes are paid by workers and their employers on earnings up to a cap ($113,700 in 2013). About 5% of workers earn more than the cap.

The survey used a new approach to measuring public opinion about Social Security. In addition to asking participants whether they would favor a particular change, they were asked to choose a preferred package of changes, much as lawmakers might do. Participants considered various combinations of 12 possible changes, including raising taxes; lowering benefits by raising the full retirement age, changing the COLA, or means-testing benefits; and increasing benefits.

The most favored package of changes — preferred to the status quo by seven in 10 participants across generations and income levels — would:

  • Gradually, over 10 years, eliminate the cap on earnings taxed for Social Security. This would mean that the 5% of workers who earn more than the cap would pay into Social Security all year, as other workers do.
  • Gradually, over 20 years, raise the Social Security tax that workers and employers each pay from 6.2% of earnings to 7.2%. The increase would be so gradual that someone earning $50,000 a year would pay about 50 cents a week more each year, with the employer’s share increasing by the same amount.
  • Increase the COLA to more accurately reflect the inflation actually experienced by seniors, who typically pay more out-of-pocket for medical care than other Americans.
  • Raise Social Security’s minimum benefit so that a worker who pays into Social Security for 30 years can retire at 62 or later with benefits above the federal poverty line ($10,788 in 2011). Currently, lifetime low-wage workers are at risk of falling into poverty in their old age, even after paying Social Security taxes throughout their working lives.

Social Security currently faces a projected long-term funding shortfall, and in the absence of action by Congress the program would be able to pay only about 75% of scheduled benefits after 2033. The above package of four changes would turn the projected financing gap into a small surplus, providing a margin of safety.

“This report deserves close attention from policymakers,” said James Roosevelt, Jr. , President and CEO of Tufts Health Plan and grandson of President Franklin D. Roosevelt , who created Social Security in 1935. “It drills deeper into public opinion than standard surveys and shows how Americans are willing to make hard choices and address challenges for the common good.”

To identify the preferred package, NASI partnered with Mathew Greenwald & Associates to use trade-off analysis, a technique widely used in market research to learn which product features are most preferred by consumers. The trade-off exercise allowed survey participants to express preferences among many combinations of policy changes, and researchers determined the most preferred combination. The trade-off exercise found that reducing benefits – for example, by raising the retirement age to 70 or means-testing Social Security benefits – were unpopular policy changes.

“At a time when Americans seem deeply divided about the right size and role of government, it is striking that Americans across political and generational lines agree on specific policies to pay for and improve Social Security benefits,” said Jasmine V. Tucker , NASI research associate, who co-authored the report with NASI’s Virginia P. Reno , vice president for income security, and Thomas N. Bethell , a senior fellow.

About the survey: The online survey of 2,000 Americans ages 21 and older was conducted by Ipsos Loyalty from September 17-24, 2012, drawing from a pool of 700,000 consumers who have volunteered to participate in surveys. Online interviews, averaging 25 minutes, explored participants’ knowledge and attitudes about Social Security and their preferences when choosing among many possible combinations of policy changes. Results were weighted to reflect the composition of the U.S. population in the 2010 census.

Download the full report.

The National Academy of Social Insurance, founded in 1986, is a nonprofit, nonpartisan organization made up of the nation’s leading experts on social insurance programs, including Social Security and Medicare. NASI’s mission is to advance solutions to challenges facing the nation by increasing public understanding of how social insurance contributes to economic security.

SOURCE: The National Academy of Social Insurance

 

Read Full Post »

Startups Advise Obama: Focus on Taxes and Talent as Second Term Begins

CEOs and Executives from Startup Companies Nationwide Offered Advice to Support the Innovation Economy in Silicon Valley Bank’s Annual Startup Outlook Survey

SANTA CLARA, CA, Jan. 18, 2013, With the second inauguration of President Obama pending, Silicon Valley Bank, financial partner to innovation companies worldwide, asked startup companies across America: “What piece of advice would you give to President Obama with regards to supporting the innovation economy?” Simplifying taxes and focusing on building a strong talent pool made up nearly half of all responses, which came from 600 comments by CEOs and executives of startup companies across the US. The question was part of Silicon Valley Bank’s fourth annual survey of startup companies nationwide.

See infographic.

“Startup companies are looking for simplicity and relevant talent above all,” said Greg Becker , CEO of Silicon Valley Bank. “They said things like, ‘cut the red tape,’ ‘simplify the tax code’ and ‘improve US science and math education to best-in-world outcomes.'”

“Our clients – high growth innovation companies – create jobs and outperform the broader economy. We should be doing everything we can as a country to make it easy for them to grow.”

High growth small companies, while small in number, have an outsized impact on the U.S. economy. They consume roughly 0.1-0.2% of U.S. GDP in invested capital, but turn into companies that create roughly 11 percent of U.S. private sector employment and 21 percent of U.S. GDP – or roughly twelve million jobs and over $3 trillion in annual revenues.

The most common advice, offered by nearly one-third of startup managers who participated in the survey, was in regard to taxes. Nearly 20 percent of the respondents believed the government should focus on developing a deep talent pool through a combination of approaches including immigration reform and better science and math education. A running theme in the comments was also the desire for government to work together on a bi-partisan basis.

Advice for the president fell into a few major categories:

  • Overhaul Tax System – 28% “Keep it simple” “Focus on ways to stimulate growth”
  • Build Talent Pool – 18% “Make it easy to hire the best & brightest from around the world”
  • Ease Regulation – 12% “US is the hardest country in the world to do business”
  • Promote Investment – 11% “Make investment in growth companies easier”
  • Champion Innovation – 10% “Make it very, very simple and cheap for the little guy to win!”
  • Give Us Space – 9% “Minimize Federal government involvement” “Leave us alone”
  • Other – 13% “Be more bi-partisan – both the President and Congress”

Silicon Valley Bank conducted its annual Startup Outlook survey in December 2012. More than 750 executives of startup companies, defined as those in the innovation sector with less than $100 million in annual revenue, responded. The company will be releasing additional data and reports based on the survey in the coming months. View all news related to the results of the Startup Outlook survey at http://www.svb.com/startup-outlook-report/ and follow the conversation on Twitter at @SVB_Financial #StartupOutlook.

About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 27 U.S. offices and six international operations. (Nasdaq: SIVB) www.svb.com.

Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.

SOURCE: Silicon Valley Bank

RELATED LINKS: http://www.svb.com

Read Full Post »

New CouponCabin.com Survey Reveals The Cost of Being Single

–Forty-Two Percent of Single U.S. Adults Feel More Financially Strained Than Married Peers–

  • Singles Report They Pay More in Taxes and Spend More on      Social Obligations Than Married Peers
  • Marrieds Report They Have Higher Household Expenses and      Less Workplace Flexibility Than Single Peers

WHITING, Ind., January 9, 2013 – Does it cost more to be single than married? According to a new CouponCabin.com survey, the grass, or more likely the money, is always greener on the other side. More than four-in-ten (42 percent) single U.S. adults report they feel more financially strained than their married peers, while 35 percent of married U.S. adults said the same of their single counterparts. This survey was conducted online nationwide by Harris Interactive on behalf of CouponCabin.com from December 19th to December 21st, 2012, among 2,132 adults ages 18 and older.

Taxes

When it comes to government issues, such as federal income taxes, singles think they pay more than marrieds. More than half (51 percent) of single U.S. adults feel they pay more in federal income taxes than their married peers, compared to 46 percent of married U.S. adults who said the same of their single counterparts.

Household Expenses

Household expenses are an area where marrieds feel they get the short end of the financial stick. More than six-in-ten (62 percent) married U.S. adults agree that their household expenses are greater for them than for their single peers. Only 29 percent of singles said the same of their married peers.

Sometimes, household expenses can be so high that adults are forced to make tough decisions. Fourteen percent of U.S. adults report they have stayed in a relationship or a living situation with someone purely due to financial reasons.

“No matter what your relationship status, there are financial challenges that exist for everyone,” said Jackie Warrick, senior savings adviser at CouponCabin.com. “The important thing is to measure yourself against your own yardstick; your own goals, your own risks and your own challenges. Focus your energy on how to better your financial situation rather than lamenting other’s fortune.”

Saving

Married and single U.S. adults also have different views on how much money they are able to save for the future. With typically higher household expenses, 48 percent of married U.S. adults agree they are able to save more money than their single peers because of their combined earning power. More than half (51 percent) of single U.S. adults agree they are able to save more money than their married peers because they don’t have the same financial responsibilities.

Workplace Flexibility

While there are many studies that report that married employees may receive more flexible work arrangements, more singles said their workplace was more flexible for them than their married colleagues. More than one-third (34 percent) of singles agree that their workplace is more flexible for them than it is for their married co-workers. Just 24 percent of marrieds said the same of their single counterparts.

Social Obligations

Sometimes, the requirements of being friends with married couples can cost singles an arm and a leg. Of those single U.S. adults with married friends, 17 percent feel they spend more on gifts and special occasions for their married counterparts and their families than is reciprocated.

When asked how much on average they spend per year on their married friends and their families, single U.S. adults who spend any money on gifts or occasions for their married friends and their families said the following:

  • $200 or less – 65 percent
  • $201 – $500 – 24 percent
  • $301 – $499 – 4 percent
  • More than $500 – 11 percent

In addition, 29 percent of single U.S. adults often feel pressure to spend money on “single” obligations like going out to dinner, going to bars and buying the latest trendy clothes.

http://www.couponcabin.com/press-releases/

Survey Methodology:

This survey was conducted online within the United States by Harris Interactive on behalf of Coupon Cabin from December 19th to December 21st, 2012, among 2,132 adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact Allison Kaplan, akaplan@couponcabin.com.

About CouponCabin.com

CouponCabin.com offers the broadest selection of high-quality, guaranteed-to-work coupons on the web. With online coupon codes, printable in-store coupons, grocery coupons, local deals, free samples and more, CouponCabin.com is the ultimate one-stop-shop for coupons of every variety. Consumers can also be the first to know about the best coupon deals available with CouponCabin’s Newsflash, a constantly updated and innovative new feature with dozens of breaking offers each and every day. Shoppers have saved nearly $350 million since CouponCabin’s foundation in 2003, and the average user saves $19 in just 80 seconds. With Newsflash, customized email newsletters, mobile apps for iPhone, Android and iPad, downloadable browser savings alerts and exclusive coupons, shoppers will never miss out on a great deal with CouponCabin.com.

SOURCE: CouponCabin.com

RELATED LINKS
http://www.couponcabin.com

Read Full Post »

Tips For Charitable Giving: Research Nonprofit Organizations; Understand Current Laws To Maximize Tax Deductions

Seattle #1 in online giving

SEATTLE, End-of-the-year charitable giving to favorite nonprofit organizations is on the to-do list for many King County residents this week, inspired by a spirit of generosity as well as a feeling of uncertainty as Congress debates the future of the charitable tax deduction.

The average person makes 24 percent of his or her annual donations between Thanksgiving and New Year’s Eve, according to research from the Center on Philanthropy. There is speculation that that may increase this year, as people step up their giving in preparation for a potential change in the charitable tax deduction. Congress is debating whether to eliminate or limit the tax benefit for charitable donations as part of the broader “fiscal cliff” negotiations.

“Generosity, the holiday spirit and year-end tax planning are a powerful combination in philanthropy,” says Norman B. Rice , president and chief executive officer of The Seattle Foundation. “The uncertainty around the charitable tax deduction may prove to be a catalyst that spikes year-end giving even more than usual.”

The Seattle Foundation, which manages more than 700 charitable giving funds for families and businesses in King County, is seeing a steady flow of gifts as we approach year-end, including many in the form of appreciated stock. Under current tax law, donations of long-term capital gain assets, such as appreciated stock, generally qualify for a deduction at the fair market value, enabling donors to avoid capital gains tax on the appreciation. This strategy is appealing for two reasons. Stocks, in many cases, have regained value lost in the recession and given the potential of charitable deduction limits in 2013, it may be a tax-wise and generous gift.

Strategies for End-of-Year Giving

The Seattle Foundation advises people making end-of-the-year gifts to consider the following:

Open a donor advised fund If you are concerned about the future of the charitable tax deduction, this may address your fears. A donor advised fund is a charitable giving account that allows you to donate now and secure a deduction for 2012, and make decisions in the future about specific gifts to nonprofits. The money in your donor advised fund is invested and can grow tax-free, as you recommend when and where gifts are made. Donor advised funds are available from community foundations, such as The Seattle Foundation, and some national financial services firms.

“A donor advised fund is the perfect tool for people who want to make a gift by year-end but are uncertain as to how they specifically want their charitable dollars distributed,” said Rice. “It also makes giving much easier, allowing people to focus on their philanthropy free of checkwriting and reporting as we handle all of that.”

Research the nonprofits Seek out organizations that match your specific interests and demonstrate financial health, accountability and transparency, and meaningful impact. People interested in finding organizations and causes to support have a very useful resource in The Seattle Foundation’s website, which offers a directory of more than 1,500 nonprofits serving King County. The site makes available for the first time The Seattle Foundation’s internal evaluations of nonprofit organizations, helping you make the wisest decisions possible with your giving dollars. At the website’s “Giving Center,” you can search nonprofits to find groups that best match your interests by mission, geography, clients served and other criteria. A search of nonprofits for the topic “housing,” for example, can be refined to organizations specifically supporting homeless individuals with special needs on the Eastside.

Make Unrestricted Gifts If you are confident in the health and management of the nonprofit organization, then make an unrestricted gift that will allow it to use the funds where they are most needed. Nonprofits face substantial reductions in government funding and unrestricted gifts to support basic operations, rather than earmarked for individual programs, are critical.

Focus Your Giving: Consider making fewer, larger gifts and focusing your giving in one area. Larger gifts have larger impact, which is important to you as the donor. More targeted giving also enables you to become more focused, passionate and knowledgeable about the causes you care about. And from the recipient’s perspective, keep in mind that nonprofits have transaction and cultivation costs associated with every gift, regardless of size.

Seattle Ranks #1 in Online Giving

Given our region’s standing as a leading technology hub, it’s no surprise that Seattle was #1 in Convio’s annual ranking of the top ten most generous large cities in online donations during 2011, based on per capita giving. The 2011 rankings are based on the almost $1.355 billion in total online donations generated through the Convio online services used by nonprofit organizations across the nation. Seattle held the fourth ranking in 2010. (Note: The Seattle Foundation does not use Convio services.)

This is good news for King County nonprofits, who can expect to see a spike in online gifts in the coming days. Twenty-two percent of all online gifts to charities are made in the last two days of the year, according to Network for Good.

The Seattle Foundation’s web site facilitates online giving to hundreds of nonprofit organizations. It is also the centerpiece of GiveBIG, the day-long online giving campaign held on May 2, 2012 that asked people to visit www.seattlefoundation.org and donate to their favorite nonprofit organizations. People made a total of more than 37,000 online gifts totaling $7.4 million for GiveBIG, and those donations were matched by $800,000 from The Seattle Foundation, local companies and philanthropists. The success of GiveBIG boosted online gifts made through www.seattlefoundation.org to $7.7 million up from $3.6 million in 2011.

“Online giving is growing dramatically here and across the nation,” said Rice. “Donors favor the ease and convenience and it enables people to respond very quickly in times of crisis and national disasters.”

Established in 1946, The Seattle Foundation fosters powerful and rewarding philanthropy to make King County a stronger, more vibrant community for all. It is the oldest and largest community foundation in the region, with more than 1,200 family, business and nonprofit funds and assets of more than $600 million. The Seattle Foundation awards more than $60 million in grants each year. Learn more about the Foundation and visit the Giving Center at www.seattlefoundation.org.

SOURCE The Seattle Foundation

RELATED LINKS
http://www.seattlefoundation.org

(more…)

Read Full Post »