Understanding the importance of donations:
The existing difference in the economy and standards of living in various classes of the society has been more evident in the present scenario than ever.In order to reduce the huge difference between the upper limit and lower limits And also to eradicate poverty and help in upbringing of the less privileged, few multimillion dollar companies belonging to private sector have decided to come forward and take part in this no- returns social welfare work.
To encourage more and more companies in giving back to the society, the corporate donations to charity being made had been given an exemption to tax. This is upto 250% for the businesses participating in charity. The donations have gained an IPC status meaning tax exemption is applicable both to the donors and the beneficiaries alike.
This move shows that the local governance is in accordance with idea of welfare and charity of the underprivileged through cash donations from the financial sectors providing a direct medium for forming a relationship of equality with the non-financial sectors such as non profit organizations. When done on large scale meaning when made compulsory for every company there the returns would exceed the expectations and has the circulation of wealth assuming a balanced state.
Means to raise corporate donations:
The people working in corporate companies when assigned with volunteering works such as engaging in the process of packaging, distribution etc has proved beneficial to the employees as well as they understand the value of giving back and go home with a sense of satisfaction. This increases social awareness in people and a sense of social responsibility thus having gratitude for the privileges they have received.
Since most of them aren’t willing to exactly do the field work. The charitable organisations have arranged for gala events and other productive events like marathon runs once in a while to engage the donors in a fun filled experience and also make the whole process of receiving donations a more fun filled experience.
Arranging for monthly or yearly visits to the charitable organisations has its own benefits by having the partnership with the companies intact and making sure to have minor increments in donations when the state of well being of the weakened sections perceived through one’s own eyes in reality.
Therefore the corporate donations done has a huge impact on downtrodden on a large scale and a beneficial step taken in years to come.