A charitable contribution refers to a donation of money, property, or other assets made to a qualifying charitable organisation for philanthropic purposes. These contributions are typically made voluntarily and without the expectation of receiving anything in return. Charitable contributions serve various purposes, including supporting charitable causes, providing financial assistance to those in need, funding research and educational initiatives, and promoting community development and welfare programs. In many jurisdictions, individuals and organisations may be eligible to claim tax deductions or credits for qualifying charitable contributions, subject to certain limitations and requirements set forth by tax laws and regulations. Charitable contributions play a significant role in supporting non-profit organisations and advancing social, humanitarian, and environmental causes around the world.
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This glossary post was last updated: 29th March, 2024.
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