Don’t pledge or donate money to the Plutus Foundation before reading this.
The mission of the Plutus Foundation is to provide opportunities for the financial media community to support programs that enhance the financial capability and well-being of citizens of the world. This is our statement of purpose for the foundation, and guides our every decision when it comes to raising funds, granting awards, and establishing partnerships with other organizations.
The mission is both broad and specific. It deals specifically with financial capability, so all of our efforts are and will be tied to the same passion that drives the financial media community to produce its work on a daily basis. Yet, the statement is broad enough to allow the personal passions of those who donate to be a guide in determining how the organization itself will go about its charitable business.
This leaves the foundation open to consider many different avenues for fulfilling its mission. One such avenue is through the support of organizations with existing programs matching our overall mission. For example, if a community nonprofit organization has a need for financial literacy training, the Plutus Foundation can support those efforts through grant-making — or the foundation could provide experts to help put a plan into action.
Meanwhile, if the Plutus Foundation through its steering committee determine it is worthwhile to develop its own programs, this is another way the financial media community’s pooled resources can be put into effect.
A steering committee will decide how funds are used. The ultimate goal is for the Plutus Foundation to develop an endowment, leaving the community with a perpetual funding source for the mission. A steering committee consisting of a portion of the donors will guide the foundation’s Director of Grants and Programs in determining how funds are used, whether from immediate donations or from interest earned on the endowment. The steering committee will also help determine the speed at which the endowment is funded.
Over the past few weeks, the Director of Grants and Programs has been speaking with a number of organizations in the Phoenix, Arizona area to determine if there are immediate grant opportunities for the Plutus Foundation.
Any donor can apply to be a member of the steering committee. This gives the financial media community a direct say in the operations of the Plutus Foundation.
You can pledge part of your blog’s income to become a full member of the Plutus Foundation. There are many options for structuring a contribution to the Plutus Foundation. The simplest is a one-time payment. You can also schedule a recurring payment — a sustaining membership — through a monthly PayPal payment. This is easy to set up from the Plutus Foundation website.
But perhaps more meaningful to the financial media, especially those with their own businesses as bloggers or other media professionals, is the ability to pledge a portion of business profits to the Plutus Foundation. With this pledge, bloggers and other business owners (or other supporters) can become the foundation’s partners. One might pledge $100 from blog income a month, while another might opt to donate 5% of all profits to the foundation. This is a great way to use success in business to give back to the community.
Your contributions are tax-deductible. The Plutus Foundation is a 501(c)3 community foundation. The “community” in question is the financial media community. Traditionally, community foundations operate in a specific physical location based on geography, but the Internet has changed the meaning of “community.” Our community is virtual — it is based on real connections online — but it is still a community.
Because the Plutus Foundation has 501(c)3 status, your contributions are fully deductible on your tax returns. Check with any financial blogger to learn more about how to deduct charitable contributions. You can make the Plutus Foundation a permanent part of your tax planning.
The Foundation exists to serve the community and will do so several additional ways. If you, as a blogger or other media professional with your own readership community, would like to run your own charitable project, something that coincides with the Plutus Foundation mission, you can use the foundation to operate your plan. Unlike collecting funds from your community on your own, you can give your community the opportunity to support your project, and contributors will receive a tax deduction for their contributions. Just direct your readers to a special Plutus Foundation project page we will create for you. We will apply the funds we collect to your specific project.
The Plutus Foundation also has the ability to accept donations of assets. If you would like to leave a legacy, you may donate or partially donate your blog to the foundation under certain circumstances. There are many creative options available to us. The foundation could invest in your blog, partially or fully, and you can consider the difference between the market value and what you receive from the foundation as your charitable contribution. These options will be limited initially, but if it is a successful strategy, the foundation will expand the opportunities in the future.
Go here to donate, pledge, or learn more. You can also complete the form below to receive the Plutus Awards and Plutus Foundation newsletter, which will provide more information and updates about once a week.