How to Get Your Money to Those Who Need It More Than You
Key Excerpts from Article on Website of New York Times
Posted: December 21st, 2020
What is the very best way for people with more money than they need to quickly hand it over to those in need, so they can use it for food, shelter and other necessities? Sites and services like GoFundMe can connect donors with real people, but they may lack vetting of recipients, their back stories or their plans. Donors with large amounts to give may want to use tax deductions to increase what they can afford to donate, but may not be able to get them through one-off cash transfers. The elusiveness of perfect solutions has inspired a variety of social entrepreneurs to pursue various forms of direct giving. Two existing organizations and one new entrant are offering some of the most satisfying ways of providing few-strings-attached assistance. Modest Needs Foundation and GiveDirectly, both nonprofit organizations, are using years of experience to pay people’s bills or hand them money to pay for things themselves. And the 1K Project is facilitating money transfers, although without the tax deductions the other two can offer donors. So far, GiveDirectly has sent $1,000 each to about 82,000 people. Its goal is to reach 100,000, though it is likely to continue the efforts if donations keep coming in. Modest Needs, a nonprofit organization, operates on a smaller scale, with a slightly different model. Recipients need to find their way to the group and apply for help paying particular bills. It requires documentation of the need and pays bills directly, without giving money to the applicant.
Note: For other exciting new ways to directly help the poorest of the poor, read this NPR article. Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.