In January, we announced our new set of benefits GiveBack Benefits, the industry-exclusive and comprehensive giving solutions we developed for employers nationwide. These benefits can instantly boost an organization’s ability to give, both in terms of effectiveness and convenience, allowing both the organization and its employees to donate like never before.
With four options available, employers can upgrade their philanthropic efforts in a targeted way or adopt the full package and realize the full benefits of a culture of giving. No matter which option employers choose they can be assured they are removing the barriers that make it difficult to give.
Crisis Fund: This fund is supported by employer and/or employee donations. Donated funds are held in an account to be used for an employee who experiences a tragedy or crisis and needs extra financial support. Employees who need this assistance apply for the funds and employers distribute the funds based on pre-established rules.
- Benefit to employers: As we’ve seen in the past year, natural disasters can cause lasting damage and displacement for thousands of people across the country. These events not only incur loss and stress, but financial hardship. If an employee experiences the effects of a natural disaster, or even a personal tragedy, our Crisis Fund can offer the peace of mind they need to get through tough times with assistance from their employer and coworkers’ contributions.
Scholarship Fund: Employers and/or employees donate money into an account to provide scholarship funds for employees’ children or dependents. The money is held in a tax-advantaged account and distributed to dependents of employees based on established employer criteria.
- Benefit to employers: With the cost of education continuing to rise, assisting employees with higher education expenses for their dependents is a huge help. By establishing criteria that fits an organization’s unique needs and culture, employers can make education more affordable for employees and their families.
Charitable Donation Account: Employers and employees are eligible to contribute tax-advantaged money to an account owned by the employee to save towards giving goals. The monies may remain in the account until the employee opts to contribute to a charity of their choice. Contributions made to and disbursements from this account are eligible for a tax deduction.
- Benefit to employers: Empower employees to donate to charities they care about using tax-advantaged funds, all from the convenience of their MyTASC® account. Streamlining the process removes many of the barriers to giving, making it easy for anyone wanting to donate to do so.
Giving Savings Account: Similar to the Charitable Donation Account, employers and employees are eligible to contribute money to this employee-owned account designed to save towards giving goals. However, at the time of donation funds are not tax-advantaged, meaning employees can choose to disburse the funds back to themselves instead of donating to charity, should they face an unforeseen need. If the funds are used to donate to a 501(c)(3) charity, they become tax-advantaged.
- Benefit to employers: The Giving Savings Account not only provides a method to easily donate tax-advantaged funds to charity, but it also offers something that is increasingly valuable: flexibility. Whether it’s unplanned expenses or changing circumstances, the ability for an employee to reclaim these funds, if necessary, can be incredibly useful.
TASC is committed to supporting workplace giving and innovating ways to make it easier than ever before. That’s why we’ve also created the all-new Give Now feature. Coming soon to the MyTASC® platform, this innovative easy-to-use feature will allow participants to donate funds directly from their MyCash account to a 501(c)(3) charity of their choice using the web or mobile interface. This feature will be available to all MyTASC® participants with a MyCash balance so they can start giving immediately when Give Now arrives.
Organizations with a strong workplace giving culture are often viewed with a more favorable reputation. A strong sense of corporate social responsibility can make an organization a more desirable place to work, leading to better outcomes and a more engaged staff. If your organization has been looking for ways to making giving easier and more impactful, GiveBack Benefits might be the solution you’ve been waiting for.
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