End of 2024 marks key financial milestone for nonprofits
Dec 31, 2024
FORT WAYNE, Ind. (WANE) -- While many prepare to celebrate the end of 2024, nonprofits across the U.S. are wrapping up what usually marks the busiest and most profitable stretch of the year.
In order for charity donations to count toward an individual's 2024 tax year, donations must be made by Dec. 31. Combine that with the nature of the holiday season, and nonprofits tend to see the biggest influx of funds toward the end of the year.
"The month of December is just a whirlwind of connecting with people, relationships and giving," said Bonnie Doolittle, founder and executive director of New Mercies Ministries. "About 60 percent of the money we raise for the year comes in during this month."
In the meantime, nonprofits work to make do while keeping programs afloat and helping the community.
"This year, we've been increasing our individual and corporation donations. We've been asking a lot of people to seed into this mission because we're almost to the point where we have to start turning people away, and we don't want to do that," said Tony Hudson, CEO of Blue Jacket.
Although Tuesday marks the deadline for donations regarding 2024 taxes, both Doolittle and Hudson encouraged people to find charities and nonprofits they believe in and support them throughout the whole year.