Assuming the old car
that you donated
to charity
sold for $500. Under IRS regulations, you can claim the full market
value as a tax deduction. Meanwhile, the charity to which you donated
your car can use the money to support their cause. It may make you
wonder, though, what can a registered nonprofit do with $500?
From a foreign
currency's perspective, the number may not look much. However, given
that the U.S. dollar is one of the most valuable currencies in the
world, even $20 can already buy so much. Here's a rundown of how much
impact $500 can have in supporting charities.
Rice: 677 lbs.
According to the Bureau
of Labor Statistics, the cost of rice per lb. as of May 2014 is at
$0.739. If two cups of rice is worth a pound, then $500 can produce
more or less 1,300 cups for hungry people. Hunger is a major issue in
the U.S., with ten states having an above average rate of food
insecurity, according to the nonprofit Feeding America.
Flu Vaccine: 64
doses
The Centers for Disease
Control and Prevention say that it costs $7.75 to inject a dose of
flu vaccine in children six months and older. For $500, more than 60
six-month old children can receive the flu vaccine, which is 28
percent more what the private sector can provide.
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