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How much goes to charity?
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When you contribute to a charity or non-profit company all of the money raised goes to the charity right? Not always.
When deciding on a charity, the percentage of money kept should be a factor. Most people assume that all of the money goes to the charity, but that isn't always correct.
Depending on the charity, up to 20% of the money raised by your donated car may go to a third party. These companies act as the middle man between your car donation and the charity or nonprofit company you donated a car to.
If the place where you are donating a car is large, such as a national charity, this will most likely not be the case. However, if the company is small or local, be sure to ask how much of your donation goes to the charity.
There are companies that provide a service like selling the vehicle and then are paid a percentage of the sale price or a flat fee that does not go to your charity, and in most cases is not deductible from your income tax.
Always ask questions before making a commitment to donate a car or truck to an organization. |
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