UK charities urged to take advantage of the stronger dollar
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The American arm of the Charities Aid Foundation international network (CAFAmerica) has urged British charities to make the most of the stronger dollar by trying to raise more funds in the USA.
The British Pound has decreased in value by about a third against the Dollar this financial year.
That means that every $100 donated to a British charity through CAFAmerica at the end of the financial year 2008 was worth £50.
Last week the same amount raised would have equated to almost £70 to the UK based charity.
“In addition to the generous exchange rate, there are other reasons that UK charities should look to fundraise in the USA. The USA is home to the world’s most wealthy philanthropists and as a nation donates around £120 billion a year to charity,” according to Susan Saxon-Harold.
Ms Saxon-Harold, who is CEO of CAFAmerica added that now is a good time for fundraising as the end of the tax year looms.
By donating to UK charities through CAFAmerica, donors lose none of their tax breaks. UK charities benefit from the ‘Friends of Charity Fund’ set up by CAFAmerica by not having to establish a standalone US non-profit organisation of their own at great cost.
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Comment by Joseph on 2010-08-16 02:53:33