Charitable Contributions Definition

Term Definition
Charitable contributions are donations made to nonprofit organizations. Donations can be money, noncash items, in kind, or volunteer hours. The contribution may be tax deductible per IRS regulations.

Extended Definition
Small businesses can benefit from making charitable contributions. In addition to helping your community, there can be tax deductions, improved employee morale, free publicity, and increased customer loyalty.

Related Articles 
Bookkeeping Tips and More for Charitable Donations