Philanthropy

This section of the BusinessBarbados.com website is being provided as a community service. It seeks to act as a bridge between Philanthropists and Public Projects that are identified by BusinessBarbados.com as meeting the following definition: Philanthropy is the action of increasing the well-being of humankind for the public good, through charitable aid or donations. It includes the act of giving money, goods, time or effort to support a charitable cause, usually over an extended period of time and in regard to a defined objective. It can also be thought of as: Strategic investment with a social purpose; The achievement of real lasting change in society; Planned giving with a focus on impact. Projects that meet this definition, once accepted and approved, will be posted on the website FREE of charge. The projects must be Barbados based or have a direct benefit for Barbados. Applicants may include The Barbados Government (or any of its Agencies), NGOs, Private Individuals etc. This website will be promoted by BusinessBarbados.com to Philanthropists on an anonymous basis. Likewise, the Philanthropic donors will be able to anonymously view all approved projects listed on the website and decide if they wish to contact the projects' sponsors. Potential benefactors will contact the appropriate project sponsor directly. Sponsors of projects should submit their proposal for listing to BusinessBarbados.com with full details of the request for assistance and an explanation of how the project meets the "well-being of humankind for the public good" test. To submit a requests for listing please complete this form. Once listed the project will stay on the website for a period of up to one year after which it will be removed or if appropriate re-listed. Tax Consideration Annual contributions to a registered charity 10% of assessable income. In the 2009/2010 Barbados Budget, Prime Minister David Thompson proposed that large donations of over BB$1 million should be carried forward for five years and there should be a restriction on the amount that may be claimed each year as a donation. He also proposed that donations may be made in either cash or property and that the requirement for a covenant be abolished so that receipts in respect of donations would suffice for the purposes of obtaining a tax deduction for donations made.