When people think of philanthropy, the first thoughts that pop into mind usually concern contributing money to nonprofit organizations or volunteering to help the less fortunate. Supply chains are generally not top of mind when one considers charitable donations. However, as the importance of corporate responsibility continues to grow and new options for philanthropic initiatives arise, supply chains across sectors are becoming more involved in charitable work.
Product Philanthropy
Inventory management is one of the most important aspects of being a reliable link in the supply chain. As such, many warehouses make every possible effort to be able to fill orders as they come in. Sometimes this leads to being overstocked on certain items. In order to free up space in overcrowded warehouses, overstocked items must sometimes be moved.
A great way of eliminating overstocked items is product philanthropy, which is a process of donating unwanted items to nonprofits that can also result in significant tax deductions for companies with a lot of excess inventory. IRS Code Section 170(e)(3) discusses charitable donations of inventory and explains that companies can deduct the cost of the inventory plus as much as half the difference between its market value and its cost. Companies such as Walmart and Tempur-Sealy are known for delivering truckloads of overstocked goods to nonprofits with which they work.
Diese Geschichte stammt aus der November 2019-Ausgabe von The BOSS Magazine.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der November 2019-Ausgabe von The BOSS Magazine.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
If I Only Had a Brain-Computer Interface - These medical miracles are changing what science thought possible
These medical miracles are changing what science thought possible. As Elon Musk once noted, How much smarter are you with a phone or computer or without? You're vastly smarter, actually. You can answer any question pretty much instantly. You can remember flawlessly. Your phone can remember videos, pictures perfectly. Your phone is already an extension of you. You're already a cyborg.
What's Your Flavor?
Personalizing food with the power of Al
MAKE THE MONEY LAST
OUTLIVING OUR SAVINGS IS THE NO. 1 RETIREMENT CONCERN. THESE ARE SOME WAYS TO OVERCOME THAT.
United Site Services: Procurement Progression
With their digital evolution underway, the portable sanitation powerhouse is rethinking their approach to procurement and sourcing - and change management is just one key to its success
Natural Selections
Balancing synthetic biology with sustainable materials production
OPEN MINDS
WHAT RESCHEDULING WILL MEAN FOR MEDICINAL CANNABIS RESEARCH
it takes a village
Revolutionizing multifamily living and bolstering property profitability
COLD CONFIDENCE
FOOD INDUSTRY FAVORITE FREZ-N-STOR IS GLIDING INTO A VERY CHILL FUTURE
WHAT CAN BOTS DO FOR YOU?
The dream of an autonomous supply chain
The Ultimate Integration
Rackspace Technology is propelling the industry forward with game-changing innovations in Cloud, Data Analytics, and Artificial Intelligence