WHAT IS COMMUNITY CHIP?
Community CHIP, a program of Community Shares of Wisconsin (CSW), is a fundraising program in partnership with Willy Street Co-op‘s two locations. Simply say “yes” when asked if you’d like to CHIP, and the cashier will add a 1% donation to your purchase. That’s only 30 cents for a $30 bag of groceries. The Co-op collects the money and sends 100% of the contributions to CSW.
Though it may seem like small change, CHIP dollars really add up. Last year, Community CHIP raised over $220,000 to help CSW and allow us to support our member nonprofits. Thank you to all who say yest to CHIP!
Because Community CHIP is a part of CSW, all CHIP contributions are tax deductible.
What Difference Will Tax Deductibility Make?
For many of you, CHIP donations may offer only a small savings on your taxes. For an example, see how your donations might compare to regular Co-op shopper Trish:
• Each week: Trish spends $100 on groceries and each time says yes to CHIP at 1%, or $1.
• Each year: Trish has given a total of $52 to CHIP.
• In her tax return: Trish’s income is $40,000, so her approximate tax rate (after exemption and standard deduction) is 15%, meaning that she would be able to deduct $7.80 (15% of $52) on her tax return.
Some people might decide that a small tax savings may not be worth taking the time to save their receipts and take advantage of tax deductibility.
Even if that’s true for you, know that your donations make a big difference to CSW and all of our groups. All of your small gifts add up to one tremendous gift for our community.