Cash in on dollar's strength, urges CAFAmerica
Howard Lake | 8 January 2009 | News
CAFAmerica, part of the Charities Aid Foundation international network, is encouraging UK charities to make the most from the changes in the pound/dollar exchange rate. The US dollar has increased by 34% against the pound by over since the beginning of the financial year in April 2008.
CAFAmerica therefore recommends that UK charities make the most of opportunities to fundraise in the US. Every $200 donated to a UK charity through CAFAmerica at the end of the financial year in April 2008 was worth £101: the same sum donated last week would have been worth £135 to the charity.
Susan Saxon-Harold, CEO of CAFAmerica said: “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”.
CAFAmerica helps UK charities fundraise in the USA with its ‘Friends Of’ Charity Fund, rather than the more expensive option of requiring charities to set up a standalone US nonprofit.
CAF America can also transfer one-off donations to UK charities from the US at a low cost and without the loss of any tax-breaks for the donors.
www.cafamerica.org
Photo: Dollar Heart by cmpalmer, on Flickr
About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.