Charitable0105

The top five most generous counties according to a recent study from SmartAsset.

 

Snohomish County was ranked as the third most financially charitable county in Washington state according to one recent study on the issue.

“We perform studies like this one to get people thinking and talking about their personal finance goals and intentional ways to reach them,” said Alyssa Annunziato, a senior public relations associate with SmartAsset, the finance firm that performed the study. 

“This study in particular provides a county-by-county look at the places where residents are donating the most money,” she said.

Snohomish County ranked third behind King and San Juan counties and just ahead of Clark and Island counties.

A total of 11.97 percent of Snohomish County residents claimed some charitable contribution on their tax return, compared to 14.82 percent from King County and a state average of 5.93 percent.

Nationally, all of Washington state’s leading counties compare well to other state’s leading counties, said Annunziato, and Snohomish County ranks 246 nationally.

The study used IRS data to come to their conclusions.

“To find the most generous places, we compared two factors in each county: the amount of money people donate as a percentage of their net income, and the proportion of people who made charitable donations,” said Annunziato.

To calculate the amount of money donated, officials looked at the net income of each county and then looked through tax return data, accounting for federal and local taxes paid and also accounting for deductible entries including mortgage interest, mortgage points and mortgage insurance payments.

Afterward, they divided the total charitable donations claimed on taxes by net income.

They looked through similar data to find the total amount of people who donated.

“Next, we measured the total number of individual tax returns that show charitable contributions and divided that by the total number of individual tax returns in each county. This gave us the proportion of people in each county who make charitable donations,” said Annunziato.

A final score was made by weighting the two factors equally to give a ‘charitable county index.’

Annunziato hopes that the data gives locals an idea of how to plan their own charitable contributions throughout the year.

“This study can give residents an apples-to-apples look at how much money people are donating in each county in the state,” she said. “Seeing these statistics on a localized level can help provide a useful comparison when determining what percentage of your income you plan to donate in a given year."

 

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