More than past generations, today's young adults are more inclined to give back to their communities. So, with more than 500,000 federally recognized charities soliciting contributions, chances are someday soon your teen/young adult will be approached for a donation. Here are some tips from the Federal Trade Commission to help ensure your son or daughter gives wisely.

Team Up. Involving your children in the selection of and contribution to a charity teaches valuable lessons not only about the value of money.

Ask A Lot Of Questions. Your young adult should request identification from the solicitor and read written information provided. They must be certain that the organization has a clear mission and identifiable goals.

Be Wary Of High Pressure Appeals. For example, they should be skeptical if someone thanks them for a pledge they don't remember making. Legitimate charities should not intimidate your young adult into making an on-the-spot donation.

Do The Homework. Before making a donation, they should call the charity to find out if the organization is aware of the solicitation, and has authorized the use of its name.

Never Ever Give Cash. For security and tax record purposes, your young adult should pay by check–write the official name of the charity on their check and ask for a receipt.

The Tax Man. Most charitable gifts are tax-deductible if made to a qualified organization. But be sure your young adult's organization meets IRS guidelines, as there may be different tax breaks when they donate certain types of assets to charity.

Who's Legit. According to IRS Publication 526, Charitable Contributions, charities listed at www.irs.gov are all qualified organizations.

For additional help selecting a charitable organization, your young adult can visit the Better Business Bureau's Wise Giving Alliance at www.give.org. Finally, if their budget doesn't allow for a monetary contribution, they can consider donating time or unused household items.

Courtesy of Money Management International (www.moneymanagement.org)

When you have the time, check out these great resources:

Kids and Money: Giving Them the Savvy to Succeed Financially
Summer Jobs and Opportunities for Teenagers: A Planning Guide