Press Release

View all news

Schwab Charitable Expands Access and Options for Charitable Giving

11/10/2020

New socially responsible investment fund and removal of account minimums bring the benefits of donor-advised funds to more donors and charities

SAN FRANCISCO--()--Schwab Charitable™, one of the largest national providers of donor-advised funds and other philanthropic services, announced new account features that expand opportunities for donors as they continue to support unprecedented needs in their communities.

“Our donors have engaged in historic levels of grantmaking this year, and we will continue to provide tools, resources and information to help them carry that momentum through the remainder of the giving season.”

A new Socially Responsible Fixed Income Pool with an underlying TIAA-CREF Core Impact Bond Fund (TSBIX) is now available as an investment option in Schwab Charitable donor-advised fund accounts. The fixed income pool rounds out a selection of values-aligned investment choices, including equity and multi-asset funds, for donors interested in socially responsible investing for potential growth to help support their favorite charities.

Effective immediately, Schwab Charitable has also eliminated minimums on initial and subsequent contributions to donor-advised fund accounts to allow a broader set of charitably minded individuals and families to access the efficiency and convenience of giving through a donor-advised fund. The minimum grant amount remains $50. Over 60% of Schwab Charitable donors say they give more than they otherwise would because of their donor-advised fund accounts.

“We help donors unlock assets for charitable giving by making it simple to contribute non-cash assets, maximize tax benefits and invest funds dedicated to charity for potential growth,” says Kim Laughton, President of Schwab Charitable. “Our goal is to continue to make charitable planning more convenient and accessible in order to encourage more giving. We are doing this by expanding choice for donors who want investment portfolios to match their values and by removing account minimums so that even more donors have the opportunity to maximize the impact of their giving with a donor-advised fund.”

See more details on minimums and fees at www.schwabcharitable.org/features/fees-and-minimums.

“The combination of a global pandemic, market volatility, and election year uncertainty make it wise to consider contributing to a donor-advised fund and being generous in support of extraordinary needs now,” added Laughton. “Our donors have engaged in historic levels of grantmaking this year, and we will continue to provide tools, resources and information to help them carry that momentum through the remainder of the giving season.”

Since Schwab Charitable’s inception, donors have cumulatively granted nearly $17 billion to more than 170,000 charities, and investment growth has added more than $4 billion to the amount available for grants recommended by donors. In the first nine months of 2020, Schwab Charitable donors have increased their grantmaking by more than 40 percent compared to the same period in 2019. Read more about why 2020 is an especially good year to give here: www.schwabcharitable.org/content/why-2020-is-especially-good-year-to-give

About Schwab Charitable

Schwab Charitable is a donor-advised fund established as a service for individual investors to help increase their charitable giving. Schwab Charitable serves a wide range of investors and has been a pioneer in enabling registered investment advisors to manage the investments of donor-advised fund accounts. Schwab Charitable also offers a private foundation conversion service for private foundations considering a donor-advised fund as a complementary or alternative charitable vehicle. For more information, visit schwabcharitable.org.

Disclosures

Account holders should carefully consider information contained in the prospectus for the registered underlying mutual funds, including investment objectives, risks, charges and expenses. You can request a prospectus by calling Schwab Charitable Fund at 800-746-6216. Please read the prospectus carefully before making contributions or recommending investment of funds.

Schwab Charitable is the name used for the combined programs and services of Schwab Charitable Fund™, an independent nonprofit organization, which has entered into service agreements with certain affiliates of The Charles Schwab Corporation. Schwab Charitable Fund is recognized as a tax-exempt public charity as described in Sections 501(c)(3), 509(a)(1), and 170(b)(1)(A)(vi) of the Internal Revenue Code. Contributions made to Schwab Charitable Fund are considered an irrevocable gift and are not refundable. Please be aware that Schwab Charitable has exclusive legal control over the assets you have contributed.

A donor's ability to claim itemized deductions is subject to a variety of limitations depending on the donor's specific tax situation. Consult your tax advisor for more information.

Although every effort has been made to ensure that the information provided is correct, Schwab Charitable cannot guarantee its accuracy. This information is not provided to the IRS.

©2020 Schwab Charitable Fund. All rights reserved. REF (1120-02R5)

View source version on businesswire.com: https://www.businesswire.com/news/home/20201110005295/en/ Hibah Shariff 

Source: The Charles Schwab Corporation


Multimedia Files:

View all news