Schwab CharitableTM, one of the largest national
donor-advised funds, reported $928 million in grants to charities on
behalf of its donors in 2014, a 25% increase over 2013. Gifts went to
more than 48,000 charitable organizations. Support increased
substantially across all categories with the highest number of
individual grants going to health and human services, religious causes
and education. Among the most widely supported charities in 2014 were
Doctors Without Borders, Wounded Warrior Project, The Salvation Army,
and local public radio and television stations.
”I am so grateful to our donors for their extraordinary generosity in
2014,” says Kim Laughton, President of Schwab Charitable. “We continue
to look for ways to encourage them to set aside more money for charity
by making giving simple, tax-smart and flexible. Again this year, we
helped donors and their financial advisors contribute long-term,
appreciated investments and assets, which maximize tax benefits and
increase the amount available for giving.”
In 2014, 71% of contributions into Schwab Charitable donor-advised fund
accounts were appreciated investments or assets, such as public company
stock, real estate or private business interests. Donors who contribute
appreciated assets that have been held for more than one year directly
to public charities (including donor-advised funds) can generally claim
the full fair market value as a charitable contribution and will not owe
capital gains tax on the sale of the assets. This can result in donors
having up to 20% more to give than if they sold the asset first and then
gave the cash proceeds to charity. Schwab Charitable handles the
liquidation of the assets, relieving the receiving charities of this
administrative burden.
In 2014, Schwab Charitable launched convenient online tools and the
ability to grant from an iPad, iPhone or Android device using the Schwab
Mobile App1 to make it easier than ever for donors to support
their favorite charities. Non-profit organizations may also now
accommodate gifts from Schwab Charitable directly from their websites by
downloading the DAF
Direct widget.2
Donor-advised funds are generally appropriate for individuals who
regularly give to charity. They allow investors to contribute cash and
other assets to a charitable account to realize the greatest possible
tax benefits and strategically support charities of their choice over
time.
About Schwab Charitable
Schwab Charitable is a donor-advised fund established as a service for
individual investors to help increase their charitable giving. Since
inception, Schwab Charitable has facilitated approximately $5 billion in
grants to over 91,000 charities on behalf of its donors. 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 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.
1. A wireless signal or mobile connection is required. Apple®, the Apple
logo, iPhone, and iPad are trademarks of Apple Inc., registered in the
U.S. and other countries. App Store is a service mark of Apple Inc.
Android is a trademark of Google Inc. Use of this trademark is subject
to Google
Permissions.
2. DAF Direct is a web application that allows donors to make a grant
from their donor-advised fund account while on a nonprofit’s website.
For more information, visit www.dafdirect.org.
A donor's ability to claim itemized deductions may be subject to further
limitations depending upon the donor's specific tax situation and donors
should consult their tax advisors. Schwab Charitable does not provide
specific individualized legal or tax advice. Please consult a qualified
legal or tax advisor where such advice is necessary or appropriate.
Contributions of some non-publicly traded assets are sometimes accepted
via a charitable intermediary, with proceeds of the donation transferred
to the donor-advised account upon liquidation.
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.
©2015 Schwab Charitable. All Rights Reserved. (0115-0781)
Copyright Business Wire 2015