Schwab Charitable said Tuesday that its donors have donated $4. 7 billion to charities over the past 12 months, a 27 percent increase, supporting 117,000 organizations with nearly a million grants.
“The remarkable beneficial effect our donors have had over the past year is truly inspiring,” Sam Kang, president of Schwab Charitable, said in a statement. “We are grateful for the opportunity to provide tools, resources and education to our donor network as they continue to accumulate donations to meet developing desires in their communities and around the world. “
Schwab Charitable added that its donors donated an average of thirteen times in its fiscal year that ended June 30, recommending more than half a million donations in their own states and supporting 11 percent more charities than last year.
According to Schwab Charitable, donors have strengthened their philanthropy over the past year in the wake of acute crises at home and abroad, namely the war in Ukraine, which has earned more than $50 million in grants. Schwab Charitable donors also have more than 50,000 grants totaling more than $200 million to date for charities fighting the effects of Covid-19, the company said.
Schwab Charitable donors also have a higher proportion of grants earmarked for an express purpose. These unrestricted subsidies reached 72% of the total, according to the organization.
A vital focus in the elaboration of charity plans is the valuation of the assets to be donated, adding non-monetary assets, a resolution made through advisors. Donating appreciated non-cash assets to charities potentially increases the amount available to the charity by up to 20% by allowing donors to potentially eliminate the capital gains tax they would otherwise incur if they sold the assets first and donated the proceeds.
“Another popular strategy among owners of valuable asset homes, including personal stocks or personal corporations to exit eventually, is to use charitable residual trusts or number one charitable annuity trusts,” said Hatem Dhiab, managing spouse of Gerber Kawasaki Wealth.
Schwab Charitable, an independent 501(c)(3) public charity, has noted that its donors contribute more than $24 billion to more than 216,000 charities since its inception in 1999.
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