Schwab Charitable Grants Top $1 Billion
October 8, 2015 Andy Segedin
Grants made by donors through Schwab Charitable (SC) exceeded $1 billion during the 2015 fiscal year, with a total of 205,000 grants made, according to SC’s first-ever giving report. The figures represent increases from $814 million and 153,000, respectively, during 2014, according to Kim Laughton, president of SC.
Irrevocable contributions to SC accounts during 2015 totaled $2 billion, according to Laughton. The 26,000 account holders are able to recommend grants to any IRS-qualified charity over the phone or from their computers or mobile devices. Since SC’s inception in 1999, $5.5 billion has been granted out of accounts, representing 46 percent of all the assets contributed, Laughton said in an email.
The fiscal year for the Schwab accounts ran July 1, 2014 to June 30, 2015.
Appreciated assets such as stocks and real estate represented 68 percent of 2015’s total contributions, up from 63 percent in 2014. SC handles the administration and reporting of such assets as many charities are unable to, according to Laughton. “As donors and charities learn more about the benefits of appreciated assets, we expect this sort of giving to grow,” Laughton said. “Our donors are always interest in ways to do the most good with their accounts, and giving with appreciated assets is one way that they support this goal.”
Other key findings from the report include:
* Feeding America, Doctors Without Borders, The Salvation Army, American Red Cross and Planned Parenthood topped the list of charities receiving the most grants. A total of 42,000 organizations were donated to in 2015;
* Health and human services organizations received the largest number of grants with 28 percent followed by religious, educational and social services organizations with 25 percent, 16 percent and 10 percent, respectively; and,
* California account holders provided the largest portion of grants with 17. 9 percent. New York, Illinois, Texas and Massachusetts followed with 10.3 percent, 4.9 percent, 4.2 percent and 4.0 percent, respectively.