TOP 5 FINANCIAL SERVICES FIRMS OFFERING DONOR ADVISED FUNDS – MOST CELEBRITIES WANT TO PARTNER WITH
Celebrities have so much in their hands. They have to work hard to keep up with their demanding careers while at the same time they have to create time to do activities that fulfill their desires such as giving back to the society. Celebrities have a knack for changing the world in a good way, and they want to make a positive contribution to mankind. Although they, the celebrities do support different courses, the aim still remains one, positive impact.
In carrying out philanthropic work celebrities tend to work with specific financial institutions whose reputation is beyond reproach. These financial institutions have proven to be reliable and offer services that are tailored to meet the needs of philanthropic work. They are able to avail services to their clients at any time that the clients want to be served. There are no time limitations on when their customers can access their services. This is probably one of the major reasons as to why philanthropists have stuck with specific financial service providers.
Donor-advised funds offer celebrities with a viable charitable giving avenue whose purpose is to manage donations on behalf of the charitable organizations. This makes economic sense as it is easier to create a donor advised fund to make and receive donations. The administration is done by a charitable organization.
The following are the 5 most popular donor advised funds whose services have been used for philanthropic work and which celebrities trust to work with:
1. Raymond James
Raymond James offers a charity advised account that is meant for nonprofit organizations use only, basically they are offering a helping hand to charity work. This account offers many benefits to nonprofit organizations that are not apart of the other forms of accounts. The benefits include:
- It offers potential donors a plan that fits their giving decisions
- A secure way of giving contributions for the donors
- Donors get to enjoy a tax deduction immediately they make their donations
- It eliminates any conflict that may arise as a result of a consolidated account
- Opening an account is less expensive than maintaining a separate legal entity for the charity
- The organization is assured of long-term income streams
- Creditors cannot make any claim on the contributions
2. Charles Schwab
Charles Schwab has been instrumental in supporting philanthropists in giving back to the society. They provide bank account facilities that are made to meet the needs of charitable organizations such as zero operational balance on accounts, zero charges on account etc. Schwab Charitable whose mission has been to increase charitable giving in the United States by providing advantageous ways to give, useful information and unbiased guidance is among the largest fundraising nonprofit organizations and a national donor-advised fund.
The organization works hand in hand with the donors and their advisors to develop strategies that meet the requirements of all donors to fulfill their charitable objectives and goals. It prides itself in offering an online portal that can be used in managing any donor’s philanthropic work easily with knowledgeable staff to meet assist a client in case of any problem.
3. Bank of America
The Bank of America’s commitment to meaningful change in the communities is envisioned it its philosophy of philanthropic efforts, associate volunteerism and community development. The following benefits are accrued form operating a donor advised fund with the Bank of America:
- You can make donations using appreciated assets without incurring capital gains taxes
- You can easily involve your family in charitable work
- You can make grant recommendations flexibly, for current use or for the future
- You receive income tax deduction
- You can select from the multiple investment objectives on offer
- You can manage your charitable giving online
- You will be allowed to pick your own fund name
The Fidelity® Charitable Gift Fund, a giant in the donor advised funds. Fidelity has been able to raise 10 billion dollars in 19 years of its operations for nonprofit organizations. This is a trusted firm that offers top notch services to donors with a good client base. Its mission has been to help further the American tradition of philanthropy by offering programs that simplify charitable giving. Through the Giving Account®, its donor-advised fund program it has achieved this (part of it mission) and is still making improvements to its program to make it more receptive to donor needs and demands.
Vanguard Charitable offers a donor advised fund that is simple and effective in charitable giving for individuals and organizations to support the charities of their choice. Vanguard has been in existence since 1997 and accumulated a wealth of experience in this field of donor advised funds. It has received over 4 billion dollars as contributions towards nonprofits over the last 14 years of its existence. At Vanguard you will find knowledgeable staff, who are able to answer any of your queries.
Michael Chatman is Founder of Celebrity Philanthropy Agency, and host of The Michael Chatman Giving Show, the most listened-to radio program in the philanthropic sector.