What do you think is the biggest charity? During this time of year, as we make our year-end gifts, are you curious if this charity is on your list? The top ten biggest charities have changed dramatically over the past few years due to the emergence of donor-advised funds. Now four of the top ten are charities that provide this resource to donors. And the biggest, If you guessed United Way Worldwide, you are correct.
The emergence of donor-advised funds has changed the landscape for charitable giving.
As we are busy receiving and receipting year-end gifts here at the Community Foundation of Western Nevada, I was reminded that I need to make my gift now to the donor-advised fund my wife and I established at the Foundation. This year I plan to make a gift that will cover all of the giving we wish to do in 2015, and I will have the advantage of taking the tax deduction for 2014. Although I do not have appreciated stock to donate, most of our donors do and they benefit additionally by avoiding capital gains taxes.
The four charities in the top ten list that support donor-advised funds include Fidelity Charitable, Schwab Charitable Fund, Silicon Valley Community Foundation, and the Vanguard Charitable Endowment Program. Together these charities, in 2013, comprised about $9 billion of charitable resources. Their average growth from 2012 was more than 50%, so it will not be long until these, and other charities with donor-advised funds, become the largest of the largest charities.
We are privileged to work with many generous donors who have donor-advised funds at the Community Foundation of Western Nevada. As a Community Foundation, we provide a significantly higher level of service in regards to grantmaking and philanthropic services than financial institutions, and by using our local Foundation for their donor-advised fund, local donors also support our work in the community.
One last item… we can move quickly, very quickly. If you want to set up a fund before the end of the year, give me a call. Let’s have a cup of coffee, set up your fund, and toast to the New Year.
We connect people who care with causes that matter.
Chris Askin, President & CEO