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Charitable Accounts Spur Giving, Schwab Finds

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NU Online News Service, Nov. 26, 4:25 p.m. – The Charles Schwab Corp., San Francisco, says 78% of the customers who have opened accounts at its Schwab Fund for Charitable Giving expect to use the accounts to give more to charity.

A recent Schwab survey of charitable fund customers found that 64% expect to make larger individual grants to charities, and 31% expect to support charities they have not supported before.

Donors under age 55 are the most likely to increase the amount they give as a result of their charitable gift account, Schwab found.

Donors who have accounts with the charitable fund contribute cash, securities or mutual fund shares to their account and receive an income tax deduction for the current year. The fund then invests their contributions in special tax-free investment pools. Donors can ask administrators to make contributions from the accounts to charitable organizations at any time.