Charles Schwab’s associated donor-advised fund organization, Schwab Charitable, that focuses on increasing giving in the U.S. has reached a milestone 25 year anniversary – and is changing its name.
Schwab Charitable has become DAFgiving360, a name that reflects its status as a leading provider of donor-advised funds. Formally, the change is from Schwab Charitable Fund to Donor Advised Charitable Giving, Inc.
“We are proud to celebrate the milestone of our 25th anniversary and the impact our generous donors have had, while looking ahead to how we can grow and evolve our platform to meet the needs of new generations of donors,” said Sam Kang, President of DAFgiving360. “Any individual who wants to make a difference can utilize a DAF, no matter the scope of their charitable intentions. We want our new name to drive awareness of DAFs so they become synonymous with giving and in doing so increase charitable giving overall.”
The firm says that giving DAFS has grown from around 5% of individual giving in the United States to 25% over the past decade, and DAFgiving360 aims to make the process as easy and efficient as possible, helping individuals and their financial advisors to leverage the tax-smarts solution when making charitable donations.
Schwab’s part in the market has been significant with almost $33 billion granted to almost 250,000 charities over its 25 year history, and in 2023 alone this form of giving reached a new high of $6 billion.
With the generational wealth transfer set to gain momentum, DAFs are expected to benefit as newly minted individuals and families look to use their inheritance to do good.
Schwab is not the only firm seeing growth in DAFs. A recent study from Vanguard Charitable revealed that philanthropic investors using donor-advised funds for both planned and responsive giving are significantly increasing their contributions.
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