What Happened: This week, B Charitable launched its fintech platform allowing donors modern technology to impact the charitable causes they care about.
The company provides the only platform that harnesses the tax advantages of charitable contribution, in combination with smart technology, crowdfunding campaigns, low fees, performance tracking, and tax-free investment growth.
Why It Matters: Existing crowdfunding platforms are not considered charitable contributions by the IRS. Therefore, donors are unable to benefit from tax deductions.
B Charitable, on the other hand, is a tax-exempt entity allowing donors to engage in charity, in a simple, secure and social way. Adding, funds can not be spent by individuals collecting donations.
"B Charitable makes the path to intentional and social philanthropy a part of people’s regular routines," founder Jonathan Shugart said in a statement to Benzinga. "We will empower donors to impact the charities they care the most about and solve the reactionary nature of most charitable giving.
“We are accomplishing this goal by taking an existing tool, the donor-advised fund, that has primarily been made available only to wealthy, sophisticated donors, and making it available to people of all financial backgrounds. We have no minimum initial contribution to set up a fund, ACH contributions are free to the donor, and funds are never depleted by maintenance fees."
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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