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How does a charitable giving fund work?
B Charitable, Inc. is a nonprofit corporation recognized by the IRS as a public charity. A charitable giving fund is a donor advised fund set up inside of B Charitable that allows the donor to make tax-deductible contributions to the fund, and, in the donor’s timing, request grants from the fund to any other public charity.
What is the difference between a contribution and a grant?
A contribution is the irrevocable donation that you make to your charitable giving fund or that someone else makes to a crowdfunding campaign within your fund. Contributions are tax-deductible to the donor, and once the money is in your fund, it can only be distributed to other public charities. Once your fund has a balance you can request a grant that B Charitable will make from your fund to the public charity or charities of your choice. This allows you to decide when and how much tax-deductible giving you want to do during a given tax year, without having to commit to specific charitable causes or a giving timeline. Likewise, it allows you to make grant requests from your fund in the timing that will best benefit the charities you are most passionate about.
What charities can I give to?
You can make grant requests directly from your charitable giving fund to any public charity recognized by the IRS.
How does a charitable fundraising campaign work?
Once you have established your charitable giving account, you can increase your charitable footprint by inviting your friends, family, and social network to give alongside you to the charities or charitable causes you are most passionate about. From your dashboard, you can create a crowdfunding campaign by naming the campaign, setting goals, and adding a description and pictures. Easily share the campaign via email or by linking it to your social media accounts. When the timing is right, you can request that B Charitable make grants to the public charity or charities the campaign is set up to support.
Can I get my employer involved?
Absolutely! Any time you make a contribution to your fund or to a campaign, you are given the opportunity to share your donation with your employer. You may send a template message to your employer, or customize it to make it more personal.
Is B Charitable secure?
Security is one of our top priorities. Your charitable giving fund has bank-level protection, and grants from your fund can only be made to public charities. We only collect the information we need from you, store it securely, and constantly evolve our security measures.
Is there a minimum amount required to open a fund, make additional contributions, or grant to charities?
You can contribute as little or as much to your fund at any time. We do ask that you limit your grant requests to amounts over $25.
What are the fees?
At no point will a charitable giving fund be diminished by crippling maintenance fees, no matter how large or small the balance of the fund is. B Charitable covers our expenses in the following ways: 1) processing fees that we have to pay to our payment processing partners are taken out of contributions (our goal is to end this process as soon as possible); 2) we ask for tips from contributors when making contributions (we are a nonprofit ourselves, and hopefully you see our service worthy of a small donation); 3) much like banks or other financial institutions, we are able to generate a small amount of income from the value of holding the money in our funds; and 4) once a fund reaches a steady balance of $5,000, donors are invited to recommend that the balance be invested in one of three investment pools. Any interest generated tax-free within the fund is split between the fund and B Charitable’s operational budget.
What if I cannot find my favorite charity in your database?
Our database includes all public charities that are in the IRS’s database. Still, some qualifying charities are not listed for various reasons. Contact us at firstname.lastname@example.org if you cannot find an organization you are seeking.
How does the charitable contribution tax deduction work?
B Charitable provides a receipt to the contributor acknowledging each charitable contribution to a charitable giving fund. Further, we provide a consolidated receipt following each calendar year that shows all contributions the donor has made.
Can I donate without creating an account?
Yes. You can donate to someone else’s charitable crowdfunding campaign without creating your own charitable giving fund.
What is the process for making a grant to a charity?
With just a few clicks, you can request a grant to any public charity in the IRS database. Twice a month B Charitable honors grant requests, and makes payments to the charities.