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Schwab fund tops $3 billion

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Schwab Charitable’s national donor-advised fund has raised over $3 billion in contributions and awarded nearly $1 billion in grants since its founding in 1999.

The fund had its most productive year in 2007, raising over $1 billion, up 40 percent from 2006.

“With the stock market performing well during the first half of 2007, many donors chose to contribute appreciated securities, locking in sizeable charitable deductions while avoiding potentially large capital gains taxes,” Kim Wright-Violich, president of Schwab Charitable, says in a statement.

The group says it expects to rank as the largest fundraising charity in California and among the top 10 in the U.S.

Designed for low-cost charitable giving, a donor-advised fund is administered by a public charity using its tax umbrella and administrative and investment structures, but takes into account grantmaking recommendations from donors.

Schwab Charitable combines a nonprofit donor-advised fund, Schwab Charitable Fund, with the fund’s limited liability company Charitable Trust Services, which works with select affiliates of The Charles Schwab Corporation.

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