On Tuesday, Global Impact launched Growfund, a new platform aimed at “democratizing” philanthropy by giving donors of any income level access to a tool commonly used by foundations and wealthy givers: the donor-advised fund. The new tool allows anyone to put money into their own Growfund account and begin giving donations as they choose, something Global Impact describes as akin to having a personal foundation. More
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A Donor-Advised Fund with No Minimum for Investment – Global Impact, whose mission is to build partnerships and resources for the world’s most vulnerable people, today announced the launch of Growfund—an online, community-based charitable giving platform. Growfund is a donor-advised fund that operates like a personal foundation or a 401(k) plan. Contributions can be saved or invested, grown over time and granted to the charities and causes that matter most to the donor. Unlike other donor-advised funds that require sizeable contributions before the funds are invested, Growfund contributions can be invested with the first dollar. And, the donor can keep the tool for their lifetime.
“We are committed to providing everybody the same sophisticated tools that many philanthropists have access to every day,” said Scott Jackson, President and CEO of Global Impact. “This game-changing tool is a key enabler in democratizing giving, allowing donors from varying economic levels to meaningfully support issues that matter to them. For me, having a Growfund account has transformed my personal giving, allowing me to give more and with greater impact.”
Growfund allows individual donors to easily integrate strategic charitable giving into their busy lives. The product allows donors to quickly set up a personal account for tracking donations to the investment funds, as well as tracking grants to any of the 22,000 pre-vetted charities available through the product. This enables donors to align personal budgets with family goals for giving and empowers them to personalize strategic giving, shaping the impact of their contributions.
Additionally, the Growfund tool is focused on creating more opportunities for giving among an emerging group of donors who will be the next leaders in philanthropy. Research indicates that Gen Xers and Millennials represent a group of donors that will be increasing their contributions and engagement with philanthropic causes. And among them, women will continue to play a dominant role in giving across almost every income bracket. “Women continue to be significant global donors and we are finding that an emerging group of 30 to 45-year-old women want to give in more meaningful ways; however, they need to be presented with more accessible and strategic ways to give,” said Ann Canela, Vice President of Global Impact and strategist for Growfund. “Not everyone has time to volunteer, so an easy-to-use, online charitable investment tool is very appealing.”
Incorporating donor-driven needs, Growfund includes:
- Donor Dashboard, a snapshot of recent activity that graphically reflects the overall health of the donor’s Growfund account;
- Fund Activity Summary to enable informed decision-making and transparency by providing a complete view of historical data of the fund’s balance and real-time market value and earnings;
- More than 22,000 vetted charities, which are searchable by impact areas;
- Simplified tax deduction statement; and,
- Featured giving opportunities to invite others to join a donor’s cause.
Growfund can also be leveraged by a corporation to meet the growing demand of younger generations looking for employers to be more socially responsible. Today, roughly 60 percent of millennial donors give to charity through workplace-sponsored payroll deduction plans, and Growfund is well-positioned to become integrated with existing corporate giving platforms. The product includes functionality for payroll giving and matching gifts.
About Global Impact
Global Impact is a leader in growing global philanthropy. The organization builds partnerships and raises resources that help the world’s most vulnerable people by providing integrated, partner-specific advisory and secretariat services; campaign design, marketing and implementation for workplace and signature fundraising campaigns; and fiscal agency, technology services and integrated giving platforms. Global Impact works with nearly 450 public and private workplace giving campaigns to generate funding for an alliance of more than 130 international charities. Through strategic council and implementation support, Global Impact equips private sector and nonprofit organizations to achieve their philanthropic goals. The organization serves as administrator for one of the world’s largest workplace giving campaigns, the Combined Federal Campaign-Overseas. Since 1956, Global Impact has generated more than $1.7 billion to help the world’s most vulnerable people. Learn more at www.charity.org.
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Article about Giving in Philanthropy News Digest
Over the past couple of decades, baby boomers have been the lifeblood of charitable giving in the U.S., their rock-steady giving fueling nonprofits’ efforts to make a difference in the world. While aging boomers continue to play an outsized role in charitable giving, research tells us their giving levels will start to decline … More