Fintech Platform B Charitable Launches to Make Charitable Giving Easy, Safe and Tax Deductible for All
Last week, B Charitable Inc., a nonprofit corporation recognized by the IRS as a tax-exempt public charity, launched its fintech platform allowing donors to use modern technology to impact the charitable causes they care about in a simple, smart, secure and social way.
B Charitable is the only charitable giving platform that harnesses the tax advantage of a charitable contribution and combines that with smart technology, crowdfunding campaigns, low fees, performance tracking, and tax-free investment growth. As the first of its kind, the platform ensures that each donor gets the benefits of the tax advantages that come with a charitable donation.
Existing crowdfunding platforms, where an individual sets up a campaign and others donate personal gifts, are not considered charitable contributions by the IRS so the giver cannot benefit from the tax deduction. Unlike those platforms, B Charitable is a tax-exempt entity whose sole purpose is to house charitable gifting funds for individuals. In addition, the platform provides donors with financial peace of mind knowing that the funds collected on B Charitable can only then be donated to public charities. Different from other crowdfunding platforms, donations can not be spent by the individual collecting the donations.
“I truly believe that people want to help others, and I want to make it easy to do so," said Jonathan Shugart, founder of B Charitable. "B Charitable makes it possible for everyone to make a difference to others, create positive changes in communities and leave behind a charitable legacy. But I also want to make it beneficial for those contributing by making sure that every donor receives the tax benefit of their contribution. It is a win-win for everyone."
As a former tax attorney, Shugart spent years helping clients find the best solutions to leave behind a charitable legacy. Through his work, he saw the need for a technology that would allow people to make both small and large donations that could be made at the time that is the most tax beneficial to the donor, grow tax-free, and then be distributed to operating charities when the donation would make the most impact.
How it Works + Key Features:
Signing up is easy and free. Once registered, the user is taken to a dashboard where they can name their fund and manage their charitable giving through features including:
• Contribute to a fund: Make non-refundable charitable contributions to a fund through ACH transfer or credit or debit card payments, and immediately receive a charitable contribution receipt.
• Make a grant request: Users can either immediately, or at a later time of their choosing, request grants from their fund to the charity or charities of their choice.
• Start a crowdfunding campaign: Through email, text, social media, or word of mouth, the donor invites their social network to contribute to the charitable causes they care most about.
• Consolidate all charitable giving to one platform: The donor receives one consolidated receipt for all of their charitable giving at the end of the year that is done through the B Charitable platform. This prevents a donor from having to search multiple avenues to find their contributions.
• Employer match: Donors are able to invite an employer to match their contributions via pre-populated email, and then the donor receives a notification when the employer does so.
• Charity search: Donors are able to search our database for any public charities and other entities that the IRS deems eligible to receive contributions from donor advised funds.
B Charitable is innovating both the typical donor advised fund model offered by financial institutions and the crowdfunding model used by consumers while offering all donors an easy-to-use platform, a tax deductible donation, and the opportunity to leave a charitable legacy.
For more information, visit www.bcharitable.org.