Once your client has a Schwab Charitable account, contributions can be made anytime. Remember, any contribution is an irrevocable gift to charity.
There are four convenient ways to contribute to an account. Your clients can transfer cash or publicly traded securities from another account at Schwab or another institution. Your clients can contribute non-cash assets that are not publicly traded, such as privately held business interests, real estate, and cryptocurrency. Your clients can mail checks or securities, do an electronic funds transfer or do a wire transfer. And your clients can grant from another donor-advised fund account or a private foundation.
Want to contribute cash or securities from a client’s brokerage account at Schwab? Here’s how. While in Schwab Advisor Center, go to the Move Money menu while the client’s brokerage From Account is shown, or search for the brokerage account that will be the contribution source account.
Next, select the Request Journal type. One Time can be used for cash and securities. Recurring can be used for scheduled cash journals. SLOA can be used for cash journals once this is established with your client’s approval, and it does not require ongoing client approvals. This starts the contribution request.
After selecting Journal Type, input the client’s charitable account number in the To Account Number field. If the contribution is securities or a combination of cash and securities, your client must sign through a letter of authorization. Next, select Cash or Securities. If the contribution is cash, this can be client-approved through eAuthorization for clients enrolled in Schwab Alliance, or a letter of authorization for clients not enrolled in Alliance. You can move the entire position or a portion. Tax lot information can also be provided manually to journal specific tax slots for maximum tax benefit. Click Continue to review and send a journal request for client review and approval. After confirming that the contribution information is correct click Submit for client review and approval.
Want to contribute cash or publicly traded securities from accounts outside of Schwab? On the Account Management page of Schwab Advisor Center, click on Forms Library. Use the Category dropdown menu to choose Schwab Charitable Forms. You’ll find the Transfer of Assets form in the list. After your clients complete and sign the form, you can send it to Schwab Charitable through a Service Request.
And if your clients want to mail checks or securities, or do an electronic funds transfer or wire transfer, you’ll find instructions at the end of the Transfer of Assets form.
Please note that contributions of other non-cash assets are considered by Schwab Charitable on a case-by-case basis.
If you have any questions, just ask. We’re here to help.