SCHWAB CHARITABLE SURPASSES $3 BILLION IN CHARITABLE CONTRIBUTIONSPhilanthropic Service Provider Raises $1 Billion in 2007
SAN FRANCISCO, Feb. 13, 2008
— Schwab Charitable, one of the country's largest and fastest growing nonprofits, announced total contributions to its national donor-advised fund have exceeded $3 billion since its inception. Created with a mission to increase charitable giving nationwide, Schwab Charitable Fund™ achieved the $3 billion milestone as it ended its most productive year for charitable contributions. In 2007, the Fund received more than $1 billion in donations, a jump of 40 percent from 2006. These results are expected to place Schwab Charitable among the top ten fundraising charities in the United States and the largest in the State of California.
Grants from Schwab Charitable increased by over 37 percent in 2007, delivering $300 million to over 35,000 charities throughout the country. Grants since inception total close to $1 billion. Schwab Charitable currently has over $2 billion in assets waiting to be granted.
"Our donors were very generous in 2007, both in terms of contributions and grant recommendations" said Kim Wright-Violich, president of Schwab Charitable. "Our existing donors continued to add to their Charitable Gift Accounts at a record pace, while new donor accounts and donations helped push us beyond the $1 billion contribution milestone. 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 also avoiding potentially large capital gains taxes."
In 2007, Schwab Charitable made Charitable Gift Accounts accessible to an even broader group of donors by lowering the minimum initial contribution from $10,000 to $5,000 and the minimum grant size from $250 to $100. In addition, its Charitable Asset Management program - a philanthropic option that allows high net worth donors with $250,000 in charitable assets to nominate an independent investment advisor to manage their donated funds - continues to be quite successful. Schwab Charitable was the first leading national donor-advised fund to offer this ability. Its Charitable Trust Services, also launched last year, has also attracted the attention of philanthropists who are looking to generate dependable income for life while setting aside a future charitable donation within a Charitable Remainder Trust.
"The combination of our reduced minimums and our innovative Charitable Asset Management and Charitable Trust Services programs makes Schwab Charitable a tremendous philanthropic choice for individual investors and for independent investment advisors and the clients they serve."
For more information about Schwab Charitable, Charitable Asset Management and Charitable Trust Services, visit www.schwabcharitable.org
About Schwab Charitable
Schwab Charitable is the name used for the combined programs and services of Schwab Charitable Fund, an independent nonprofit organization, and Charitable Trust Services, a limited liability company owned by Schwab Charitable Fund. The Fund has entered into service agreements with certain affiliates of The Charles Schwab Corporation.
About Charles Schwab
The Charles Schwab Corporation (Nasdaq: SCHW) is a leading provider of financial services, with more than 300 offices and 7.0 million client brokerage accounts, 1.2 million corporate retirement plan participants, 262,000 banking accounts, and $1.4 trillion in client assets. Through its operating subsidiaries, the company provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, ), and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through its Schwab Institutional division. The Charles Schwab Bank, (member FDIC) provides banking and mortgage services and products. More information is available at .