B Charitable opens charitable donations for the benefit of all
Being charitable can be complicated, but it doesn’t have to be.
In this week’s episode of LA Weekly Weekly podcast, producer Bryan Escalante sits down for a conversation with Jonathan Shugart, co-founder of B Charitable, an Alabama-based nonprofit that was created with the desire to make the act of giving and receiving easier for all parties involved.
With so many existing crowdfunding platforms already taking up space nationwide, what gaps remain to be filled? Well, you might not know it, but existing crowdfunding platforms, where one individual sets up a campaign and others make personal donations, are not considered charitable contributions by the IRS, so that the donor cannot benefit from the tax deduction.
B Charitable changes all that. A tax-exempt entity whose sole purpose is to host charitable donation funds for individuals, the platform offers donors financial peace of mind knowing that funds raised on B Charitable can then only be donated to public charities. Unlike other crowdfunding platforms and apps, only the person collecting donations on B Charitable can access the funds.
“B Charitable is a fintech platform that makes it easier for anyone in the United States to impact the charitable causes that matter most to you,” says Shugart. “Because we use modern financial technology, then we are able to reduce the expense of creating these funds and then we can deliver them where people can start them. We have no maintenance costs. We can start them with an initial contribution of $ 20. And we are able to provide this tool to anyone who wants to be more intentional in charitable giving. “
Consciously inclusive of all economic positions, B Charitable makes the intentional giving of the rich accessible to all.
“Think of a donor-advised fund as a charitable donation account or a charitable savings account,” says Shugart. “So think of it like you have your own savings account. You put money in it however you can, however you want, and then you want to send it anywhere. This is the most impacting for charities. You can distribute some or all of this fund to the different charities that matter most to you. “
“Wealthy people have used this tool for a long time,” he continues. “Large investment firms have sponsored this tool for a long, long time. Most people just don’t know it and it hasn’t been available to people who, instead of wanting to invest $ 100,000, want to invest $ 50. And that’s what we’re trying to do, bring it to everyone.
What prompted Shugart, a lawyer, to pivot in his professional journey and pursue charitable giving and technology instead?
“For me personally, I grew up in church and my parents taught me early on that whatever I got, part of it was to help others, either by donating to my church. , or by donating to other charities around me. ” he shares. “Could it be much cooler, though, to spend most of your life encouraging others to give to the places they want to give?” I’m not telling you what your passion is. I’m not telling you who to give. I’m just making it easier so that when you feel that tug, you’re five clicks away from donating. “
For readers of LA Weekly, you are the first for more information: B Charitable has just signed a donor that will match donations of $ 25 from the first 1,000 users. Do it!