logo
Donate
    • Membership
    • Donate
  • Social Justice
    • Racial Justice
    • Climate Justice
    • Disability Justice
    • Economic Justice
    • Health Justice
    • Immigration
    • LGBTQ+
  • Civic News
  • Nonprofit Leadership
    • Board Governance
    • Equity-Centered Management
    • Finances
    • Fundraising
    • Human Resources
    • Organizational Culture
    • Philanthropy
    • Power Dynamics
    • Strategic Planning
    • Technology
  • CONTENT TYPES
  • Leading Edge Membership
  • Newsletters
  • Webinars

Nonprofit Newswire | Banks Lure Rich with Charity

Rick Cohen
February 10, 2010
Subscribe via E-Mail Get the newswire delivered to you – free! {source} [[form name=”ccoptin” action=”http://visitor.constantcontact.com/d.jsp” target=”_blank” method=”post”]] [[input type=”text” name=”ea” size=”20″ value=”” style=”font-family:Verdana,Geneva,Arial,Helvetica,sans-serif; font-size:10px; border:1px solid #999999;”]] [[input type=”submit” name=”go” value=”GO” class=”submit” style=”font-family:Verdana,Arial,Helvetica,sans-serif; font-size:10px;”]] [[input type=”hidden” name=”m” value=”1101451017273″]] [[input type=”hidden” name=”p” value=”oi”]] [[/form]] {/source} Subscribe via RSS Subscribe via RSS Submit a News Item Submit a News Item

February 4, 2010; Reuters | In the U.S., banks and financial services companies in general offer their investors philanthropic services in addition to investment advice and placements. The U.K. financial services sector is now breaking into this field in a big way with a rash of new programs and new hires focused on the philanthropic needs of their wealthier investors. What motivates them in part is a business rationale articulated by Barclay’s new “client philanthropy” director: “The business angle is we get closer to clients, keep clients longer and we may gather more assets eventually.” The philanthropy manager at Christian Aid described it as “Banks…saying if we want to grow (our) business then something like philanthropy gives us an extra dynamic.” Like the mammoth “charitable gift funds” associated with Fidelity, Vanguard, and Schwab in this country, the U.K. banks are thinking of offering a one-stop-shop kind of service for the investment and charitable needs of their clients. It’s not clear whether the tax incentives will facilitate quite the same dynamic as happened in the U.S. with the creation of Fidelity nearly two decades ago, but the language used by the banks for their philanthropic clients includes taking advantage of tax incentives for charitable giving and avoiding estate taxes. In a very rapid timeframe, largely timed with the growth of the mutual fund sector, Fidelity, Vanguard, and Schwab developed nonprofit gift funds that have become among the largest 501(c)(3) charitable givers in the U.S. With the U.K.’s financial sector starting this process in the wake of a deep international recession, their growth may not be quite as rapid and steep as their American financial services sector counterparts.—Rick Cohen

Sign up for our free newsletters

Subscribe to NPQ's newsletters to have our top stories delivered directly to your inbox.

By signing up, you agree to our privacy policy and terms of use, and to receive messages from NPQ and our partners.

About the author
Rick Cohen

Rick joined NPQ in 2006, after almost eight years as the executive director of the National Committee for Responsive Philanthropy (NCRP). Before that he played various roles as a community worker and advisor to others doing community work. He also worked in government. Cohen pursued investigative and analytical articles, advocated for increased philanthropic giving and access for disenfranchised constituencies, and promoted increased philanthropic and nonprofit accountability.

More about: Nonprofit News

Our Voices Are Our Power.

Journalism, nonprofits, and multiracial democracy are under attack. At NPQ, we fight back by sharing stories and essential insights from nonprofit leaders and workers—and we pay every contributor.

Can you help us protect nonprofit voices?

Your support keeps truth alive when it matters most.
Every single dollar makes a difference.

Donate now
logo logo logo logo logo
See comments

You might also like
Liberation Stories: A Conversation with Shanelle Matthews and Marzena Zukowska
Steve Dubb, Shanelle Matthews and Marzena Zukowska
Using Narrative Power to Advance Liberation: Six Key Elements
Shanelle Matthews and Marzena Zukowska
Meet the Hidden Majority of Nonprofits: The All-Volunteer Organization
Jan Masaoka
Trump’s Authoritarian Spectacle: Corruption in US Governance and What Nonprofits Can Do About It
Zane McNeill
Report Uplifts New and Old Challenges Facing Nonprofits
Rebekah Barber
The Civic Bond: Friendship as Democracy’s Essential Thread
Venu Gupta

Upcoming Webinars

Group Created with Sketch.
June 26th, 2:00 pm ET

From Performance Management to Mutual Commitment

Fostering a Culture of Joyful Accountability

Register
Group Created with Sketch.
July 24th, 2:00 pm ET

Organizing in Divided Times

The Relational Infrastructure We Need to Protect Democracy

Register

    
You might also like
Conservatives Attack Nonprofits on Capitol Hill
Isaiah Thompson
Glass-paneled exterior of the Microsoft building.
Microsoft Axes Free 365 Software for Nonprofits
Isaiah Thompson
US Capitol Building
Tax Provision Would Give Trump Administration Unilateral...
Rebekah Barber and Isaiah Thompson

Like what you see?

Subscribe to the NPQ newsletter to have our top stories delivered directly to your inbox.

See our newsletters

By signing up, you agree to our privacy policy and terms of use, and to receive messages from NPQ and our partners.

  • About
  • Advertise
  • Careers
  • Contact
  • Copyright
  • Donate
  • Editorial Policy
  • Funders
  • Submissions

We are using cookies to give you the best experience on our website.

 

Non Profit News | Nonprofit Quarterly
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.