Global Impact Launches Growfund for Giving Circles to Unlock Greater Collective Giving for Social Impact
ALEXANDRIA, Va., Feb. 5, 2018 – Global Impact, a world leader in growing global philanthropy, launched a version of its Growfund charitable giving platform designed for Giving Circles of any size. Growfund for Giving Circles is the first Donor Advised Fund (DAF) with no minimum, offering a more affordable and flexible way for Giving Circles to pool their money together, invest and distribute funds for social causes.
According to the Collective Giving Research Group, more than a thousand Giving Circles and 525 chapters exist in the United States, granting $27.7 million in 2016 and as much as $1.29 billion since inception. Formalized Giving Circles most often leverage a DAF; however, typical DAFs require a minimum initial contribution between $5,000 to $25,000 and high maintenance fees, which can restrict a Circle’s ability to grow its membership and amounts to grant. With Growfund for Giving Circles, not only is there no minimum, but contributions can be invested with the first $1.
“Our vision for Growfund has been to democratize philanthropy by giving Americans at any income level the opportunity to invest and grow their charitable contributions. These Giving Circles represent democratized giving, so it’s important we help them flourish,” said Scott Jackson, president and CEO of Global Impact. “We anticipate the number of circles and granting amounts will grow with better resources.”
Growfund for Giving Circles automates the administrative functions of processing contributions and grants, which reduces the costs to as low as 1% of collected funds. Investment options in the platform allow these funds to grow, so more money can reach recipients. Circle administrators can set parameters for membership and now have one location to track who joins and how much members give, and to communicate with members for grantmaking and other collective activities. The Growfund team will provide support and guidance, while a suite of communications capabilities will aim to unite the Giving Circle community and educate new donors about strategic giving and philanthropy.
Black Benefactors is a Giving Circle currently using Growfund to support its mission to enhance the well-being of black children, youth and families by encouraging philanthropy, community service and advocacy in the Washington, D.C. metropolitan area. Tracey Webb, the organization’s founder, said, "Growfund values the myriad benefits of Giving Circles and collective giving. As such, it was the perfect choice for Black Benefactors as we began our 10th year of operation. The platform provides the essentials we need to run our Giving Circle effectively—a user friendly interface, custom donation page, real time notification of online gifts, monthly reports and great customer service. I’m pleased with our partnership and look forward to the growth of this new game-changing tool for collective giving."
Brandolon Barnett, senior director at Global Impact and Growfund’s director, said, “We leveraged Global Impact’s expertise with philanthropy, finance and technology to design this version of Growfund that eliminates many of the barriers faced by groups that want to give collectively but currently can’t. By making it easier to start, join, or manage a Giving Circle through Growfund, we aim to advance the collective giving movement and unlock more donations by individuals of all backgrounds and means, so they can benefit from the tools of traditional philanthropy and give more strategically to make the change they want to see in the world.”
About Global Impact
Global Impact is a leader in growing global philanthropy. The organization builds partnerships and raises resources that help the world’s most vulnerable people by providing integrated, partner-specific advisory and backbone services; workplace fundraising and representation; campaign design, marketing and implementation for workplace and signature fundraising campaigns; and fiscal agency and technology services. Global Impact works with more than 300 public and private sector workplace giving campaigns to generate funding for an alliance of more than 100 international charities. Through strategic council and implementation support, Global Impact equips nonprofits, public sector and private sector organizations to achieve their philanthropic goals. The organization also leads national marketing efforts for the Combined Federal Campaign (CFC), and serves as Outreach Coordinator for the Combined Federal Campaign of the National Capital Area (CFCNCA), the Combined Federal Campaign-Overseas (CFC-O) and three other CFC zones across the United States. Since 1956, Global Impact has generated more than $1.8 billion to help the world’s most vulnerable people.