For those employees who want to make charitable giving part of their long-term financial plan, Global Impact and AFS 401(k) Retirement Services, an independent advisory firm, announced a partnership to provide employers with a toolkit for a strategic program that allows employees to make informed decisions about giving.
Considered a Donor-Advised Fund (DAF), a charitable giving tool often accessible only to foundations and high-net worth households, Growfund was designed to offer everyday working Americans the opportunity to create their own foundations. Growfund operates like a 401(k) or a personal foundation, with funds able to be saved or invested and grown over time.
The company says employees can plan for their giving the way they plan for their future, with the ability to make grants to more than 800,000 charities or thematic impact funds. Growfund stays with the employee for life. For companies to support employee giving, Growfund offers matching and payroll giving functionality, as well as the ability to receive a single tax receipt for all contributions.
Alex Assaley, Managing Principal at AFS 401(k), says, “The landscape for retirement plans and employee benefits is changing—companies and their employees want more tools, resources, and guidance to steer a worker’s entire financial picture.”