Discover Charitable Bank
Building Generational Wealth While Supporting Causes
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Our Vision
Leading the Evolution of Wealth and Philanthropy
Expanding Philanthropic Horizons: We merge wealth generation with flexible giving, growing both the bank’s assets and its charitable influence. This model aligns management incentives with philanthropic objectives, fostering sustainable generosity.
Incentivizing Generosity: At Charitable Bank, we incentivize sustainable philanthropy by allowing assets to continuously produce income for charitable causes, encouraging a legacy of lasting impact.
Empowering Continuous Philanthropy: Charitable Bank revolutionizes philanthropy by enabling continuous contributions, maintaining control over assets that generate ongoing charitable gifts, and enhancing long-term impact.
Old Way
New Way
Crafting Legacies with
Intelligent Philanthropic Strategies
A Charitable Bank is a for-profit entity structured as a private holding company designed to manage and allocate assets for wealth-building and philanthropic endevours. This innovative framework allows individuals and organizations to streamline their charitable giving through a single, centralized entity, maximizing impact and efficiency. As a private holding company, a Charitable Bank offers the flexibility to invest in a variety of assets, with the profits directed towards managers and charitable activities. This model combines the financial advantages of a for-profit enterprise with the mission-driven focus of nonprofit philanthropy, providing a unique vehicle for sustained charitable engagement.
Tax Savings
Charitable Bank offers strategic avenues for reducing your taxable income and minimizing capital gains taxes. By contributing your investments through Charitable Bank, you can leverage donations to lower your income tax, utilizing charitable contributions as an effective tax management tool. Similarly, by donating appreciated assets, you can avoid significant capital gains taxes that would arise from selling these assets. This dual tax advantage not only maximizes your financial efficiency but also amplifies your philanthropic impact, allowing you to contribute more to the causes you care about.
Ultimate Control
With Charitable Bank, you maintain unparalleled control over your philanthropic and financial endeavors. Our platform guarantees freedom, flexibility, and choice, setting minimal limitations and regulations while adhering to laws and best practices. You decide how and when your assets are utilized for charitable efforts, ensuring privacy in both ownership and philanthropic contributions. Moreover, Charitable Bank provides robust asset protection, securing your wealth while facilitating your charitable intentions. This unique approach puts you at the helm of your philanthropic journey, with nearly unrestricted ability to manage and your assets.
Mutual Benefit
Charitable Bank uniquely aligns personal financial growth with philanthropic giving. Here, you can build your personal wealth through strategic loans and investments in a diverse array of asset classes, including real estate, stocks, and businesses. As the charitable bank’s assets grow, you benefit not just from asset appreciation but also when appropriate a reasonable salary, making your philanthropic involvement financially rewarding. This symbiotic relationship ensures that as you aid others, your own financial base strengthens, creating a cycle of mutual benefits that supports both your interests and your philanthropic goals.
Generational Legacy
Charitable Bank enables you to establish a lasting generational legacy of philanthropy and wealth. By continuously contributing to charities, you create a sustained impact that extends beyond your lifetime. This approach not only supports charitable causes indefinitely but also secures generational wealth that can benefit your family for years to come. Through Charitable Bank, you ensure that your legacy is one of enduring generosity and financial security, making a lasting difference in both your community and your family’s future.
Secure Your Financial Future While Giving Back
Meet Our Team
Jef Cheney, CPA, CTC, CFE
Managing Partner
Jef oversees tax planning, audit defense, and financial strategy as Managing Partner, ensuring compliance and fiscal outcomes.
Eric Michael Collins
Senior Partner
Eric shapes business strategy and concept validation, guiding growth, and making key asset allocation decisions.
Ryan Amarone, CPA
Senior Partner
Ryan oversees accounting and operations, ensuring efficiency and accuracy in financial practices and business processes.
Molly D'Agostino, Esq.
In-House Counsel
Molly is a charity attorney, oversees legal compliance, ensures regulatory adherence, and develops ethical best practices.
Everything Your Charitable Bank Needs
At Charitable Bank, we’ve assembled a team of licensed experts and seasoned vendors who fully grasp the complexities of the Charitable Bank framework. Our professionals handle all the intricacies, ensuring you can focus on your outcomes without the burden of figuring it out alone. The solutions listed are just a part of the extensive support we offer.
Entity Formation
Creating a Charitable Bank involves filing necessary documents with state authorities, selecting a business name, and setting up a legal structure tailored to philanthropic goals.
Operating Agreement`
The operating agreement outlines roles, responsibilities, and governance, ensuring clarity and preventing conflicts within the Charitable Bank or holding company. It's a foundational document for effective management.
Organizational Resolutions
Organizational resolutions capture initial decisions, authorizing key actions and establishing foundational policies. They provide a clear framework for the Charitable Bank early operations and strategic direction.
Employer Identification Number (EIN)
The EIN is a unique identifier for federal tax purposes, essential for banking, tax filing, and establishing the Charitable Bank legal identity with the IRS and state agencies.
Bank Account Opening
Opening a dedicated bank account ensures financial separation, streamlines operations, and establishes controls for managing the Charitable Bank funds, enhancing financial transparency and accountability.
Tax-Exempt Charity
Applying for 501(c)(3) status involves preparing IRS Form 1023 or 1023-EZ, enabling tax-exempt benefits, and confirming the organization's nonprofit mission for federal recognition and donor confidence.
State Tax Registration
State tax registration ensures compliance with local tax obligations, securing potential exemptions and fulfilling state-specific requirements for operating a Charitable Bank or holding company effectively.
Donation Management
Efficient donation management tracks contributions, issues receipts, and acknowledges donors, fostering trust and ensuring compliance with legal and ethical standards for managing charitable gifts and donations.
Bookkeeping
Implementing bookkeeping systems organizes financial transactions, tracks income and expenses, and provides accurate records, supporting informed decision-making and compliance with accounting standards for charitable entities.
Financial Reporting
Financial reporting ensures transparency and accountability, providing stakeholders with accurate insights into the Charitable Bank financial health, aligning operations with regulatory requirements and best practices.
Annual IRS Filings
Preparing and filing IRS Form 990 or 990-EZ provides essential information to the public and the IRS, ensuring compliance and maintaining the charitable organization's tax-exempt status.
State Annual Filings
State annual filings, often requiring financial and operational information, fulfill state-specific reporting obligations, maintaining compliance and good standing for the Charitable Bank or holding company.
Charitable Solicitation Registration
Charitable solicitation registration permits fundraising in various states, ensuring compliance with state laws regulating charitable solicitations, and providing transparency and accountability in fundraising activities.
Investment Management
Investment management aligns the Charitable Bank funds with its mission, balancing risk and return, and creating policies for prudent investment practices to sustain and grow financial resources.
Compliance Audits
Compliance audits assess adherence to legal, financial, and operational standards, identifying areas for improvement, enhancing accountability, and ensuring the Charitable Bank meets regulatory and ethical expectations.
Risk Management
Risk management identifies, assesses, and mitigates risks, safeguarding the Charitable Bank assets, reputation, and operations through strategies and insurance coverage tailored to nonprofit environments.
Board Development
Board development recruits, trains, and engages board members, ensuring effective governance, strategic direction, and oversight for the Charitable Bank, enhancing leadership and organizational success.
Strategic Planning
Strategic planning aligns the Charitable Bank mission, vision, and goals with operations, creating a roadmap for growth, sustainability, and impact, guiding decision-making and prioritizing resources.
Policy Development
Policy development establishes governance, operational, and ethical guidelines, creating a framework for consistent decision-making, legal compliance, and organizational culture within the Charitable Bank.
Donor Stewardship
Donor stewardship builds and maintains relationships with supporters, recognizing and appreciating contributions, fostering donor loyalty, and enhancing fundraising success through personalized communication and engagement.
Charity Due Diligence
Due diligence checks verify legitimacy, financial health, and compliance of recommended charities, involving review of IRS status, financial records, and governance to ensure transparency and mission alignment.
Program Development
Program development creates and manages charitable initiatives, aligning with the organization's mission, evaluating effectiveness, and enhancing impact, ensuring programs address needs and achieve intended outcomes.
Endowment Planning
Endowment planning establishes and manages a fund for long-term sustainability, balancing investment strategies with charitable goals, ensuring financial stability and supporting the entity's mission over time.
Legal Compliance
Legal compliance ensures adherence to applicable laws and regulations, seeking legal counsel as needed, and maintaining good standing, protecting the Charitable Bank from risks and liabilities.
Succession Planning
Succession planning prepares for leadership transitions, developing and documenting plans for continuity, ensuring organizational stability, and fostering smooth transitions for key roles and positions.
Expert Referrals
Expert referrals connect the Charitable Bank with specialized professionals like financial advisors, insurance agents, and real estate experts, ensuring access to tailored advice and services that enhance strategic planning, risk management, and asset utilization.
Business Valuation
Business valuation assesses the Charitable Bank financial worth, using methodologies like income, market, or asset approaches, providing insights for strategic decisions, mergers, acquisitions, or compliance with financial and regulatory requirements.
Internal Agreements
Contracts define the legal relationships between Charitable Bank, charities, members, managers, and investments. They detail rights, obligations, and terms to ensure clarity, accountability, and protection for all parties involved.
Our Happy Clients!
Transform Your Financial and Philanthropic Future
Charities
Medical
Our commitment to supporting medical charities ensures that crucial healthcare services and research are provided. Through these contributions, children have overcome health adversities, bringing hope and healing to communities in need.
Schools
Supporting educational initiatives is crucial in enhancing learning environments and increasing access to education. Contributions assist schools in tackling learning barriers, thereby fostering opportunities and growth in communities in need.
Religious
We proudly support faith-based organizations striving to uplift and empower their communities. Our donations enhance their capacity to offer guidance, support, and communal harmony, enriching lives and fostering inclusivity.
Military
Initiatives that assist military veterans that provide essential resources and support to those who served is very important to us. Our funding helps enhance their well-being and ease their transition into civilian life.
Animals
By helping animal welfare organizations dedicated to the care and protection of animals. Our funding aids in rescue efforts and promotes humane treatment across communities.
Disadvantage
Uplifting disadvantaged individuals across America is crucial for equal opportunity. Our contributions empower local organizations the resources they need for underserved communities.
Disclaimer: While Charitable Bank has supported these charities, their appearance on our website does not imply any endorsement or validation of Charitable Bank, its donors, or any other institution. The inclusion of these charities is solely for informational purposes in the hope of raising awareness and donations from future contributions.
Available in 2024
Charitable Bank: Stop Overpaying Taxes
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Frequently Asked Questions
Navigate through our resources for helpful answers to your questions.
Yes. Charitable Bank is a highly complex tax framework involving charities, for-profit entities, and covering a wide array of disciplines, including tax, accounting, legal, and insurance. As a client, you will receive specific IRS codes, regulations, and court rulings that confirm our compliance with the law and our commitment to exceeding legal requirements.
No. The term “Charitable Bank” is a metaphor to help clients understand the capabilities and benefits of this tax structure. Describing the entity as a “bank” provides insight into its uses and best practices.
No. The Charitable Bank can only be used and established within the current calendar year and for future years. You are not permitted, nor will any team member allow you, to create this structure for previous years or backdate agreements to save on taxes.
No. Although this structure is called a “Charitable Bank,” it is not a personal bank account. Once assets are contributed, they become the property of the Charitable Bank. You have remarkable control and benefit from these assets for loans, investments and income from gains, provided it first benefits the Charitable Bank. However, you are not permitted to withdraw the cash, as doing so could violate several laws.
Yes. Our current understanding of the law does not require any amount to be donated to charity. However, our firm’s founders decided that by leveraging a charity’s participation and receiving personal value as a result, then charities should benefit immediately.
Yes. In most situations, a third-party business appraiser or asset appraisal specialist is required to complete your charitable donation. Our firm requires a disinterested third party to determine the fair market value, and we do not provide this service ourselves.
Yes. This tax structure is highly sophisticated. Our firm, along with other experts, has invested considerable time and money to ensure its legality and to provide the best outcomes for our clients. Expert advice is not cheap, but even after fees and charity contributions, our clients save a significant amount on their taxes and potential increase in wealth.