6. Account management and fees
Your client can make recommendations about how assets in their Charitable Investment Account should be managed, but Charitable Impact must review and authorize all recommendations. As with any charitable donation or any donor-advised fund, your client will no longer legally own or have legal control over the donated assets.
All Charitable Investment Accounts must adhere to Charitable Impact's Investment Policy Guidelines.
Charitable Impact takes governance and accountability seriously. Each year we are audited by an independent accounting firm who requires timely access to confirm our financial data.
Upon request, please provide the confirmation letter our audit requires. CHIMP: Charitable Impact Foundation (Canada)’s fiscal year end is July 31. As a result, you will be contacted by our team and expected to provide the confirmation in the months following.
Account activity and statements
Your clients can view their Impact Account activity and account balance anytime by logging in to their Impact Account. Charitable Investment Account balances are currently not visible from the Impact Account but can be provided with our permission to individuals with Full Access or Informed Access on the accounts.
Charitable Investment Account statements are sent to clients every quarter (January, April, July, and October). The statement will show the Charitable Investment Account balance and a summary of all donations and grants that occurred that quarter. You can view a sample statement here.
If your client would like more frequent access to their Charitable Investment Account balance and if your brokerage allows, we can authorize you to provide third-party view-only access or monthly statements directly to your client. Have your client reach out to the Philanthropic Advisory team at [email protected] to learn more
A reminder that clients who have chosen to Donate & Give will not receive a statement. This is because there will not be an account balance of publicly traded securities. With the recommendation to Donate & Give, publicly traded securities are sold immediately upon receipt and the cash proceeds are transferred out to the client’s Impact Account.
Ensure your client has given you Full Access or Informed Access (as indicated on the Donor Application).
Ask to receive their statements quarterly from our Philanthropic Advisory Services team by emailing [email protected].
Using the Impact Account is free for all donors but money held there does not benefit from returns on investment. To earn returns that benefit the donor’s advised fund, a Charitable Investment Account can be created.
Charitable Impact charges fees to Charitable Investment Accounts on a quarterly basis based on the average balance of the assets held. After the end of each (calendar year) quarter, our team will send you an email authorizing a cash transfer for each Charitable Investment Account that has a fee balance owing. You will receive authorization to make any redemptions necessary to generate the cash, as needed.
To transfer service fees for Charitable Investment Accounts, follow the transfer instructions above.
Charitable Investment Account fees
Charitable Investment Account
Quarterly fee on the average balance of the account.
Assets under $1,000,000: 0.50%
Assets above $1,000,000: 0.25%
Stenner Wealth Partners+ at CG Wealth Management fees
If you’re facilitating donations using our account at Stenner Wealth Partners+ at CG Wealth Management the following fees will apply, and are based on the trade value:
Under $3,000: $130
Over $5,000: $180 or (1% + $30) whichever is greater
For clients with a Charitable Investment Account managed by you, our fees are charged in addition to the fees you charge for your investment management services. You collect your fees as per your typical process, and we collect our fees separately.
For clients without a Charitable Investment Account but donating securities (Donate & Give) to an account managed by you, you can charge fees to process and redeem the securities. The amount donated, net of fees, can be sent to our main bank account using the process referenced above.
Note: All fees reduce the amount of money a client has to fund their charitable goals, but the amounts do not impact the value of their tax receipt. Tax receipts are always generated using the fair market value on the day the assets were received by the Foundation.
Processing fees from bank and credit card companies on donations made directly to an Impact Account
Credit card: 2.8% recovery for processing fee
Wire transfer: none (brokerages may charge fees for wire transfers)
Direct debit: none