Spartanburg County Foundation donors and Professional Advisors met in the Robert Hett Chapman III Center for Philanthropy in early November to preview a new investment opportunity. The Foundation announced its partnership with Abundance Capital, a firm specializing in helping charitable donors use their tax-deductible giving to make impact investments in the causes and communities they care about.
“Expanding ways in which our generous philanthropic donors can meet pressing needs in our community is a win for all,” said SCF President and CEO Troy M. Hanna.
Donors who hold traditional Donor Advised Funds at the Foundation make grants to community nonprofit organizations, fueling their work to benefit Spartanburg County residents. With the added capacity offered by the partnership with Abundance, donors can now make impact investments as part of their charitable giving.
“Abundance Capital gives our fundholders the ability to respond to unique investment opportunities that are nontraditional but still can make direct, local impact. This also gives our donors a way to bring their ideas to the table in working with others to fund innovative solutions to real community issues,” said Bert Barre, Chairman of the SCF Board of Trustees.
Whether the investment helps a start-up business take hold in the community, a nonprofit re-finance a high-interest loan, or expands the capacity of a small business or nonprofit to serve the community better, the Abundance Capital model for investing with donor funds means that more can be done with the philanthropic dollars in Spartanburg than ever before.
Abundance Capital co-founders Mike Gatchell and Margaret Gifford introduced examples of where such investments have been working in other communities. They are working closely with two projects in preparation for Spartanburg donors interested in local impact investments. Donors will be invited to connect with the projects once they have qualified by meeting UN Sustainable Development Goals and IRS standards as part of the Abundance Capital vetting process.
“We are delighted to provide Abundance Capital as a service to connect the generosity of Spartanburg County Foundation donors with the most innovative, purpose-driven initiatives and projects improving lives in Spartanburg County,” said Mike Gatchell, Co-Founder and CEO, Abundance Capital.
A meeting to outline next steps will be held in January 2024. If you’d like to receive an invitation to the January event, please contact info@spcf.org or call 864-582-0138.
Those interested in learning more can listen to a recording of the November preview event on the Spartanburg County Foundation’s website, www.spcf.org, or YouTube channel, @SpartanburgCntyFndn.
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