Leveraging the Power of Donor-Advised Funds with Mitch Stein

The Prosperous Nonprofit

Is your nonprofit getting donations from Donor-Advised Funds (DAF)? Whether your nonprofit is seasoned, brand new, or just looking to start accepting donations from DAFs, this episode is for you! I chatted with special guest, Mitch Stein, Head of Strategy for Chariot, a Donor-Advised Fund solution for nonprofits to maximize DAF fundraising.

Mitch shared how he is helping nonprofits leverage the power of DAFs by explaining what they are, why they’re important, and how he is breaking down barriers for donors. He also talked about why it’s important to prevent costly errors and eliminate administrative challenges so that nonprofits can get the most money from DAFs. This is a great episode for organizations looking for a different way to bring in funding and diversify their revenue streams.

About Mitch

Mitch is a social entrepreneur, community builder and impact innovator. He is currently the Head of Strategy for Chariot, a Donor-Advised Fund solution for nonprofits to maximize DAF fundraising. He previously founded a nonprofit marketplace and community called Pond after leaving his role as a VP on Goldman Sachs' Technology Investment Banking team. He's a long-time board member at The LGBT Center of NYC and an active alum of the Startup Leadership Program NYC.

Read the podcast transcript here.

Episode Summary

In this episode, you’ll learn about how nonprofits can leverage the power of Donor-Advised Funds to diversify their revenue streams, including:

• Developing a strategy for generalized funds (4:45)

• Breaking down barriers for donors (5:55)

• What Donor-Advised Funds are (9:50)

• Why Donor-Advised Funds can be seen as controversial (12:40)

• Making it easy to use Donor-Advised Funds (17:30)

• Preventing costly errors and getting your nonprofit the most money (21:05)

• Eliminating administrative challenges (26:40)

• Adapting an entrepreneurial and innovative mindset (31:50)

• Creating technology for the nonprofit sector (38:20)

Teasers

“You’re not too late. It’s the perfect time to start leveling up, planning, and developing a strategy around generalized funds.”

“Just imagine you had a gift card that you couldn’t use. You had to log into your bank account to use your gift card at Starbucks. How likely are you to stop in Starbucks versus knowing how usable the gift card is? You’re going to both use it more often and spend more money because the money is already allocated.”

“We’ve worked with about 6,000 nonprofits. We ran an aggregate test across our current customers and over 40 percent of them had an inconsistency with their name or address.”

Resources

Connect with Mitch on LinkedIn: https://www.linkedin.com/in/mitch-stein/

Visit the Chariot website: https://www.givechariot.com/demo-video

Keep up to date with the podcast: @100degreesconsulting

Follow Stephanie on Instagram: @stephanie.skry/

Connect with Stephanie on LinkedIn: https://www.linkedin.com/in/stephanieskryzowski/

Visit the podcast page: https://100degreesconsulting.com/leveraging-donor-advised-funds

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