But most of the banks have gotten out of the payday lending business because of federal regulations." Morales added that it grew out of the checkcashing model, and the SVCF
didn't tackle the issue until 2009.
As one of the most active U.S.-based international grantmakers, SVCF already has an extensive list of global nonprofit organizations.
Carson, Ph.D., CEO and President of SVCF commented, “As the comprehensive center of philanthropy, SVCF is delighted with the opportunity to make global philanthropy accessible to all and we hope that as a result more people will give generously to the causes they care about the most locally, nationally and around the world."
SVCF has $3 billion in assets under management and more than 1,650 philanthropic funds.
In an effort to deliver a more seamless, interactive, and "one-stop-shop" experience for all current and future clients, the partnership has agreed to provide offices to members of the YourCause team within SVCF's offices.
SVCF and YourCause, both leaders in Corporate Social Responsibility, recognized a need in for a turnkey customer-focused solution for companies interested in implementing and enhancing their local and global employee giving programs.
“We have extremely high expectations of this partnership, and are excited to work with the entire team at SVCF. The opportunities to deliver more innovative and effective solutions, to all sizes of business, both domestically and abroad, are massive and ones that we truly look forward to tackling through this partnership,” commented Matthew Combs, the Founder and CEO of YourCause.
But he has no details of how many funds or how many people might be sitting on money because community foundations, like SVCF, do not have to share that information.
"Farmers store grains for a reason," said Carson, president and CEO of SVCF. Donor-advised funds are not set up to be spent by someone else's determination of the time frame.
SVCF is probably the only community foundation that could rival the scale of commercial firms like Vanguard, Fidelity or Schwab.