SoshWallet, Charities, & Statistics
SoshWallet is the coolest new app that let's any group bank together. Charities are a group who bank together, making SoshWallet the perfect service for them. There's all kinds of programs out there that work in charity auditing or ranking of charities if you will. Candid, formerly - GuideStar has a seal of transparency that many of the leading charities carry with them. The Better Business Bureau has a Charity Ranking system with the best having A+ and the worst being F-, there's all kinds of ways to gauge how a charity conducts themselves. SoshWallet seems to be the missing piece of the puzzle here if you will, the platform that lets charities be 100% transparent with their donors.
According to NP Trust - Americans gave $484.85 billion in 2021. * NPT stands for National Philanthropic Trust, they're an organization that curates statistics on charities operating in the united states. A public charity themselves, they've raised more than 21 billion for charities all over the world.
Marketwatch says - 9 in 10 give 60% or more to the cause.* Which translates to most charities give about 60% of their donations to the cause while keeping 40% for overhead costs.
Overhead costs aren't a bad thing. If a charity is doing exceptional work then paying it's staff to work full time is a good thing. Costs aren't always clear but if a group can see a breakdown of each expense, this is transparent for the group and can increase morale or make new potential donors drop their guard about donating.
CharityNavigator has found that - Historically, donations from individuals account for over 2/3's of all donations.* Meaning that the donating public, not big foundations and corporations are responsible for most charitable spending.
Charities.org says nearly 13% of operating public charities reported spending nothing for management and general expenses.* Meaning that Charities who use none of their donations to operate and pay staff, are few and far between.
SoshWallet is the aperture for charities to share transparency with their members. With the group banking app it's easy for all members of a charity from the biggest to the smallest donor - to see where their money is going and how it's being spent!