Introducing Giving Accounts: Benefits That Do Good

BASIC is excited to introduce our new collection of benefit offerings, Giving Accounts. It’s a unique collection of benefit accounts designed to empower and support employees while advancing your organization’s mission and values. Our Giving Accounts offerings consist of four distinctive accounts that make it easier than ever to support charitable giving and expand your organization’s philanthropic efforts. 

With Giving Accounts, employers can offer any or all of the following benefits:  

Crisis Fund 

• When an employee experiences a tragedy or crisis and needs extra financial support, the Crisis Fund is a great way to help. This fund is supported by employers and/or employee donations. Employees who need this assistance apply for the funds and employers distribute the funds based on pre-established rules. 

Scholarship Fund 

• Recruit and retain the best employees by showing that your company values higher education and wants to help employees fund their children’s academic pursuits. 
• Employer and/ or Employee are able to donate money into a holding account that awards scholarships to the children/dependents of employees when they qualify based on predetermined criteria. 

Charitable Donation Account 

• Recruit and retain the best employees by showing that your company is philanthropic. Provide a way for employees to save toward giving goals. Employer offers this account for their employees. Employer and/or employees then can contribute to this tax-advantaged account as frequently as they like and choose where and when they would like to donate from a 501(c)(3) charity database. 

Giving Savings Account 

• This account gives Employers the opportunity to provide a way for employees to save toward giving goals. Similar to the Charitable Donation Account, employers and employees are eligible to contribute money to this employee-owned account designed to save towards giving goals. However, the money contributed is not reserved for charitable donation and can be distributed back to the employee if needed. Contributions aren’t tax-advantaged until allocation to a charity, so participants can withdraw money if unforeseen circumstances occur. 

In addition to Giving Accounts, our Consumer Driven Accounts (CDA) platform will soon include a new standard feature called Give Now that allows all CDA participants to donate a portion of their MyCash balance to a 501(c)(3) of their choice. Give Now will be available in both the CDA web experience and BASIC benefits mobile app. 

Giving Accounts gives employers a strategic tool to align their benefits program with their broader organizational mission. Whether you’re focused on giving back to your community or holistic employee care, Giving Accounts helps turn those values into real support for your people, strengthening both your workforce and your workplace culture.