The world of finance is ever-evolving and fintech start-up Overflow said it is committed to making sure donation-reliant organizations aren’t falling behind. Overflow reports the average nonprofit cash donation is $128.
But, with Overflow’s donation platform, the company said the average stock donation is $10,000. This is because “90% of US wealth is in non-cash assets,” according to Overflow CEO and founder Vance Roush.
Most recently, Church of the Highlands and Highlands College became the first Alabama-based organizations to join more than 300 others employing the software. Some early adopters include Meals on Wheels, the American Cancer Society, Elevation Church, VIVE Church, and more.
For all Alabamians, introducing a non-cash giving platform means entirely new streams of revenue for universities, local churches, nonprofits, foundations, and charities that are contributing significantly to the social and economic impact of the state.
After moving to Silicon Valley in 2011 to start his career with Google, Roush joined the founding team of VIVE Church in 2012. With stock, crypto, and other non-cash asset-giving on the rise, Roush developed Overflow as a solution for his church.
In an interview with Yellowhammer News, Roush said, “I originally started Overflow to solve a problem for our own local church. There was an increasing amount of people who wanted to give in the form of stock, and some even crypto, which at the time seemed like a novelty.”
The process of donating stocks, crypto, IRAs, etc. is not new, but it has always been an “antiquated and manual process for the giver” that involves a broker and can take days at a time.
But not anymore.
Roush said he “wanted to make it much easier for people to fulfill something they want to do anyway.”
The launch at VIVE Church raised $1.1 million in just three days, positioning Overflow to become what is now the go-to app for charitable organizations to receive donations in multiple asset classes.
This “unlocking of generosity,” as Roush calls it, motivated him to expand operations in order to “serve even more churches and nonprofits.”
Potential in Alabama
Upon meeting Roush and learning more about Overflow, Kay Hargrave, the executive vice president of Institutional Advancement at Highlands College, was influenced to pursue Overflow as the college’s new online giving partner.
Hargrave said the newly accredited institution “could always receive stocks through a third party but it was not real-time or digital and required a broker which presented challenges when the stock market changes so quickly.”
A seasoned fundraising professional and former senior associate AD for the Auburn Athletics Department, Hargrave said, “Stock has always been a popular option for giving, but the ease of doing so has always been one of the hurdles.”
When asked why Highlands College chose Overflow, Hargrave spoke directly about the streamlined solution that Overflow provided donors.
“Once a donor has created their profile, there are a low number of clicks to finalize giving,” she said.
“No more calling the broker.”
Hargrave said “the largest quantity of our gifts have been through online giving” which verifies Double the Donation’s 2023 Fundraising Statistics findings that overall online revenue increased by 23%, online monthly giving revenue grew by 40%. In fact, the number of transactions completed through a mobile device increased by 50%.
In addition to making it simple for supporters to donate non-cash assets, Hargrave said it was important to implement an all-inclusive platform that still processes cash gifts as well, which Overflow does.
Honorable mentions were also given to the company’s customer service and the initiative taken by Overflow’s team of experts who developed customized integration tools that supported their pre-existing database.
As a young entrepreneur and family-focused leader, Roush founded Overflow on the principle of Proverbs 11:24 (MSG) which says, “the world of the generous gets larger and larger, the world of the stingy gets smaller and smaller.”
With Roush’s experience, knowledge, and understanding of generosity, Overflow is helping organizations receive more fundraising dollars in a shorter amount of time than ever before.
“It’s not replacement generosity, it unlocks generosity,” said Roush.
In addition to serving as CEO and founder of Overflow, Roush aims to inspire the world to give through education and training. His book, “High Growth Fundraising the Silicon Valley Way: Unlocking Crypto, Stock, and More for your Non-Profit, Church, or School” is available for pre-order and releases on March 14.
In “High-Growth Fundraising the Silicon Valley Way: Unlocking Stock, Crypto, and More for Your Non-Profit, Church, or School”, Roush delivers an in-depth, hands-on guide to raising money for churches or nonprofits through cash and non-cash donations. Readers will learn new strategies to multiply fundraising efforts and expand donations to assets such as stock and cryptocurrency.
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