Charles Schwab Foundation (NYSE: SCHW) shares dipped Wednesday, on word the company has expanded its Employee Choice Grants program nationwide, empowering employees across the company to direct a total of $1 million in grants to 84 non-profit organizations serving their local communities.
The expansion generated the highest number of participating employees since the program was piloted in 2024 and gives more employees a role in determining how Foundation funding supports local needs.
Employees submitted more than 1,400 nominations for nonprofit organizations supporting a range of community needs, including human services, animal welfare, health and medical needs, youth development and education, housing, and hunger relief, among other causes.
From those nominations, 167 organizations advanced to employee voting, with 84 ultimately selected to receive grants.
Employees across all Schwab employment centers participated in the program, helping direct $12,000 on average to each grant recipient.
“Our employees know their communities and the organizations making a difference in them,” said Kristine Dixon, Executive Director, Charles Schwab Foundation.
“Expanding Employee Choice Grants nationwide gives every employee an opportunity to bring that local knowledge into our grantmaking and help direct funding to causes they care about.”
SCHW shares began the mid-week session lower $4.14, or 3.7%, to $108.11.
