Worthington-based co-working company COhatch launched a new impact fund to support remote businesses.
In collaboration with Commonwealth, company’s co-founder and CEO, Matt Davis, will manage an impact investing program to fuel remote businesses. In addition, Davis and his wife will donate 10% COhatch share to encourage other CEOs and donors to contribute to the fund.
According to their procedures, donors can send a charitable donation to COhatch’s impact fund. After that, the Commonwealth will invest the money into remote businesses that Davis and other donors support. From a legal point of view, the Commonwealth does not have to follow the donors’ will. However, active communication between donors and institutions is at the core of this investment strategy.
Donor-advised funds are charitable vehicles that will directly support startup companies and remote businesses. In addition, donor-advised fund’s tax benefits translate in an immediate income-tax deduction with a five-year carry-forward. Further, impact investments repay tax-free growth and avoid capital gains tax on appreciated assets.
Working as a foundation, winning remote businesses will receive scholarships to COhatch, education programs, and other helpful tools. The co-working company is currently based in Delaware, Upper Arlington, the OSU Gateway area, Worthington, Easton, and Polaris. After the impact fund to support remote businesses, they plan to expand into the Cincinnati, Indianapolis, Cleveland, and Tampa, Florida markets. Finally, construction works are already happening in Dublin and Westerville.
With the spread of remote work, co-working spaces are becoming the best strategy to support remote businesses.
