Donor Advised Funds

 

Steps to Establish a Donor Advised Fund

* Start your fund by signing a simple agreement which can be completed in minutes.
* Transfer assets of $1,000 or more.
* Receive an immediate charitable tax deduction for the full fair market value of assets you transfer. For appreciated assets, you may eliminate capital gains tax.

Once the Fund is Established

* Make additional contributions of any amount at any time, with full tax advantages.
* Recommend how the assets are invested so your fund grows tax free, giving you more to give to the community.
* Recommend grants to your favorite organizations in areas such as health and human services, the arts, and education, in the Jewish and general community all over the world.
* Let the Foundation take care of all administrative responsibilities and consult with the staff for personal advice about community needs, areas of interest, and a range of philanthropic services.
* Pass on to your children the ability to recommend grants from the Fund now and after your lifetime.
* Use the Fund to create a legacy for the community.

Questions and answers

1. Is a minimum balance required once the fund has been established?
No, there is no minimum balance requirement.

2. Is a minimum contribution amount required once the fund has been established?
You may make contributions of any amount at any time that is convenient for you.

3. When is a contribution considered a charitable donation?

A contribution is complete when the asset is out of the donor’s control. For gifts of cash that are sent via mail, this is the postmark date. For gifts of stock, this is the date the shares are transferred from your account.

4. What will I need for my tax records?

Each time you make a contribution to the Foundation, you receive a tax receipt letter – that’s all you need.

5. What are the fees?

The Foundation charges a fee of 1.1% for donor advised funds In addition to services provided for administering the donor advised fund, the fee helps to support the operation of the Foundation.

6. Who receives the investment earnings?

All investment earnings are credited to the donor advised fund, giving you more to give away to the community.

7. Which charities may receive grants from the fund?

You may recommend grants to any qualified tax-exempt organization, or qualified religious institution, in good standing with the Internal Revenue Service with a mission that is consistent with the broad charitable goals of the Foundation.

8. What is the minimum amount I can recommend as a grant?

The minimum amount is $50.

9. Are there any limitations on the number of grants from the fund?

You may recommend as many grants as you wish throughout the year. There are no limitations.

10. How often are grants processed?

Grant recommendations are due on the 1st and 15th of each month with checks to organizations mailed within five business days of the 1st and 15th.

11. What types of payments are not eligible for grants from the fund?

The Foundation cannot honor the following recommendations from a donor advised fund:
* Legally Binding Pledges: By law, the Foundation cannot honor legally binding pledges that you have made to an organization since this is considered a personal obligation. The Foundation can honor solicitation requests.
* Tuition: No form of tuition, or the enrollment fees for extracurricular activities, can be paid from the fund.
* Non-deductible Portion of Membership or Tickets: The Foundation can only distribute the charitable portion of memberships and tickets to events from your fund.
* Grant Intended for the Benefit of One Named Individual: The Foundation cannot honor recommendations for grants that will benefit one named individual. Grants can be designated for funds being raised by a particular individual for an event.

12. How do I recommend a grant?

You may recommend a grant in one of the following ways:
* Through the online Donor Advised Fund Recommendation Form
* By faxing a Donor Advised Fund Recommendation Form (You can obtain one online)
* By mailing a completed Donor Advised Fund Recommendation Form by US Post

13. Will I receive statements?

You will receive quarterly fund statements. Statements are sent approximately six weeks following the end of the quarter.

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