One of the trends that we’ve noticed over the last five years is how many people are now using Donor Advised Funds, or DAFs, for their charitable giving to Carthage. Nearly 15% of all giving now comes from these advised funds, so let’s take a look at why Carthage donors have chosen to give in this way.
A DAF is a charitable giving vehicle that allows donors to make a tax-deductible donation to a sponsoring public charity or community foundation, like Vanguard Charitable or the Kenosha Community Foundation. Donors receive an immediate tax deduction, and over time they use the fund to recommend gifts (or grants) to charities of their choice. Providing flexibility to donors without the expense of creating a private foundation, DAFs have become a convenient and tax-efficient way for donors to facilitate their charitable giving and achieve their philanthropic goals.
When choosing a DAF sponsor, donors have many options. We see grants from The Greater Milwaukee Foundation, Fidelity Charitable, Thrivent Charitable, and the ELCA Foundation, among others. And, while sponsors may have their own limits on the size of deposits or grants, all DAF sponsors follow the same IRS regulations.
Yes, a DAF grant is required to have a charitable purpose and is subject to IRS charitable contribution restrictions. For instance, a DAF grant cannot provide the donor a tangible benefit such as auction items, golf tournament fees, or entry fees to a fundraising event.
If you already have a DAF and would like to direct a gift to Carthage, you can do so through our Donor Advised Funds portal. You may also contact Tim Knutson at tknutson@carthage.edu for further information.
In order to disburse any remaining funds after death, donors may name a charitable beneficiary of their DAF. If you have named Carthage as a beneficiary of your DAF, please contact Betsy Mitchell at emitchell1@carthage.edu so that we can recognize you in our Denhart Legacy Society.
This information is not intended as tax, legal, or financial advice. Gift results may vary. Consult your personal financial advisor for information specific to your situation.
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