You transfer cash or other assets to a tax-exempt sponsoring organization such as a public foundation. You can then recommend-but not direct-how much and how often money is granted. In addition, you avoid the cost and complexities of managing a private foundation.
In return, you qualify for a federal income tax charitable deduction at the time you contribute to the account. This also allows for a centralized giving and record-keeping system in one location.
Joe and Laura want to give back to their hometown by putting their money where it will do the most good. They establish a $25,000 donor advised fund with a community foundation.
The couple receives a federal income tax charitable deduction for the gift. They also get all the time they need to decide which charities to support.
After researching community needs with the foundation’s staff, Joe and Laura recommend a grant for Camp Fire National Headquarters (which Laura, her daughter, and granddaughter have been Camp Fire campers for generations). The foundation presents the charities with checks from the Julia Donor Advised Fund, which Joe and Laura named in honor of their granddaughter. Joe and Laura are delighted to start this personal legacy of giving.
Questions? Contact Teresa Woods, Development Associate at Teresa.Woods@CampFire.org.
Young people want to shape the world.
Camp Fire provides the opportunity to find their spark, lift their voice, and discover who they are.
In Camp Fire, it begins now.