Years ago, Angela and I decided to establish a charitable Philanthropic Fund at the Federation. We found that sometimes at year end, we had not had time to fully decide where and to whom we wanted to contribute the money we had allocated for charitable giving.
By creating and maintaining a donor advised fund, we now have complete flexibility that is not limited by year-end tax considerations. We can still choose to donate money to our fund, which provides tax deductions in that year, but make individual charitable grant recommendations through our fund, at a later date.
Additionally, the monies that we donate to our fund are earning returns and growing. Over time, our ability to make grant recommendations to the charities of our choice, has broadened. It’s also, not necessarily by design, provided us with a systematic mechanism for giving, that we now have come to appreciate. We’ve also customized our Philanthropic Fund agreement so that future generations of our family can continue to make grant recommendations.
The Federation staff makes this process virtually seamless. Within a day or two of making a recommendation for a grant from our Philanthropic Fund, all of the necessary approvals and paperwork are completed by Federation staff and the funds flow to the designees. Detailed record keeping is provided and maintained by staff as well. We also receive an acknowledgment of the grant. It couldn’t be any easier! If you are thinking about charitable giving – either now or for testamentary purposes, please call Foundation Director, Janese R. Sweeny at the Federation. The Foundation offers a variety of tools to help you achieve your charitable goals.
