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The Donor Advised Fund is the Community Foundation’s most flexible fund. Donor Advised Funds allow Donors to simplify and consolidate all their charitable giving. With a Donor Advised Fund, the Donor creates a fund without naming any specific charitable institution(s), but retains the right to recommend grants to qualified 501(c)3 non-profit organizations of his or her choice over time. All recommendations will be given careful and thoughtful attention by the staff, however all recommendations are not binding on the Foundation. In addition, the Donor can involve his family as advisors in making decisions about grants to be made from the fund. Some funds also have advisory committees or organizations that serve as advisors.
The Fund will be the exclusive property of the Foundation and the Foundation will have exclusive control of the funds and the income derived from the fund. Any gifts to the Funds are irrevocable.
Donors can create either an Endowed Donor Advised Fund or a Non-Endowed Donor Advised Fund. The Community Foundation oversees grants from Donor Advised Funds to ensure that all recommended recipients are qualified 501(c)3 non-profit organizations. This is an added safeguard for the Donor. The Community Foundation can also assist the Donor in identifying qualified 501(c)3 non-profit organizations or effective projects that meet the Donor’s interests. Grants from Donor Advised Funds can be made to qualified 501(c)3 non-profit organizations outside Horry and Georgetown Counties, provided that the Foundation can confirm their tax-exempt status.
An Endowed Donor Advised Fund allows the Donor to make grants from the income of the fund. A Donor may establish an Endowed Donor Advised Fund with as little as $1,000 with the agreement to build the fund to $10,000 or more over the next three years. No grants will be made from the fund until the fund has reached $10,000 and maintained that status for one calendar year.
The Donor receives a full, charitable deduction in the year that the fund is created, and for tax reporting purposes needs only to document the one gift to the fund, not the many gifts to individual qualified 501(c)3 non-profit organizations receiving grants from the fund. Likewise the Donor receives a charitable deduction for any additions that he or she makes to the fund in order to increase the donor-advised endowed fund.
A Non-Endowed Donor Advised Fund allows the Donor to make grants from both principal and income. A fund can be started with a minimum of $1,000.00.
The Donor receives a full, up-front charitable deduction in the year that the fund is created, and, for tax reporting purposes, needs only to document the one gift to the fund, not the many gifts to qualified 501(c)3 non-profit organizations receiving grants from the fund. Likewise, the Donor receives an up-front charitable deduction for any additions that he/she makes to the fund in order to maintain the minimum balance.
You may contribute gifts, subject to our Gift Acceptance Policy, of cash, publicly or privately held securities, real estate, mutual funds, personal property, interests in limited partnerships, and/or other tangible assets pursuant to your Donor Advised Fund in any amount.
- If you would like to transfer securities to your Donor Advised Fund, please call the Waccamaw Community Foundation at (843) 357-GIVE (4483), visit the website for stock transfer forms, or have your Financial Advisor contact us directly on your behalf.
You are eligible for a charitable tax deduction based on the date your gift is made to the Waccamaw Community Foundation.
- For gifts of securities, a deduction can be claimed for the average price of the securities on the transfer date. Average price is based on the high and low quote on the transfer date.
Distributions made from Donor Advised Funds may not be used to fulfill legally binding pledges or to pay for memberships, dues, political campaigns, and benefit tickets for university athletic clubs or anything that provides a direct benefit to the Donor.
- Distributions must be made to qualified 501(c)3 non-profit organizations for charitable purposes only.
- No distributions or grants are made to individual persons (Scholarships are paid to institutions)
- No distributions will be used for making grants to related parties for reimbursement of expenses to other disqualified parties, loans or other similar payments.
The Community Foundation requires that grants made from your fund are a minimum of $100 per distribution, and grants of $250 or more are preferred. Grants smaller than this amount are more easily paid by the Donor personally.
As advisor to your fund, you may recommend grants to any qualified 501(c)3 non-profit organization or operating foundation in the country.
- If you wish to make a grant from your Donor Advised Fund, simply fill out your Charitable Recommendation Form and deliver to the WCF via fax, e-mail or mail. If you need a Charitable Recommendation Form you may contact the Waccamaw Community Foundation staff @ 843-357-GIVE (4483) or you can access the Charitable Recommendation Form at our website (www.waccamawcf.org).
- Please allow a minimum of a two-week turnaround period for check disbursements depending upon when the charitable recommendation is submitted to Foundation staff.
- The grant will be mailed directly to the charity by Foundation staff with a letter that recognizes you as the Donor.
If you wish to remain anonymous in any way (fund name, advisor name, or both), please note your wishes on the Charitable Recommendation form.
If you recommend a grant to an organization that has not previously received a Waccamaw Community Foundation grant, that organization will be researched to verify qualified 501(c)3 nonprofit status and ensure that it is serving a worthwhile purpose consistent with WCF guidelines.
- Waccamaw Community Foundation staff is available to provide information and research on organizations you would like to know more about before making a distribution. If you have expressed an interest, the Foundation will provide you with some recommendations that have been chosen to match the objectives you have established for your fund.
- Donors will receive quarterly statements on the status of their fund.
Please review the current Waccamaw Community Foundation Schedule of Fees which is available on the website.
Thank you for using the Community Foundation to meet your philanthropic objectives. If you have any questions, please contact Jonathan P. Kresken at 843-357-GIVE (4483) or through the website at www.waccamawcf.org. (Updated 11 January 08) |
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