At the Winona Community Foundation, we work with individuals and families who have already begun their charitable giving journey by establishing a donor-advised fund at a national charitable sponsor or commercial provider.
Over time, many donors discover that they want something more. They want to learn about nonprofits making a difference in their community, involve family members in giving decisions, and work with people who understand the place they call home. For these donors, transferring a donor-advised fund from a national charitable sponsor or a commercial provider to the community foundation can be a natural next step.
The good news is that moving a donor-advised fund is often easier than people expect. Here is a simple guide to the process.
Step 1: Start a conversation with us
The first step is simply to reach out. Many donors are surprised to learn that a community foundation offers not only the convenience of a donor-advised fund, but also local knowledge, philanthropic expertise, and a long-term commitment to strengthening the community.
Step 2: Map out a fund that reflects your values
One of the most enjoyable parts of the process is designing a fund that reflects your family’s charitable vision. You can choose a fund name, such as the Smith Family Fund or Smith Family Foundation, designate fund advisors, and discuss how future generations might become involved.
Step 3: Establish your new donor-advised fund
The community foundation will provide a simple fund agreement that outlines how the fund will operate and who may recommend grants to nonprofit organizations. The process is typically straightforward, and our staff will guide you through each step.
Step 4: Recommend a grant to make the transfer from your current donor-advised fund
Once your new fund is established at the community foundation, you can contact your current donor-advised fund provider and recommend a grant to the community foundation for the benefit of your newly created fund. In many cases, this can be completed online and requires only a few minutes.
Step 5: Confirm the details
To help ensure a smooth transfer, be sure to use the exact name of your new fund. We will gladly help coordinate the details.
Step 6: Decide how much to transfer
Some donors transfer the entire balance of an existing donor-advised fund at once. Others prefer to transfer a portion first and move additional assets later. There is no one-size-fits-all approach. Some donors even choose to maintain their existing donor-advised fund at a commercial provider while also establishing a separate locally-focused donor-advised fund or other charitable fund at the foundation.
Step 7: Put your philanthropy to work in the community
After the transfer is complete, you can begin recommending grants from your community foundation donor-advised fund. Our team is always here as a sounding board and resource if you have questions! You may already support several favorite local nonprofits, and our team is happy to discuss both these organizations and new organizations that might have caught your attention.
If you’d like to explore whether a transfer makes sense for you, the community foundation team would be delighted to start the conversation!
The Winona Community Foundation offers a range of charitable options and funds for individuals, families, businesses, and nonprofits to accomplish their philanthropic goals. As your trusted partner, resource, and steward for community philanthropy, the Winona Community Foundation is committed to helping every individual give back in a way that is both meaningful to them and the causes they care about. Contact us to learn more.
