Through a Donor-advised fund, individuals are able to make tax-deductible charitable gifts into their named fund, and then recommend grants to their favorite charities from that fund when the time is right. A donor-advised fund is established according to IRS guidelines that provide tax advantages for the donor as well as administrative efficiencies. It is a simple, flexible way to streamline your charitable giving.
The Winona Community Foundation offers donor advised funds among its many giving options. Individuals, families and businesses and open a donor advised fund. Timing of giving is flexible, and you can lean on Foundation staff as a charitable advisor!
With a Community Foundation DAF, you can:
- Receive an immediate tax deduction and maximize tax benefits
- Recommend grants to local and national nonprofits over time
- Grow your charitable dollars tax-free
- Benefit from personalized service and deep community knowledge
- Be part of a pool of assets and donors – maximizing your giving and making investing easy!
- Donate more complex assets like gifts of stock
For individuals/families:
- Use a Donor Advised Fund (DAF) as a Family Foundation – way less reporting or management!
- Get a group of individuals together and consider a Giving Circle model of philanthropy
- Use the bundling model to maximize tax benefits (give 2-3 years’ worth of donations in one year and grant over time, to itemize your donation)
For businesses:
- Budgeting – easily move a money into the account (monthly or annually)
- Only one tax receipt to manage!
- Recommend grants to qualifying charities over time
- Foundation staff will ensure charities are in good standing with the IRS
- Charitable dollars grow tax-free
I already have a Donor Advised Fund, can I open or move it to the Winona Community Foundation?
The short answer is, yes and yes!
After completing a simple DAF agreement, we can open a Donor Advised Fund at our Foundation and start donating into it!
If you have a Donor Advised Fund with your financial advisor, such as Schwab or Fidelity Charitable (called a commercial or national DAF). That’s wonderful! You have received all the tax benefits, and it is ready to do good work for charities. You are allowed to make a transfer request (called DAF rollover) from your current commercial DAF to one at a Community Foundation. A fund must be opened with us, you make a grant request from your current DAF to the new sponsoring organization (Winona Community Foundation), and then close your old DAF. We are a qualifying 501(c)3 charity.
Why work with the Winona Community Foundation?
If you love the Winona area and want to be part the collective good of philanthropy, you should work with the Winona Community Foundation! We can advise you on charitable work happening right here in your own backyard! We want to be your charitable advisor.
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.
