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A donor advised fund, which is like a charitable savings account, gives you the flexibility to recommend how much and how often money is granted to Starr Commonwealth and other charities.
You open a donor advised fund with a written agreement at a community foundation or sponsoring organization. You can make contributions to your fund at any time. These contributions are invested by the sponsoring organization, which provides regular accounting to you. You make the recommendations that various amounts be distributed to charitable organizations of your choice, such as Starr Commonwealth.
There are a number of benefits of opening a donor advised fund, including:
You can also create a lasting legacy by naming your loved ones as your successor to continue to recommend grants to charitable organizations, or name Starr Commonwealth to receive all or part of the account balance after your lifetime.
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 amount of the gift. They also get the time they need to decide which charities to support.
After researching community needs with the foundation’s staff, Joe and Laura recommend grants for Starr Commonwealth (which they’ve supported for years) and a local animal shelter. The foundation presents the charities with checks from the Patricia Fund, which Joe and Laura named in honor of Laura’s mother. They name Starr Commonwealth as the beneficiary to receive the account balance after their lifetimes. Joe and Laura are delighted to start this personal legacy of giving.
Legal name: Starr Commonwealth
Address: 13725 Starr Commonwealth Road, Albion, MI 49224
Federal tax ID number: 38-1359593
Donor advised funds are an increasingly popular way to give. Discover their benefits. View and download the FREE guide One-Stop Giving: The Convenience and Simplicity of Donor Advised Funds.View My Guide