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As you may know, a Donor-Advised Fund (DAF) is like a charitable savings account. When you contribute to your DAF, you’re typically eligible for an immediate tax deduction. Then, you can recommend grants to your favorite nonprofits at any time.
When you give to The Hope Foundation through your DAF, you also enable other donors at your sponsor, such as Fidelity Charitable, to find and give to Hope. Often, nonprofits cannot register with entities that hold DAF accounts. Rather, donors must recommend a grant before the charity is added to the sponsor’s database and visible to others.
Seth and Karen Lerner are Hope supporters who typically donate from their DAF they established in 2011 to make charitable gifts from a single source.
“The corpus is invested and grows over time, so Karen and I can make a single gift (using stock transfers) to the DAF to support our charitable giving over multiple years while receiving the tax break in the year of the gift,” said Dr. Lerner.
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