The Foundation offers a simple solution to take the pressure off year-end giving and related tax conundrums, with lots of year round benefits to boot. Opening your own fee-free, named Donor Advised Fund (DAF) before December 31st takes literally just a few minutes, and ensures your current year tax deduction along with all the time you need to decide how to make your resulting donations.
Because DAFs have no distribution requirements, they allow you to time contributions for maximum tax advantage and develop philanthropic plans on your own timetable. That’s a real bonus, often taken advantage of by those with a private foundation with a five percent payout requirement.
If the barrage of donations to our existing member charitable funds each December is any indication, this flexibility is needed and very much appreciated well after the fund is established.
While the benefits of DAFs are many, the flexibility and immediacy are particularly relevant at this time of the year. Whenever and wherever you eventually make your charitable donations (gifts can go anywhere in the nation), we’ll do the work and you’ll get the credit and consolidated statements of all your giving. Thanks to our Administrative Fund, the Foundation is exceptional among community foundations and commercial providers in offering DAFs at no cost as a service to the community.
Check out the benefits of our DAFs here.
To open your fund and get your 2024 tax deduction, just drop off, transfer or postmark your donation by December 31st. We can even take care of the very simple agreement naming your fund next year. To learn more, stop by our office on the first floor of the Ocean Reef Business Center, email foundation@oceanreef.com or call (305) 367-4707.
