A donor-advised fund (DAF) acts like a charitable savings account, allowing you to contribute cash, stocks or other assets into it, and make charitable donations to the organizations you want to support. Essentially, the money or assets that go into a DAF become an irrevocable transfer to a sponsoring public charity with the specific intent of funding charitable gifts.
Benefits of DAF Gifts
- Immediately receive the maximum tax deduction that the IRS allows for the amount you invest in your DAF.
- At any time afterward, you can make your charitable gifts as grants recommended from your DAF.
- Your DAF sponsor will handle all record-keeping, disbursements and tax receipts for you.
- The balance remaining in your DAF can be invested for tax-free growth.
- There are no start-up costs for establishing a DAF, and there are no transaction fees. 100% of your recommended grants go to your qualified public charities of choice.
Visit one of these sponsoring public charities to learn more about establishing a donor-advised fund.
Qualified Charitable Distribution: IRA Rollover Gifts
If you are 70 ½ years of age or older, an IRA rollover contribution (also known as a Qualified Charitable Distribution) can help fulfill your required minimum distribution, and you pay no income taxes on the charitable distribution. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
For more information or support in making an IRA Rollover Gift please mail firstname.lastname@example.org or call 612-371-5600 and select option 3.
For both DAF gifts and IRA Rollover Gifts, please ask your financial advisor to include your name with your gift so that we may acknowledge and recognize your contribution.
Please also provide this information to your financial institution to ensure that your gift is received by the Minnesota Orchestra:
Make check payable to: Minnesota Orchestral Association
Tax ID number: 41-0693875