What is a Donor Advised Fund?
A Donor Advised Fund (DAF) is a charitable fund, advised by you and administered by the Community Foundation of Grundy County (CFGC). As advisor, you recommend charitable gifts. We handle the investments and all the paperwork: tax reporting, receipts for your tax-deductible gifts, confirming the organization’s non-profit status, and preparing the grant checks. Donor Advised Funds are available for individuals, couples, families, and corporations.
What can I donate?
Contributions of cash, securities, or marketable real estate are the most popular, but other methods can be accepted upon review. Contributions made now can qualify for tax deductions immediately with distributions made later. Just remember that all contributions to your fund are irrevocable.
Who can I give to?
Gifts can be to local or national charitable organizations. Legally, the CFGC Board of Directors must approve your recommendations, however we seek to honor your requests unless legally or practically impossible.
Who chooses the fund’s advisors?
You determine who will advise the fund and make recommendations about charitable gifts. Many people bring the whole family into the discussions. The investment advisors contracted by the Community Foundation of Grundy County are Savant Capital Management (Rockford) and Balasa, Dinverno & Foltz (Itasca).
How does a Donor Advised Fund differ from a private foundation?
A Donor Advised Fund is less expensive to establish and maintain than a private foundation. Donor Advised Funds are not subject to excise tax, do not have a minimum annual payout requirement, and do not need to file an annual tax return. In addition, you avoid any potential self-dealing penalties that may occur with a private foundation.
What are the costs?
All funds at the Foundation are assessed an annual “foundation support charge” of 2%, calculated quarterly. This pays for our investment managers, accounting staff, and our general work in the community to improve the quality of life in Grundy County.
Can I get public credit for gifts?
Absolutely. Unless you request anonymity, the Community Foundation of Grundy County will publicize the establishment of your Fund and subsequent charitable giving. We do the work. You get the credit.
Who do I contact?
Call or e-mail Julie Buck, CFGC’s executive director, at 815-941-0852 or [email protected] Our address is 102 Liberty Street in Morris.