Most people know or have heard that a Donor Advised fund at Tidewater Jewish Foundation offers the convenience of a one-stop-shop. Cash (or, ideally, appreciated stock) tax-deductible contributions are made to the fund, and then the fund’s owner recommends grants to favorite charities. The team at TJF works with each fund holder to make certain they’re leveraging their Donor Advised fund to execute the full range of charitable giving each year, making it easier to keep track of where the money is going and how much over time.
No matter when a Donor Advised fund was established at Tidewater Jewish Foundation (whether it was years ago, or more recently) a new option to establish a Donor Advised fund makes it possible to involve children and grandchildren in philanthropic priorities.
Whatever the case, it’s wise to consider a few best practices for ensuring that a Donor Advised fund makes the most significant difference possible for the causes important to the donor. Life gets busy, months fly by, and putting a Donor Advised fund on autopilot is tempting. But that would be a missed opportunity.
While TJF makes it easy to use Donor Advised funds for annual giving to charities, that’s not all it does. TJF’s team offers myriad ways to support philanthropic activities.
TJF can help establish a designated fund to support a specific charity long-term or a field-of-interest fund to focus on an area of community need. For those over 70½, it is possible to contribute up to $105,000 annually from an IRA to these restricted or permanent endowed funds, avoiding taxable income.
Funds may also be included in estate plans. Many fundholders name their Donor Advised funds, field-of-interest funds, or TJF itself as beneficiaries in their wills or IRAs, providing tax benefits and creating a legacy.
In addition, TJF’s deep knowledge of local nonprofits, programs, and initiatives helps donors become more informed and effective philanthropists. This ensures that a donor’s giving makes a measurable impact and enhances their experience of charitable giving.
TJF’s team is ready to help make the most of Donor Advised funds and related strategies so that donors can put their money to work improving the community’s quality of life and achieve financial and philanthropic goals for their overall charitable giving.
For more information on how Tidewater Jewish Foundation can help with charitable planning, contact Naomi Limor Sedek, TJF president and CEO, at 757-965-6109 or nsedek@tjfva.org.