Donor Advised Funds & Financial Guidance
A donor advised fund is an account maintained by a public charity, called a sponsoring organization, that provides a flexible way for donors to make charitable gifts. The donor receives an immediate charitable income tax deduction upon the contribution to the sponsoring organization. The donor can then provide nonbinding advice or recommendations to the sponsoring organization on the distribution of funds to charitable beneficiaries over time and investment of the assets in the DAF. Hence, it is the gift that keeps on giving.
• Immediate charitable income tax deduction
• Ability to benefit charities over time
• No administration required by donor
• Contributed funds belong to sponsoring charity
Donor advised funds provide an opportunity for charitably inclined people to make large income tax deductible gifts in one year while maintaining the ability to suggest gift recipients in future years. They can be a valuable tool for taxpayers whose yearly charitable gifts alone are not large enough to itemize but could be if “bunched” together once every few years. They can also be a tool for charitably inclined taxpayers looking to avoid recognition of gain on certain assets or offset large amounts of taxable income. Finally, they can help someone leave a charitable legacy that a family can stay involved with long after their loved one is gone.
FINANCIAL GUIDANCE FOR TF AWARD RECIPIENTS:
When receiving funds as a part of the Tony Foundation program, often times there is a question of "What should we do first with these funds?" In no way should this gift become another stressor in an already stressful environment dealing with a cancer journey.
We want to help and our partners from Northwestern Mutual want to help too. They have aligned with our mission and are regularly donating to Tony Foundation so we can help more cancer fighters that need it. In addition to their monetary support, they want to help cancer fighters and their families plan for the future, alleviate financial stress, and help them thrive beyond cancer.
WE ARE ALL IN THIS CANCER FIGHT TOGETHER!