Q&A with iGiftFund: Exploring the Benefits of Donor Advised Funds– Full Q&A
The iGiftFund story started when Phil Tobin, Founder/Chairman of iGiftFund, created a donor advised fund platform that’s flexible and free of restrictions and potential conflicts of interest. We sat down with the iGiftFund team to explore the benefits of donor advised funds (DAFs) and hear more about iGiftFund.
What is a DAF and why should donors consider using it as a charitable vehicle for giving?
Phil Tobin: A DAF allows individuals to make contributions to a fund, receive immediate and maximum tax benefits, and recommend grants from the fund over time. It’s a flexible and strategic approach to charitable giving and has become popular because of its versatility. DAFs help donors grow their charitable assets over time, allowing them to give more to their favorite charities.
Phil Tobin: DAFs are offered through many public charities (sponsors). iGiftFund is an independent public charity, offering a conflict-free platform. Commercial programs of for-profit financial institutions include Fidelity Charitable, Schwab Charitable for Vanguard Charitable. There are hundreds of community foundations with a regional focus that understand the needs of the local community. Religious charities or charities having a specific focus, are also available.
What is the process of setting up a DAF?
Phil Tobin: Setting up a DAF is a straightforward process. You can start by opening an account with a sponsoring organization, like those mentioned on donoradvisedfunds.com. Once the account is funded with cash, securities, or other assets, you can recommend grants to qualified charities. It’s a simple and efficient way to manage charitable contributions while maximizing your tax benefits.
What distinguishes one DAF provider from another?
Phil Tobin: Different DAF providers may have varying fee structures, investment options, and policies. It’s important to select a provider that aligns with your charitable goals and values. That’s why we highly recommend donoradvisedfunds.com to select a provider that aligns with your charitable goals and values. It’s crucial to review these structures to ensure the DAF meets your specific needs.
How can a DAF enhance my charitable giving experience?
Phil Tobin: DAFs offer a flexible and strategic approach to philanthropy. By using a DAF, you can streamline your giving, enjoy potential tax advantages, and easily support multiple charities. At iGiftFund, we work with your financial advisor to manage the investments in your charitable fund account and tailor the investments in your charitable gift. This open-investment architecture lets you customize investment portfolios and integrate charitable giving into your overall financial and estate planning.
How can I learn more and get started with a DAF?
Phil Tobin: To learn more about Donor Advised Funds and start the process, you can visit the following websites: DonorAdvisedFunds.com and iGiftFund’s website igiftfund.org. We’ll help you explore the benefits of DAFs and take the first steps toward setting up your own charitable giving account. You will enjoy the special satisfaction of making your world a better place. Your DAF becomes your enduring legacy.
2023 DAF Report Highlights: Showing Resilience and Growth of Donor-Advised Funds Despite Financial Downturns
Introduction:
The philanthropic landscape of 2022 reflected the economic uncertainties and shifts of the year. Rising costs of goods and high-interest rates influenced the overall decline among donors. Within this complex picture, Donor Advised Funds (DAFs) did not just weather the storm but emerged even stronger.
In a year where traditional forms of giving saw a steady decline, DAFs stood as a beacon of consistency and growth. It’s a narrative that might leave many pondering: How did DAFs manage to carve such a steady path in a terrain riddled with economic challenges?
The latest report from the National Philanthropic Trust offers insights into this divergence. It’s not just about numbers and growth; it’s a testament to the evolving nature of generosity and the strategic approach of modern donors. The value of grants from DAF accounts to charitable organizations has grown yearly since 2009 and more than doubled in the past five years.
As we dive deeper into the details, let’s unravel how DAFs have become a pivotal part of the philanthropic narrative in times of change and what this means for the future of giving.
