A donor-advised fund (DAF) is a little like a personal charitable savings account that provides an excellent way to simplify your charitable giving and facilitate your strategic philanthropic goals.
How It Works
A donor creates an account through a community foundation or an arm of a financial institution and contributes cash, stock, or other assets (like real estate or artwork). DAFs can be set up with little or no start-up costs or tax-filing requirements and managed through an online platform.
Benefits
Tax Deductions
Donors can take an immediate tax deduction for contributions made to their DAF and will not be taxed on any growth since the assets belong to the charitable sponsor (like a community foundation or arm of a financial institution like Fidelity Charitable). With changes in the tax law, a donor may also choose to front-load several years of giving into one year to maximize tax savings.*
Market Growth
Contributions to a DAF can be invested before they are granted to a charitable organization. With market growth, your DAF balance can also grow. This makes even more money available for grantmaking.
Ongoing Charitable Impact
Donors can contribute to the fund as frequently as they like, and then recommend grants to their favorite charities whenever makes sense for them
Privacy
Contributions can be made anonymously and ensure a donor’s privacy is maintained.
*Always consult with your tax advisor prior to making any decisions.
Donate Online
If you already benefit from having a donor-advised fund and would like to send a gift, please make checks payable to the Foundation for Morristown Medical Center and mail to the address below.
310 South Street, 4th Floor
Morristown, NJ 07960
If your DAF is with Fidelity, Schwab or BNY Mellon, you may recommend a gift to us via DAFDirect:
Contact
For more information, please contact Cynthia W. O’Donnell, JD at 973-593-2418 or cynthia.odonnell@atlantichealth.org.
*Always consult with your tax advisor prior to making any decisions.