How to Set Up a DAF Account
Last updated November 15, 2023
Introduction:
Setting up a Donor Advised Fund is a straightforward process. This article guides you through the steps to establish your own DAF account.
Key Points:
- Choose a Sponsoring Organization: Research and select a public charity that sponsors DAFs.
- Initial Contribution: Make an initial deposit to the fund. This can be cash, stocks, or other assets.
- Receive Tax Acknowledgement: Upon contributing, you'll receive a tax receipt for your donation.
- Advise on Grants: Once your account is set up, you can start advising on how the funds should be distributed to charities.
Conclusion:
Creating a DAF account is a simple yet impactful way to manage your charitable giving. With a DAF, you gain flexibility in your philanthropic endeavors while enjoying tax benefits.
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