Forbes: Donor-advised funds trump creating private foundations

This article from Forbes magazine touts the benefits of creating a donor-advised fund rather than setting up a private foundation.

With a donor-advised fund, you make your contribution and claim your tax deduction now. At the Foundation, we have program officers who help you to use that money in your fund to invest in the community where your passion lies or where the most need is.  Moreover, your giving can continue over years or decades while your charitable dollars are invested and growing tax free or nearly tax free (with a private foundation, there’s a small investment tax).

“If you want a good chunk of your money to help local charities, consider a community foundation–more than 600 of them nationwide offer DAFs,” the article states.

The Community Foundation of Herkimer & Oneida Counties is one of those community foundations. Here in your own community through your community foundation you can open a donor-advised fund where you control how your money is spent with direction, if needed from our skilled staff.

The article also points to donor-advised funds as wise investments, especially for those interested in getting “the most tax and charitable buck.”

Read the full article here.

For information about opening a donor-advised fund or to make the greatest impact with the donor-advised fund you already have, please contact Program Officer Lindsey Costello at 735-8212 or via email at lcostello@foundationhoc.org.