Introducing
Charitable Checking Accounts
Giving made simple! With a Charitable Checking Account from the Community Foundation, you can streamline your giving and support causes you care about through one simple account!
What is a Charitable Checking Account?
An Account for Charitable Giving
Charitable Checking Accounts offer a simple, flexible way to support the causes and nonprofits you care about most.
For Individuals & Families
Best suited for individuals and families, these accounts are easy to open with no minimum balance required and no annual fees.
Valuable Tax Advantages
These accounts offer valuable tax advantages, and the account holder will receive an immediate tax deduction when funds are added to the Charitable Checking Account.
Make a Lasting Impact
With gifts to your account, you'll be able to maximize your charitable dollars and make a lasting impact both locally and beyond!
Benefits
Simplicity
There is no minimum to establish a Charitable Checking Account, nor are there any annual fees. The process is completely fee-free!
Flexibility
Charitable Checking Accounts can be established with gifts of cash, appreciated securities, or even through automatic withdrawals from an existing checking or savings account.
Accessibility
Account holders will have access to the Community Foundation's online Fundholder Portal, which allows you to view your account history and statements, plus you can easily recommend grants any time in just a few simple steps.
Convenience
Keeping track of gift receipts for tax time is a breeze with all charitable giving activity maintained though one easy account.
FAQs
Individuals and families – the Community Foundation has other products better suited for businesses and organizations that you may explore at foundationhoc.org/fundtypes.
A benefit of a Charitable Checking Account is being able to streamline philanthropy (one receipt, one platform) and gain access to the Community Foundation’s team of experts to learn about new nonprofits and their needs through things like the Mohawk Valley Giving Guide. Charitable Checking also offers the ability for donors to remain anonymous when giving to the nonprofit(s) they support.
There are no fees when establishing a Charitable Checking Account, nor are any applied when making grants from your account. The process is completely fee-free!
Charitable Checking accountholders will have access to our easy-to-use online portal, which allows you to view your account history and statements, plus you can easily recommend grants at any time.
There is no minimum contribution required to open an account or required account balance. Accounts with a $0 balance for more than 12 months may be closed due to inactivity.
Donors may give to any active, qualified charitable organization with a 501(c)(3) designation and classified by the IRS as a public charity.
Donors may not use a Charitable Checking Account for things like pledges, the purchase of tickets or sponsorships where the accountholder is receiving associated benefits, auction items, memberships where the accountholder has not waived all benefits, scholarships for which the accountholder has the majority or deciding vote on applicant(s) selected, grants to specific individuals, and lobbying or political contributions.
You can recommend a grant through the Community Foundation's Fundholder Portal or contact our team of experts if you require assistance.
$50 is the minimum. Lower amounts may be considered on a case-by-case basis.
Yes! Share your donation page URL with friends and family so they can donate. Tip: opening an account is a great way to honor special occasions like birthdays, anniversaries or retirements!
Contributions to your account are principal protected, ensuring that your balance can be utilized to support the nonprofits you care about the most.
Have questions or want to learn more?
Please Note
Charitable checking accounts are considered to be an expendable donor-advised fund per IRS guidelines. Contributions made to the fund represent an irrevocable gift to the Community Foundation and the Community Foundation has exclusive legal control over this fund and all donations to it. Please consult a financial advisor regarding the tax deductibility of contributions made to this fund.
