Donor Advised Fund
Donor Advised Fund
A donor advised fund, which is like a charitable savings account, gives you the flexibility to recommend how much and how often money is granted to the SPCA of Wake County and other charities.
You transfer cash or other assets to a tax-exempt sponsoring organization such as a public foundation. You can then recommend—but not direct—how much and how often money is granted. In addition, you avoid the cost and complexities of managing a private foundation.
In return, you qualify for a federal income tax charitable deduction at the time you contribute to the account. This also allows for a centralized giving and record-keeping system in one location.
An Example of How It Works
Joe and Laura want to give back to their hometown by putting their money where it will do the most good. They establish a $25,000 donor advised fund with a community foundation.
The couple receives a federal income tax charitable deduction for the amount of the gift. They also get all the time they need to decide which charities to support.
After researching community needs with the foundation’s staff, Joe and Laura recommend grants for the SPCA (which they’ve supported for years) and the Animal Rescue League. The foundation presents the charities with checks from the Megan Fund, which Joe and Laura named in honor of their daughter. Joe and Laura are delighted to start this personal legacy of giving.
YOUR NEXT STEPS
- Evaluate a sponsoring organization to make sure it supports your interests, values and the type of asset you are considering as a funding source.
- Get to know the organization’s policies and procedures-from minimum contributions to administrative fees. Each organization handles these details differently.
- Contact Mondy Lamb at 919-532-2086 or firstname.lastname@example.org to discuss using donor advised funds to support the SPCA and our mission.
- Seek the advice of your financial or legal advisor.
- If you include the SPCA in your plans, please use our legal name and federal tax ID.
Legal Name: SPCA of Wake County, Inc.
Address: 200 Petfinder Lane, Raleigh, NC 27603
Federal Tax ID Number: 56-0891732
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results.