We do all the work.
YOU ARE IN THE DRIVER’S SEAT.
You make gifts and get an immediate tax benefit. Then you recommend grants to charities of your choice: We vet the nonprofits, write the checks, and handle the paperwork. While the recommendations can’t be binding (under IRS rules, our board has the final say), we take your suggestions very seriously.
MAKE IT A FAMILY AFFAIR.
You can name other advisors who may join or succeed you in recommending grants. As soon as we have your fund agreement and gift, you and those you appoint can start making suggestions. Of course, you can change who can make suggested grants from your fund.
DONOR-ADVISED FUNDS GIVE YOU:
- The privilege of recommending charities to receive grants
- An immediate tax deduction without having to make decisions right away about which charities to support
- Services of professional grantmaking, financial, and investment staff
- An opportunity to build an endowment over time
For donor Faye Kimerling, a career counselor, supporting the work of nonprofits in the community was important to her entire family. Faye took this purpose to heart when she was introduced to the Westchester Community Foundation in 2000. She opened a donor-advised fund so she could provide financial resources to agencies that support adult career mobility through programs, internships or skills training.
She believes in the Jewish tradition of tzedakah, which says that giving is more than just charity. And she wanted to transmit this spirit on to her children and grandchildren and set an example for them through her actions.
She met with WCF staff about her expectations with the fund, and they provided several options to choose from. “The Foundation really helped me a lot. They were the experts on where the funds could best be used.” Such gifts and matches cannot occur without the philanthropic intent and desire that starts with donors such as Faye. “I hope that my experience with the Westchester Community Foundation can open doors for others too.”
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