Whether you’ve heard about them before, or you’re just learning about them now, DAF accounts are a smart and simple way to focus your charitable giving through a dedicated account used solely for this purpose.
What is a DAF account? DAF stands for Donor Advised Fund. Think of it as a savings account that can only be used for charitable giving.
You set up the account similarly to how you would set up a savings account. A third party, such as a nonprofit, foundation, or bank, manages the savings account for you. You give to charitable causes, like First Liberty Institute, from the DAF account.
It’s pretty simple, really!
You will have to make a specific request with the manager of your account. When making this request, you will have to give FLI’s Employer Identification Number, or EIN: 75-1403169. That is to prove we are a tax-exempt organization and can receive the gift from your account.
Great, we’d like to hear from you! When we receive a gift from a DAF account, it usually just has the name of the institution on it, not the donor’s name.
So, in addition to being able to thank you personally for your generosity, we also love sharing the stories about what inspired your giving with our staff at First Liberty. Trust us, it’s notes and stories from donors like you that provide a tremendous amount of encouragement to our team who are on the not-so-friendly frontlines fight every day.
Finally, as you begin looking at your own circumstances and start planning your legacy giving effort, please contact Trey Dimsdale at the number or email below.
For more information about how you can enjoy the special tax benefits of the CARES Act and utilize other planning vehicles to create a legacy giving program to FLI, contact your tax advisor or feel free to contact Trey Dimsdale, an FLI attorney who manages our legacy giving initiative.
* First Liberty does not provide estate planning or tax advice, and assumes no responsibility for the suitability to your situation of tax planning techniques referenced here. To reach your philanthropic goals, you should seek advice from estate planning professionals concerning your individual situation.