Whether you’ve heard about them before, or you’re just learning about them now, DAF accounts are a smart and simple 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!
The amount in your account grows tax free because the account is only for charitable gifts, so you end up giving more money to the issues you care about.
It can simplify your giving. Instead of writing separate checks to each cause, you write one check to your DAF account and give from there.
If you itemize your taxes, a DAF account can also help simplify the tax process since all donations came from the same place. Whoever owns your DAF account can help you with that come tax season.
It gives you time to think about the causes you want to give to. You get an immediate tax break when you put money into your DAF account, so you don’t have to rush through the giving process to meet any IRS deadlines.
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 Employee
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
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 your planning your legacy giving e ort, First Liberty has a specialized
attorney available to help answer your questions.
For more information about how you can enjoy the special tax benefits of the CARES Act by giving 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.