Create a 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 ServeMinnesota 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
Louis and Joanne 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, Louis and Joanne recommend grants for ServeMinnesota (which they've supported for years) and the Animal Rescue League. The foundation presents the charities with checks from the Nora Fund, which the couple named in honor of their granddaughter who received Reading Corps service. Louis and Joanne are delighted to start this personal legacy of giving.
How to give from a donor advised fund
1. Evaluate a sponsoring organization to make sure it supports your interests, values and the type of asset you are considering as a funding source.
2. Get to know the organization's policies and procedures, from minimum contributions to administrative fees. Each organization handles these details differently.
3. Contact Lindsay Dolce at 612-746-1439 or email@example.com to discuss using donor advised funds to support ServeMinnesota and our mission. You may choose to designate your gift to a particular program.
4. Seek the advice of your financial or legal advisor.
5. If you include ServeMinnesota in your plans, please use our legal name and federal tax ID.
Legal Name: ServeMinnesota
Address: 120 S. 6th Street, Suite 2260, Minneapolis MN 55402
Federal Tax ID Number: 41-2010058
Fund Your Donation With:
Retirement Plan Assets
Disclaimer: Information on this website is not intended as legal or tax advice. For information on how any gift may affect your tax situation, please consult with your own professional advisor.