Donor-Advised Fund (DAF)

Do you want to make a gift from your Donor-Advised Fund?

Complete the form below and contact your fund administrator/sponsor to recommend a gift from your Donor-Advised Fund to the Goodman Community Center, a 501(c)(3) organization, with tax ID number 39-1919172.

Send a copy of the form to Dani Luckett, Chief Development Officer, at development@goodmancenter.org or at the following mailing address.

Goodman Community Center
Attn: Dani Luckett
214 Waubesa St.
Madison, WI 53704

What is a Donor-Advised Fund?

A donor-advised fund (DAF) is a philanthropic tool designed to simplify charitable giving, and is a powerful way to support the work of the Goodman Community Center.

A DAF acts like a charitable investment account where you can contribute assets such as cash, stocks, or real estate. By contributing to a DAF, you receive an immediate tax deduction. The funds within the DAF are invested and grow tax-free, and you have the flexibility to direct donations to charities over time. When making financial decisions, we always recommend you speak with your financial advisor.

How Does a Donor-Advised Fund Work?

• Establishment: To set up a DAF, you make an irrevocable, tax-deductible contribution to a sponsoring organization, which could be a community foundation, financial institution, or other charitable entity. You receive a tax receipt and enjoy immediate tax benefits for the contribution.
• Management: The sponsoring organization manages the funds within the DAF. Although the assets legally belong to the sponsoring organization, you retain advisory privileges regarding how the funds are invested and which charities receive donations.
• Recommendation and Approval: You can recommend donations to qualified charities including tax-exempt (501(c)(3) organizations, and public charities under 509(a). The sponsoring organization reviews and approves these recommendations before distributing the funds.
• Distribution: Once approved, the funds are donated to the chosen charitable organizations, such as Goodman Community Center, according to your recommendations.

What Are the Benefits of Using a Donor-Advised Fund

• Strategic Giving: Plan and distribute charitable donations over time while maintaining the ability to support the causes you care about.
• Family Involvement: Engage family members in the charitable giving process, making it a shared activity to teach and learn more about philanthropy and the joy of giving.
• Legacy Creation: Create a lasting legacy by establishing a DAF in your family’s name or in honor of a loved one and continue charitable giving across generations.
• Immediate Tax Benefits: Receive an immediate tax deduction when you contribute to the DAF, even if you choose to distribute the funds to charities later.
• Consolidation: Simplify your charitable giving by consolidating all donations into a single account, streamlining your record-keeping and management.
• Enhanced Deductions: Combine donations of appreciated stock or other assets to the DAF to potentially exceed standard deductions and optimize tax benefits.

In essence, DAFs offer a flexible, tax-efficient way to support Goodman Community Center and other charitable causes while providing the benefits of immediate tax deductions and ongoing management of your charitable contributions.

PLEASE NOTE

This information is provided as an educational service to our donors. It is not legal or tax advice. Please consult your own professional advisors on how any charitable gift may affect your own tax situation.