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“Donor advised funds” |
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(Part of a series of articles on charitable giving and the Union County Foundation by David Vollrath - Exec. Dir.) One of the easiest ways that individuals can support charitable giving in Union County is through the many “donor advised funds” housed within the Union County Foundation. A donor advised fund is a specific named fund that distributes charitable dollars to specific charitable causes per the suggestions of the Fund's advisor. For example, the United Way of Union County Lasting Legacy Fund supports the local United Way. The Kiwanis Scholarship Funds support annual scholarships to graduating seniors from Marysville and Fairbanks High Schools. The Law Enforcement Memorial Fund supports the future placement of a bronze statue at our county Courthouse to memorialize Law Enforcement Officers who have given their lives in the line of duty. These are but three examples of over 20 various donor advised funds housed within the Union County Foundation. We offer a menu of “charitable choices” that allows you to easily select multiple charities that you want to support through one tax-deductible contribution. As an individual or organization you can donate to and create your own donor advised fund within the Foundation. Through your individual fund you can essentially suggest and support charitable distributions that are important to you. These distributions might be to your local church, local alumni association, local hospital, or any number of other IRS qualified charitable organizations. Significantly, you can name your donor advised fund in honor of a parent, loved one, family name, or anyone who has impacted your life in a positive way. This is a meaningful way to honor the legacy of those who have made a difference in your life. As you can see, the donor advised fund is a wonderful charitable tool and the story gets even better! A donor advised fund allows the donor(s) to take a 100% charitable deduction (up to 50% of your adjusted gross income for a cash donation) at the time of the donation. The interest and/or principal in the fund can then be disbursed over a number of years or even into perpetuity. The Union County Foundation takes care of all the administration, accounting, and tax reporting for each fund. Call us at 642-9618, email us at commfounduc@imetweb.net, or stop by our offices at 126 N. Main St. for a complete listing of our donor advised funds and for specific information on how you might create your own fund. Such a fund, allows you to... preserve your footprint in time. |
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