Give Through Your Donor-Advised Fund (DAF)
What is a DAF?
A donor-advised fund (DAF) is a simple and flexible way to organize your charitable giving while supporting the organizations and causes that matter to you.
A DAF is a charitable giving account administered by a sponsoring organization. You can contribute cash, stocks, mutual funds, or other eligible assets and may receive a charitable tax deduction in the year of the contribution. The sponsoring organization has legal control of the assets, while you retain advisory privileges and may recommend grants to qualified nonprofits, such as the Rangeley Public Library, now or in future years.
Why Use a Donor-Advised Fund?
• Keep your charitable giving in one place. A DAF provides one account for managing charitable funds and grants rather than making donations from multiple accounts throughout the year.
• Use a “bunching” strategy for tax purposes. You can contribute several years of anticipated charitable giving to your DAF in one year. This may allow your total itemized deductions to exceed the standard deduction for that year, while you continue recommending grants to your preferred charities over several years.
• Donate appreciated assets. Contributing appreciated stocks, mutual funds, or other eligible investments may allow you to avoid capital-gains tax on the appreciation while supporting charitable organizations.
• Separate the timing of your deduction from your grants. You generally receive the charitable deduction when you contribute assets to the DAF and can decide later when and which qualified charities to support.
• Give over time. You decide when and how much to recommend in grants to the organizations you care about.
• Simplify recordkeeping. Your DAF sponsor handles much of the administration and recordkeeping associated with the account.
Once assets are contributed to a DAF, the gift is irrevocable: the assets cannot be returned to you and must remain dedicated to charitable purposes.
Support the Rangeley Public Library Through Your DAF
If you already have a donor-advised fund, you can recommend a grant to the Rangeley Library Association, the nonprofit organization that owns and operates the Rangeley Public Library.
Legal Name: Rangeley Library Association
EIN: 01-0147000
Tax Status: 501(c)(3) charitable organization
Use this information when recommending your grant through your DAF provider.
If you do not already have a DAF, your financial advisor can help you determine whether one is appropriate for you and assist you in setting one up.
Your DAF sponsor, which may be a national charitable fund, a community foundation, or another sponsoring organization, can assist you with the grant recommendation process. Examples include Fidelity Charitable, Schwab Charitable, Daffy, and Maine Community Foundation.
This information is provided for general educational purposes and is not tax, legal, or financial advice. Please consult your financial advisor, tax professional, or legal counsel about your individual circumstances.