Full Sail Ahead: Giving Your Way with a Donor-Advised Fund
Successful business leaders often want to give back to the community.
That’s one of the things I like most about Jim Squires, the recently retired CEO of Norfolk Southern Corporation, who also serves on the Foundation’s board. Jim and his wife, Karen Jones Squires, have established multiple charitable funds at the Foundation, including a donor-advised fund, through which they direct grants to nonprofits they choose.
“We just really believe that to whom much is given, much is expected,” Karen said in a recent interview.
I especially admire how Jim and Karen use their donor-advised fund to support diverse organizations, including groups led by women and People of Color. Jim and Karen said they like helping small community groups introduced to them by the Foundation. “Our deal was, you bring us good people and organizations, and we’ll fund them,” Jim said. “Then, let them decide how the money can best be put to use.”
A donor-advised fund is an easy, tax-smart way to give back. Why? You can get an immediate tax deduction and actively support charitable causes, all while we handle the paperwork.
To maximize impact, donor-advised funds can be opened with a $25,000 minimum.
Contribute cash, stocks, or other assets. Receive the maximum charitable deduction now and then have the joy of recommending grants to nonprofits for years afterward. And, you can add to your fund at any time.
Unlike private foundations, donor-advised funds allow you to enjoy charitable involvement without having to worry about all the administration that goes with it. Our staff takes care of that for you and is here to help you create a giving plan, do research, award grants, and take care of investments and IRS filings.
You can recommend grants to support local nonprofits or organizations anywhere in the United States.
Explore giving opportunities with help from our staff, including nonprofit site visits.
At the community foundation, we offer 24-hour, secure, online access for recommending grants, checking fund balances, reviewing past grants, and more through our online portal called Fund Xpress.
You can even name successor advisors to continue your good works after you are gone and leave a lasting legacy that benefits Hampton Roads for generations to come.
If you’re interested in learning more, simply give me a call at (757) 622-7951 or email me at KStine@HamptonRoadsCF.org.