For your active involvement
A donor-advised fund is ideal to keep you or your family actively involved in giving back. It is a perfect way to enjoy supporting favorite causes but not be bogged down with paperwork and bureaucracy.
Attorneys Linda Laibstain and Bob Nusbaum know there are many values to having a family donor-advised fund that lets them be active philanthropists.
Benefits of creating a donor-advised fund
With a contribution of $25,000 or more, you can start a charitable fund that enables you to:
- Receive the maximum charitable deduction now and then have the joy of recommending grants to nonprofits for years afterwards. And, you can add to your fund at any time.
- Have the fun of a private foundation without all the administration that goes with it. Our staff takes care of that for you and is here to help you do research, award grants and take care of investments and IRS filings.
- Recommend grants to area nonprofits or organizations anywhere in the United States.
- Explore giving opportunities with help from our staff, including nonprofit site visits.
- 24-hour secure, online access for recommending grants, checking fund balances, reviewing past grants and more through Fund Xpress.
- Name successor advisors to continue your good works after you are gone.
- Leave a lasting legacy that benefits Hampton Roads when there are no more advisors for your fund.
You have four options for donor-advised funds
- Endowed. For a donation of $25,000 or more an endowed fund allows you and an additional generation of successor advisors to recommend grants while your fund is invested to grow over time. When you first establish your fund, you choose which kind it will become at the end of the advising period. Choices include unrestricted, scholarship or field of interest. Read more about the benefits of endowment.
- Current use. A current-use fund lets you make one charitable gift to the community foundation and then recommend grants until you spend the balance of your fund. (Note: Initial charitable contribution is $50,000 or more.)
- Quasi-endowed. This flexible but permanent fund allows you to recommend grants to nonprofits, but your fund must maintain a minimum balance of at least $50,000. Your successor advisors have the same opportunity. When the advising period ends, your fund becomes a permanent fund with the purpose you specified. (As with a current use fund, the initial charitable gift is $50,000 or more.)
- Customized Fund. Don't see what you want? We can work together to customize a donor-advised fund for you. (The initial charitable contribution is $2 million or more.)
For a customized donor-advised fund, explore options with Kay Stine