What is a Donor-Advised Fund?
Think of us like a traffic controller for your charitable giving budget. When you make a cash contribution, via bank transfer or credit/debit card, to your Flexible Giving Account, your money is immediately transferred as public charity to Fearless Foundation, a 501(c)(3) nonprofit, so you are generally eligible to take an immediate tax deduction. We hold that money in your Flexible Giving Account until you advise us to release those funds to the nonprofit(s) of your choice. Please read our Terms & Conditions for details about each method of giving.
Flexible Giving Account as a Donor-Advised Fund:
- You fund your Flexible Giving Account via bank transfer or credit/debit card, in the form of a deposit, employer deposit, or a direct donation to a nonprofit.
- Funds are immediately considered a donation to Fearless Foundation and put into our bank account. If making a non-allocated deposit into your FGA, the amount will be shown as Funds Available to Give on your dashboard. If making a donation to a nonprofit from a connected funding source, those funds will “pass through” your FGA.
- You advise us to send funds to the nonprofit(s) of your choice, in the amount you chose, and at the frequency you chose (one-time or budgeted/monthly). Note: if you do not advise us to donate funds by the end of each tax season (March 31) we automatically donate your previous year’s account balance to the Fearless Fund.
- Nonprofits receive a single check from Fearless Foundation each month for the total contributions that all FGA users have allocated to them.
Other Benefits:
- Donor-advised funds are quickly becoming the biggest giving vehicle in the United States because they’re simple and offer the most tax advantages to donors.
- Donor-advised funds make record keeping simpler. Because you’re giving to multiple causes through a single nonprofit (us), all of your charitable donations will be recorded on a single tax-deductible giving statement at the end of each year.
If you have questions about donor-advised funds or need more information, please email mick@m614.org.