A Donor Advised Fund (DAF) is a charitable giving vehicle that allows individuals to donate funds, receive immediate tax benefits, and recommend grants to charitable organizations over time.
DAFs are popular for their flexibility and efficiency in charitable giving, allowing donors to support causes they care about while managing their tax implications strategically.
By setting up a DAF, you’re not just donating; you’re creating a lasting legacy of kindness and support for those who could truly benefit from your generosity.
To recommend a grant to MRM, click the link below.
How does a DAF work?
1. Creating Your Fund: You can set up a DAF through a sponsoring organization, like a community foundation or a financial services firm. When you contribute cash, securities, or other assets, you’re taking a significant step toward helping others.
2. Tax Benefits for Your Generosity: When you donate to your DAF, you can enjoy an immediate tax deduction. This means you’re not only giving back but also benefiting financially, allowing you to channel more resources into the causes you care about.
3. Growing Your Impact
The funds in your DAF can be invested, giving them a chance to potentially grow over time. This means that your contributions can have an even greater impact when you decide to distribute them to those in need.
4. Recommending Grants: One of the beautiful aspects of a DAF is that you can recommend grants to charitable organizations at any time. Your contributions can support a variety of causes, helping to uplift spirits and change lives.
5. Flexibility in Giving: You have the freedom to make contributions whenever you wish and choose when to direct funds to charities. This means you can be strategic about your giving, ensuring your support goes where it’s needed most.
6. Ease of Management:
The sponsoring organization takes care of the administrative tasks, making it easy for you to focus on what matters most: your commitment to helping those in need.
The Milwaukee Rescue Mission’s legal name is “The Milwaukee Rescue Mission” and the tax ID number is 39-0816851.
For more information on designating a planned gift for the Milwaukee Rescue Mission, talk with your financial planner and call us at (414) 344-2211 or email us at legacy@milmission.org.