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Do you have experience with "charity gift funds"?
Old 09-29-2009, 09:38 PM   #1
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Do you have experience with "charity gift funds"?

DW and I are having an unexpectedly good year income-wise. But of course we are also looking at a matching tax bill. We would like to share our good fortune and save on taxes. We would like to set up a charity gift fund which would allow us to take the deduction right now and donate the money over time.

I know that both Fidelity and Vanguard offer charity gift funds. Does any of you have experience with either one of those programs? Any tip, comment, advice, experience sharing would be appreciated.
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Old 09-29-2009, 11:35 PM   #2
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I know that both Fidelity and Vanguard offer charity gift funds. Does any of you have experience with either one of those programs? Any tip, comment, advice, experience sharing would be appreciated.
Our experience has been with Fidelity. Flawless.

Set yours up for anonymous donations so that you don't end up on every mailing list in the country...
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Old 09-29-2009, 11:58 PM   #3
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Our experience has been with Fidelity. Flawless.

Set yours up for anonymous donations so that you don't end up on every mailing list in the country...
Thanks Nords, I definitely want to set mine for anonymous donations, I already have enough unsolicited calls from charities as it is. I was thinking about going with Fido as well.
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Old 09-30-2009, 09:52 AM   #4
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I have one at Schwab and I've been very pleased with the service. I've chosen a few very obscure charities and they've gone the distance to verify that they were qualified.

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Old 09-30-2009, 06:24 PM   #5
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I have one at Schwab and I've been very pleased with the service. I've chosen a few very obscure charities and they've gone the distance to verify that they were qualified.

Coach
Thanks Coach, I didn't know Schwab offered charity gift funds. I'll have to check them out too.
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Old 09-30-2009, 06:57 PM   #6
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Firedreamer, I haven't set up one of these yet but expect to a few years from now. I've attached a thread Nords started a few years ago that caught my attention.

Donor-advised funds
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Old 09-30-2009, 06:59 PM   #7
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Thanks Coach, I didn't know Schwab offered charity gift funds. I'll have to check them out too.
Rather than go with a certain company's features, it may be easier to go with the one where you already have an investment account-- whether that's Schwab or Fidelity or whoever.

That way the website links are much more convenient and there's not so much "in transit" confusion for the donation of appreciated equities.
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Old 09-30-2009, 09:26 PM   #8
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Having worked for years at a non-profit that benefited from generous donations provided through the charitable funds of Fidelity, VG, Schwab, Bank of America and others, I can verify that they all work very well -- and provide very much appreciated support to charities.

You might also look into your local community foundation if you wish to dedicate your philanthropy to a particular community. In some states (like Michigan), donations to community foundations -- which can be used to set up a donor advised fund -- provide a special tax credit at the state tax level.
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Old 09-30-2009, 09:54 PM   #9
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Rather than go with a certain company's features, it may be easier to go with the one where you already have an investment account-- whether that's Schwab or Fidelity or whoever.

That way the website links are much more convenient and there's not so much "in transit" confusion for the donation of appreciated equities.
I agree, we already have accounts at Vanguard and Fido and would like to keep it simple. Fido has lower funding minimums and seems to be the best option at this point.
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Old 09-30-2009, 10:07 PM   #10
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Having worked for years at a non-profit that benefited from generous donations provided through the charitable funds of Fidelity, VG, Schwab, Bank of America and others, I can verify that they all work very well -- and provide very much appreciated support to charities.

You might also look into your local community foundation if you wish to dedicate your philanthropy to a particular community. In some states (like Michigan), donations to community foundations -- which can be used to set up a donor advised fund -- provide a special tax credit at the state tax level.
I found a few local community foundations in my area. But they seem a bit too opaque and restrictive for my taste. But thanks for the tip, I didn't know such foundations even existed.
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Old 09-30-2009, 10:10 PM   #11
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Firedreamer, I haven't set up one of these yet but expect to a few years from now. I've attached a thread Nords started a few years ago that caught my attention.

Donor-advised funds
Thanks for the link.
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