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Do you have experience with "charity gift funds"?
09-29-2009, 08:38 PM
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#1
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Moderator Emeritus
Join Date: May 2007
Posts: 12,901
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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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09-29-2009, 10:35 PM
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#2
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,860
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 Quote:
Originally Posted by FIREdreamer
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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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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Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
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09-29-2009, 10:58 PM
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#3
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Moderator Emeritus
Join Date: May 2007
Posts: 12,901
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Quote:
Originally Posted by Nords
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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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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09-30-2009, 08:52 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Nov 2005
Location: Colorado, USA
Posts: 1,127
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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
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09-30-2009, 05:24 PM
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#5
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Moderator Emeritus
Join Date: May 2007
Posts: 12,901
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Quote:
Originally Posted by Coach
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
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Thanks Coach, I didn't know Schwab offered charity gift funds. I'll have to check them out too.
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09-30-2009, 05:57 PM
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#6
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Full time employment: Posting here.
Join Date: Mar 2007
Posts: 577
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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.
http://www.early-retirement.org/foru...ble+foundation
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I highjacked a rainbow and crashed into a pot of gold - Bon Jovi
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09-30-2009, 05:59 PM
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#7
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,860
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Quote:
Originally Posted by FIREdreamer
Thanks Coach, I didn't know Schwab offered charity gift funds. I'll have to check them out too.
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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.
__________________
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Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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09-30-2009, 08:26 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Feb 2007
Posts: 1,015
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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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09-30-2009, 08:54 PM
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#9
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Moderator Emeritus
Join Date: May 2007
Posts: 12,901
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Quote:
Originally Posted by Nords
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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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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09-30-2009, 09:07 PM
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#10
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Moderator Emeritus
Join Date: May 2007
Posts: 12,901
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Quote:
Originally Posted by Achiever51
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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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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09-30-2009, 09:10 PM
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#11
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Moderator Emeritus
Join Date: May 2007
Posts: 12,901
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Quote:
Originally Posted by Darryl
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Thanks for the link.
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