Simplify Your Giving through a Donor Advised Fund
Santiago and Sofia Garcia (not their real names) are faithful supporters of a variety of charitable organizations. When they expressed a desire for a more efficient, effective way to administer their giving, a friend who was a client of the Dallas Seminary Foundation (DSF) suggested they talk to DSF personnel.
When the Garcias did so, they revealed they were contributing to more than thirty different organizations. Many of their gifts were regular monthly support checks to a variety of missionaries in addition to their church and other ministries. Sofia was handling all of the accounting, which included writing the checks, keeping track of receipts, and organizing everything for their accountant for year-end tax preparation.
The Garcias chose to set up a Donor Advised Fund with Dallas Seminary Foundation. Now they still give to their many chosen charities. But instead of writing dozens of checks monthly, they make two or three large contributions to their own private fund each year, which simplifies the tax-return preparation. They instruct the Foundation where they would like the funds sent, and DSF does all the administration.
Does this mean DSF sends funds to organizations other than Dallas Theological Seminary? Absolutely. DSF sends the funds to charities designated by the Garcias and sends the couple a confirmation of the distributions made from their account. In addition, the Garcias receive quarterly and annual reports showing what has gone into the fund, its earnings, the management expenses of the fund, and the disbursements that have been made. This greatly reduces their paperwork and simplifies their charitable giving.
Go to dallasseminaryfoundation.org for more information about setting up your own Donor Advised Fund.