A donor advised fund, which is like a charitable savings account, gives you the flexibility to recommend how much and how often money is granted to Eastern Virginia Medical School and other charities.
You transfer cash or other assets to a tax-exempt sponsoring organization such as a public foundation. You can then recommend—but not direct—how much and how often money is granted. You can create a lasting legacy by naming your loved ones as your successor to continue to recommend grants to charitable organizations, or name Eastern Virginia Medical School as a beneficiary to receive all or part of the account after your lifetime. With a donor advised fund, you also avoid the cost and complexities of managing a private foundation.
In return, you qualify for a federal income tax charitable deduction at the time you contribute to the account. This also allows for a centralized giving and record-keeping system in one location.
An Example of How It Works
Joe and Laura want to give back to their hometown by putting their money where it will do the most good. They establish a $25,000 donor advised fund with a community foundation.
The couple receives a federal income tax charitable deduction for the amount of the gift. They also get all the time they need to decide which charities to support.
After researching community needs with the foundation’s staff, Joe and Laura recommend grants for EVMS (which they’ve supported for years) and a local animal shelter. The foundation presents the charities with checks from the Patricia Fund, which Joe and Laura named in honor of Laura's mother. They name EVMS as the beneficiary to receive the account balance after their lifetimes. Joe and Laura are delighted to start this personal legacy of giving.
- Evaluate a sponsoring organization to make sure it supports your interests, values and the type of asset you are considering as a funding source.
- Get to know the organization's policies and procedures-from minimum contributions to administrative fees. Each organization handles these details differently.
- Contact EVMS Development at 757.965.8500 or email@example.com to discuss using donor advised funds to support EVMS and our mission.
- Seek the advice of your financial or legal advisor.
- If you include EVMS in your plans, please use our legal name and federal tax ID.
Legal Name: Eastern Virginia Medical School
Address: P.O. Box 1980, Norfolk, VA 23501-1980
Federal Tax ID Number: 23-7053028