Using donor-advised funds for giving
(Second of three parts on personal financial planning)
Charitable giving is at the heart of the anatomy that makes up Baltimore. When I first moved here, I was connected to Dara Schnee who is now the vice president of philanthropy at the Baltimore Community Foundation. Dara was working in development at Kennedy Krieger Institute at that time, and it was evident from our first meeting that Dara is a person with philanthropy at the core of who she is. Raised in a family of devoted philanthropists here in Baltimore, Dara sat me down to explain how Baltimore works as I struggled in my early days here to find a way that I would I fit in.
What Dara taught me in that conversation left a lasting impression that has proven true to every word in the years that have followed. She explained that Baltimore is a city where people connect through their philanthropic efforts and interests. People come to know each other through many channels of volunteerism from across various communities around the area. She advised that I would do best to focus on the issues that I care most about and on this path, I would find my people along the way. I have been volunteering in different ways ever since.
Through my professional work, I have had experience advising people about the ways to fulfil their charitable giving via direct contributions of cash and stock, family foundations and in more recent years, the popularity and availability of donor-advised funds has been on the rise. There are some meaningful differences between these different types of gifting vehicles each with some merit though donor-advised funds offer the greatest degree of control and flexibility with far less complexity, regulation and cost of administration as compared to establishing a charitable foundation to fulfil giving.
Source: The Daily Record