Someone who has never opened or used a donor advised fund (DAF) may wonder whether it is similar to opening and using a bank or brokerage account. Having done both multiple times, opening and using a DAF at The Signatry is much simpler than opening and using accounts at other types of financial institutions.
Opening a donor advised fund at The Signatry only takes minutes and can be done online. No money is required to open a DAF initially, but when the donor is ready to fund their DAF, there are a variety of options available, including eCheck, credit card, debit card, ACH or wire transfer. Illiquid assets, such as business interests and real estate, can be donated too, but the gifting process is more complicated than cash or public securities. Click here for more information on giving assets. At the time they fund their DAF, donors get an immediate tax deduction – all in a matter of minutes.
Using a DAF to give to a charity is equally simple. When the donor is ready to make a grant or give money to a charity, they simply pick from an online list of thousands of pre-approved charities. If the organization the donor wants to give to does not appear, then they can easily request that the charity be added to the approved list, which happens in a few days if the charity conforms to The Signatry grant policy. After the donor selects the charity, they identify how much they want to give, confirm the details, and the gift starts its journey from the DAF to their chosen charity.
The Signatry provides an easy and logical process to fund the causes closest to donors’ hearts.
Ready to open your donor advised fund? Click here to start.