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Charitable Checking AccountSM Service
The Dayton Foundation's Charitable Checking Account Service has grown steadily over the years and today services more than 1,100 donor accounts. The service acts like a personal checking account, in that donors deposit assets into their Charitable Checking Accounts and then direct the Foundation to send contributions (grants) to any IRS-approved charities that they choose. The Dayton Foundation sends the grants for the donors, provides quarterly and end-of-the-year statements and the gift acknowledgements. The service also makes it easy and tax-advantageous for donors to use appreciated property to fund their accounts.
Here is why more than 1,100 donors and families have chosen to use the free Charitable Checking Account Service, rather than write checks from their personal checking accounts. • Tax Advantages. Donors can use appreciated assets like stocks, mutual funds or real estate to fund their accounts. They gain the full value of the asset for their charitable purposes, undiminished by long-term capital gains taxes, when they donate the asset to The Dayton Foundation before it is sold. • Flexibility. Donors can deposit assets into their accounts in the tax year when itís most advantageous to them, take the charitable deduction in that year, then distribute funds to their favorite charities then or at a later date. • Online Accounts Access and Grantmaking. Up-to-date account information is available at any time through the Foundationís secure, password-protected online service, Donor Express. Donors may access their gift history and direct their grantmaking online. Individuals and organizations also can open an account online. • Simplified Record-Keeping and Tax-Reporting Process. A gift acknowledgment letter from the Foundation is the only one needed for tax purposes for gifts made to and grants made from a Charitable Checking Account. The Foundation regularly updates donors on their account balance, deposits and charitable grants. The Foundation provides donors with quarterly statements and an end-of-year statement, detailing all account activity for the year, thereby simplifying the donorsí tax reporting and record keeping. • Time Savings. The Foundation does the work of mailing or electronically transferring funds to the charities, verifying their IRS status and doing the bookkeeping for the donor. • Anonymity or Donor Recognition. Grants to charities can be made in the donorís name or anonymously, depending upon the donor's preference. Individuals also may choose to have a grant check sent directly to themselves, if they wish to deliver it personally to the charity. • No Minimum Deposit or Balance Required ñ and there are no maximums either. • A Free Service. There is no charge for the service. The only charges a donor may incur are the usual costs involved in liquidating securities or other property (e.g., broker's fees). • It's Quick and Relatively Risk Free. Financial advisors who regularly refer their clients to the Foundation's Charitable Checking Account Service have related that they urge their clients to "just try it." If they're not convinced of the value, the advisors have told them, simply spend out their accounts. Advisors report to us that their clients love the service and the convenient option of online giving.
2004-05 HIGHLIGHTS
During 2004-2005, a total of $14,344,045 in contributions was added to the 1,186 donor accounts. Charitable Checking Account donors made 13,338 grants totaling $16,732,864 during the last fiscal year, and Charitable Checking Accounts together totaled $16,815,469, as of June 30, 2005.
Area Community Foundations Using the Charitable Checking Account Service Eight community foundations in the Miami Valley used The Charitable Checking Account Service during 2004-2005. These include: Centerville-Washington Foundation The Clayton Community Foundation Community Foundation for Kettering The Lima Community Foundation Community Foundation for Miami Township Tipp City Area Community Foundations Vandalia-Butler Foundation Yellow Springs Foundation
Introduction |
Letter from the Chair and the President |
Governance, Other Volunteers and Staff |
Outcomes |
Legacy Partnership Program |
Endowed (Long-Term) Funds |
Supporting Organizations |
Frederick C. Smith Legacy Society (Legacies) |
Charitable Checking Account Service (Short-term funds) |
Financial Highlights |
Ten Reasons Why People Choose to Give Through The Dayton Foundation |
Return to the Main Foundation Web Site
The mission of The Dayton Foundation is to advance charitable giving and provide leadership to meet changing needs in our community.
The Dayton Foundation. We're here for good.
File date: 11-1-05
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