Tips on Charitable Giving: Clearing the Air on Some Common Misconceptions About The Dayton Foundation
vice president, Development
Recently, we conducted a survey to get a better understanding of how the community views The Dayton Foundation. While respondents overall felt that the Foundation is doing good work in Greater Dayton, the survey results indicated some confusion about our services and how we help our fund holders achieve their charitable giving goals. In reviewing the results, we realized that a few of the points of confusion were misconceptions we also have heard from some of our longtime donors and friends.
I will address four commonly asked questions to help you better understand the many ways that The Dayton Foundation can help you help others.
Can I make grants from my fund to charities that are outside of Greater Dayton?
Dayton Foundation donors often believe they only can award grants from their funds to local nonprofit organizations. While the Foundation’s primary focus is to strengthen Greater Dayton through our grantmaking, we also assist donors who wish to support organizations and causes across the country and around the world. Whether you are relocating to an area outside of the region or wish to support your college alma mater, you can use your charitable fund to make worthwhile grants in the communities that you care about most.
Why would I give to The Dayton Foundation when I already donate to a lot of charities?
While we are a 501(c)(3) nonprofit organization and accept donations to support our efforts in the community, most individuals establish charitable funds to give through us, not to us. From endowment funds that allow you to support your favorite nonprofit organizations in perpetuity to scholarship funds that help youth further their education, our services make giving to charity more convenient and tax effective so that you can focus on what really matters.
Does The Dayton Foundation decide which nonprofit organizations receive grants from my fund?
The majority of our charitable funds are donor directed, meaning that donors decide which nonprofits receive grants from their funds. With Donor-Advised or Family FoundationPlus℠ funds or Charitable Checking Accounts℠ (CCA), you can distribute gifts through grant recommendations that support nonprofit organizations and activities of interest to you. A Donor-Designated Fund allows you to designate specific nonprofits or purposes to receive your gifts today and in perpetuity. With a Field-of-Interest Fund, you can support a particular field, such as the environment or the arts, but give the Foundation discretion to award grants to nonprofit organizations in that area of interest.
How can I establish an endowment fund if I don’t have the financial resources at this time?
Even if you don’t have the assets now, you can create an endowed fund through The Dayton Foundation to support the charities you love after you are gone. When you establish a deferred fund, you can direct assets, such as a specific amount or a portion of your estate, to come to your Foundation fund at your passing either through your trust or a beneficiary designation on your bank, IRA or brokerage account. In addition, current Foundation CCA or Donor-Advised Fund holders can request that the remainder of their funds be deposited into their deferred funds after they pass away. This is a popular option for donors, as well as for estate attorneys, executors and trustees, as you can designate multiple charities to benefit from your fund. This gives you peace of mind that your favorite charities will be supported in perpetuity, and it simplifies the estate process for those individuals who you have entrusted to carry out your wishes.
If you would like to learn more about The Dayton Foundation’s charitable giving services and how we can help you help others today and in the future, contact me, Michelle Lovely, or Joe Baldasare at (937) 222-0410. ❧
Good News is made possible by five Dayton Foundation donors and families who have stepped forward to become the Foundation’s 2016-2017 “I Believe!” Partners. Click here to read their stories.
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