Donor Advised Fund Sponsors and Colorado Gives Day
ColoradoGives.org and Donor Advised Funds
The act of giving brings joy to both the giver and the receiver, and this year Community First Foundation has made giving a little easier for Donor-Advised Fund (DAF) Sponsors and their Fund holders.
This year, your Donor-Advised Fund (DAF) holders can make a single distribution from their DAF to Community First Foundation and we’ll issue them a Giving Card worth the same dollar amount. Your fund holders can then use their Giving Card to support any of the nearly 3,000 Colorado-based nonprofits that participate on ColoradoGives.org. And because the minimum gift amount on ColoradoGives.org is $5, DAF holders have more options about what amount to donate.
How does the DAF Giving Card program work?
- The DAF Sponsor or Fund holder requests a single grant from their DAF to Community First Foundation (the Foundation), an eligible 501(c)(3) public charity (EIN 51-0157964), for the total dollar amount of the gifts they would like to make on ColoradoGives.org. When submitting the recommendation, please indicate that the purpose of the grant is for the “DAF Giving Card Program.”
- The Sponsor and/or Fund holder will receive an email with guidelines/instructions.
- Once the Foundation receives the grant check from the donor-advised fund, the Foundation will send an email (or letter if there is no email on file) within two business days to the fund holder acknowledging receipt of the gift (this is not a tax receipt). This email will include their DAF Giving Card number representing the dollar value of the grant from their donor-advised fund. It will also include instructions for how to redeem the DAF Giving Card to designate gifts to one or more of their favorite charities participating on ColoradoGives.org.
- The fund holder can then go to ColoradoGives.org, add their selected charities and gift amounts to their cart, and check out using the DAF Giving Card number issued to them, either as a guest or using their donor account. Once their transaction is complete, they will receive an email from ColoradoGives indicating which charities they supported and in what amounts.
- The DAF Giving Card will expire five years after the date it was issued.
- If it is not redeemed before the expiration date, any remaining funds will be distributed to Community First Foundation to support its philanthropic mission. Donations made using a DAF Giving Card are not tax deductible.
- The DAF Giving Card cannot be returned, refunded or transferred.
- Using a DAF Giving Card, Fund holders can make gifts to nearly 3,000 nonprofit organizations throughout Colorado that participate on ColoradoGives.org. The minimum gift amount on ColoradoGives.org is $5.00.
- Fund holders will not be able to give to nonprofit organizations that do not participate on ColoradoGives.org, so be sure they confirm their favorite nonprofit organizations are listed on the website before they determine the total amount they want on their DAF Giving Card.
- All gifts made with a DAF Giving Card will be distributed to the nonprofits the following month, except for gifts made on Colorado Gives Day (held annually in December), which are distributed in the same month. A 2% processing fee will be deducted when the gift is distributed to the nonprofits.
- When redeeming a DAF Giving Card, the Fund holder will not be able to claim any additional charitable deductions or receive any Enterprise Zone or Child Care tax credits.
- All gifts must abide by general rules regarding distributions from donor-advised funds. By participating in this program, the Fund holder agrees that any gifts made on ColoradoGives.org will not be used for the following purposes:
- To support any of the following: Individuals; Political campaigns or lobbying activities; Scholarships, humanitarian efforts, salaries, or bills for a specific person or family; or accounts set up to assist specific people following a catastrophic event, accident or injury, for example.
- Or to purchase or pay for any of the following: Gala or event tickets or tables; Silent or live auction items or other goods or services at galas or events, or payment to a donor, fund advisor, or related party for expense reimbursements, loans, compensation, or other similar payments; memberships or tickets to galleries, museums, public broadcasting stations, etc.; A donor, fund advisor, or related party for expense reimbursements, loans, compensation, or other similar payments; or fulfillment of a pledge that the donor has previously made in his or her name, or to fulfill the pledge of another.
- Checks must be received by the Foundation at least 10 business days before the DAF Giving Card is intended to be used. In order to participate on Colorado Gives Day in 2020, the Foundation will need to receive the fund holders check by November 24, 2020.
If you have additional questions, please email: philanthropy@CommunityFirstFoundation.org