At WCF, you can create a Donor-Advised fund, a kind of “charitable checking account.” You receive a tax deduction in the year your gift is made, then make distributions from the fund to the causes you care about, on your own schedule. You can choose to support causes locally or nationally through your fund. Because of the 2017 tax reform, some people have used their donor-advised funds as a way to “bunch” charitable giving in one year in order to maximize tax savings.
“We use our donor-advised fund to support the Williamsburg Community Foundation, local school scholarships, college funds, environmental causes, faith-based projects, and medical research, among others” notes Roger Schultz, who has been a longtime WCF supporter along with his wife Beth Scharlop. “With the help of WCF staff, it’s very easy to direct our funds to designated recipients, and also to track our contributions for tax purposes.”
There is no fee to set-up a donor-advised fund, and it just takes one simple form. Contact the WCF office to learn more: 757-259-1660.