GIVING WITH GENEROSITY
We provide charitable giving opportunities through the Legacy Donor Advised Fund
Christians can afford to be generous because God has been so incredibly generous to us. Avenues through which our generosity can be shown abound. We can serve, teach, volunteer, and give financially.
Donor Advised Funds provide a creative way for our donors to financially support the causes that are close to their hearts. Legacy Ministries Canada is please to facilitate giving in this way so donors can meed current needs and plan how they can support evangelical Christian ministries through their estates.
What is a Donor Advised Fund, and how does it work?
A Donor Advised Fund is a creative way for Canadians to give to charities. If you are looking for options to support Evangelical Christian ministries in Canada, a Donor Advised Fund is a useful tool to consider.
A Donor Advised Fund is typically established with an up-front donation that can be made by one or more people. A Donor Advised Fund may be set up as part of an individual’s tax-planning. A family might establish a fund to involve their children in giving. Memorial funds can be created and used by families at the passing of a loved one. Or, an individual could use a Donor Advised Fund to give charitably through their estate.
Each fund has at least one Donor Advisor. This person / these persons are set up by the individual(s) creating the fund and it is their responsibility to recommend how the monies in the fund are distributed. They have the ability to support charities through regular monthly contributions and/or when specific needs come to light.
Legacy Ministries Canada takes care of all administrative, operating and governance matters relating to Donor Advised Funds. This makes them hastle-free for the donor.
What are the benefits of a Donor Advised Fund?
Simple to set up
Donor Advised Funds are opened by completing a single form. Other ways to give charitably involve many legal professionals.
No setup costs
Donor Advised Funds are established with no startup costs. Other ways to give charitably (ex. private foundations) involve many initial costs.
No administration
All administrative and record keeping services are provided by Legacy Ministries. No additional accounting or tax returns are required.
Customizable
Donor Advised Funds can be named whatever the donor wishes. (Ex. “The Jane Smith Memorial Fund” or “The Jones Family Giving Fund”)
Donation flexibility
Contributions to a Donor Advised Fund do not have to be monetary. For example, securities, real estate, and valuables can be donated too.
Donor flexibility
Anyone can contribute to a Donor Advised Fund! (No matter who set it up.) Eligible donations receive a charitable tax receipt.
Responsive
Grants can be made at any time. Charities can be supported on a regular basis or in response to circumstances and needs that arise.
Anonymity
When grants are made from a Donor Advised Fund, there is the option for them to be sent to the recipient anonymously.
Tax benefits
Donations made to a Donor Advised Fund are eligible to receive a Charitable Tax Receipt in the year of their donation.
Why should I consider having a Donor Advised Fund?
Donor Advised Funds are versatile instruments in a donor’s hands.
They can be used to donate property that the final recipient charity may not be able to deal with if given directly to them. For example, donations such as securities, real estate, artwork, or vehicles can be difficult for some charities to handle. A Donor Advised Fund allows you to donate these items and then pass on the proceeds in a way that is not a burden to the charity.
Donor Advised Funds are an excellent consideration if you want/need to increase your charitable deductions for income tax in a given year. You can donate into a Donor Advised Fund at any time, even if you don’t know of any charities currently in need. You can then take your time to decide who receives what you donated or wait until a specific need arises that you feel let to meet.
Do I have to set up a Donor Advised Fund to donate to one?
No. If you know of a Donor Advised Fund that distributes its monies to causes you support you can donate into that fund. Your donation will then be distributed by the Donor Advisors of that fund.
While you can make the donation to any fund, if you are not named as a Donor Advisor, you will not be able to recommend where your donation is distributed. If you want to both donate and make recommendations on which charity receives monies we recommend setting up your own fund.
Is it difficult to set up a Donor Advised Fund?
We have tried to make the account opening process as streamlined and efficient for our donors as possible. Donor Advised Funds can be opened by completing a simple, two-page form and submitting it to our office.
Where can I get more information?
We know we can’t include all the information to answer every one of your questions on this page, so if you have more we would love to discuss them with you further. Complete the form below and a member of our team will contact you shortly.