A donor advised fund, which is like a charitable savings account, gives you the flexibility to recommend how much and how often money is granted to Children's Hospital of Michigan Foundation and other charities.
You transfer cash or other assets to a tax-exempt sponsoring organization such as the CHM Foundation. You can then recommend—but not direct—how much and how often money is granted. In addition, you avoid the cost and complexities of managing a private foundation.
In return, you qualify for a federal income tax charitable deduction at the time you contribute to the account. This also allows for a centralized giving and record-keeping system in one location.
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Joe and Laura want to give back to children's causes by putting their money where it will do the most good. They establish a $25,000 donor advised fund with the Children's Hospital of Michigan Foundation.
The couple receives a federal income tax charitable deduction for the amount of the gift. They also get all the time they need to decide which charities to support.
After researching community needs, Joe and Laura recommend grants for the Foundation (which they've supported for years) to be used for cancer research, and another local children's charity. The Foundation presents the charities with checks from the Megan Fund, which Joe and Laura named in honor of their granddaughter. Joe and Laura are delighted to start this personal legacy of giving.
Legal Name: Children's Hospital of Michigan Foundation
Address: 3011 West Grand Blvd., Suite 218, Detroit, MI 48202
Federal Tax ID Number: 32-0087353
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.