Make a Gift with a Donor-Advised Fund
The donor-advised fund (DAF) is becoming an increasingly popular way to make a charitable gift. DAFs can provide you with immediate tax benefits while making your charitable giving easier. Here are two simple ways you can make a gift through your DAF:
- Make an outright gift by suggesting a grant to The Corning Museum of Glass.
- Designate The Corning Museum of Glass to receive all or a portion of the fund value upon the termination of the fund.
You can select the option that best suits your philanthropic and financial goals to support the The Corning Museum of Glass. Just contact your fund administrator to request a distribution or beneficiary form or download the appropriate form(s) from your administrator’s website.
If you include The Corning Museum of Glass in your plans, please let us know and use our legal name and federal tax ID.
Legal Name: The Corning Museum of Glass
Address: One Museum Way, Corning NY 14830-2253
Federal Tax ID Number: 16-0764349
Creating a Donor-Advised Fund
Creating a donor-advised fund can provide you with immediate tax benefits while making your charitable giving easier for years to come.
How it Works
You establish a fund at a sponsoring charity. This could be a community foundation, a public charity with a donor-advised fund program, or even one of the well-known investment companies that sponsor donor-advised funds. First, check with the fund sponsor about the minimum contribution to start a fund as it ranges from $5,000 to $25,000. Then, make an initial contribution to start your fund of cash or appreciated assets such as stocks or mutual funds. You’ll get an immediate income tax deduction and some sponsors will even let you name your fund.
Once established, you can suggest that your favorite public charities, such as The Corning Museum of Glass, receive grants from your fund. The grants can be relatively modest or larger for projects such as a capital campaign or a new building.
You do not get an additional tax deduction for these grants. You can also suggest which charities you want to have any remaining assets in your fund at your passing. The Corning Museum of Glass is grateful for gifts that come from donor-advised funds.
If you are considering establishing a donor-advised fund we can suggest several fund sponsors for your review. You should also consult your professional advisor for their guidance.