Make a Gift with a Donor-Advised Fund
The Donor-Advised Fund (DAF) is 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 now by recommending a grant to The Corning Museum of Glass.
- Create a succession plan to recommend that The Corning Museum of Glass 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 Donor-Advised Fund administrator to recommend a grant to the Museum or to discuss a succession plan.
If you include The Corning Museum of Glass in your plans, please let us know and be sure to 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 Donor-Advised 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 financial services companies that sponsor Donor-Advised Funds. Check with the sponsor about the minimum contribution required to start a Donor-Advised Fund, which typically range from $5,000 to $25,000. The sponsor may allow you to give your Donor-Advised Fund a unique name. Then, make an initial contribution to start your Fund. You can contribute cash or appreciated assets such as stocks or mutual funds. You’ll get an immediate income tax charitable deduction for your contribution that could reduce your taxes if you itemize.
Once established and funded, you can recommend that your favorite public charities, such as The Corning Museum of Glass, receive grants from your Donor-Advised Fund. Most Donor-Advised Funds have a minimum grant recommendation, or you can recommend distributing the entire balance of your Donor-Advised Fund for a cause important to you.
You do not get an additional income tax charitable deduction for these grants.
You can also create a succession plan with your Fund sponsor to recommend that some or all of the remaining assets in your fund at your passing go to the Museum and other charities that are important to you.
The Corning Museum of Glass is grateful for grants that come from Donor-Advised Funds. If you are considering establishing a Donor-Advised Fund, we can suggest several sponsors for your review. You should also consult your professional advisor for guidance.