The Charitable Checking Fund is a donor advised fund in The Troy Foundation created solely as a service to donors to make your charitable giving more convenient.
The Charitable Checking Fund offers donors:
- The convenience of making one gift to benefit multiple qualified charities
- Flexibility in how and when you give
- Maximum tax advantages
- No fee
One gift of $500 or more to the Charitable Checking Fund establishes your charitable giving account and enables you to take care of the charities on your list. The Charitable Checking Fund will distribute your grants to IRS approved charities in Troy or anywhere in the United States. The Troy Foundation’s written acknowledgment of your gift to the Charitable Checking Fund is the only receipt you will need at tax time. Tax reporting is simplified. The Charitable Checking Fund will provide you with a statement of your account’s status and confirm the distribution of your grants.
The Charitable Checking Fund lets you make distribution recommendations to ensure that grants from your account benefit the charities of your choice. Grants from your account may be made at any time by submitting a request to the Charitable Checking Fund. Grants may be made in your name or anonymously.
You may donate cash or securities to fund your Charitable Checking Fund account. Contributions may be made so that they are most advantageous to you from a tax standpoint.
Grants can be made immediately or throughout the year. No minimum balance is required, and you may distribute a part or your entire donation to the Charitable Checking Fund.
The Troy Foundation is a tax-exempt public charity and gifts to the Charitable Checking Fund qualify for maximum charitable tax deductions.
Gifts of appreciated securities will receive the full fair market value as your charitable tax deduction. If you donate highly appreciated securities, the Charitable Checking Fund will sell them, and not only will you avoid capital gains taxes, but you will also maximize the benefit to your selected charities.
You may contribute to your Charitable Checking Fund account in peak earning and tax years for the greatest tax benefit. This allows you the convenience of making distributions to the ongoing needs of the charities you wish to support either immediately or at a later time when your cash flow situation may not be as favorable.
Service at No Charge
There is no fee or assessment to maintain a Charitable Checking Fund account. The Foundation invests undistributed funds to cover the cost of administration. The only charge an account might incur is the cost (e.g. commissions) of selling appreciated securities. The amount available for distribution to charity is reduced accordingly.
To learn more about the Charitable Checking Fund or to set up a charitable giving account, call The Troy Foundation office at (937) 339-8935 or email firstname.lastname@example.org
The Charitable Checking Fund offers not only a unique, donor service, but also an excellent method of getting to know The Troy Foundation and the many ways we assist donors and the community.