Does Bank of America have donor-advised funds?
The Bank of America Charitable Gift Fund 1 is a donor-advised fund that offers a flexible and convenient way to help advance the causes you support.
How do I connect with donor-advised funds?
Donor-advised fund accounts are available at financial institutions like Schwab and Fidelity. Account managers who oversee DAFs inform members of charities to contribute to from their advised fund accounts. Any 501(c)(3) organization with a current, verifiable listing on the IRS website can receive contributions.
What is Bank of America charitable gift fund?
Bank of America Charitable Gift Fund has been helping donors like you give money to favorite charities in an organized, tax-efficient and worry-free way since 1955. You can depend on us to help you realize your philanthropic goals while you support important causes through the donation of a wide range of assets.
How do I record donations from donor-advised funds?
When you receive a gift from a donor-advised fund, the charitable sponsor is the official donor, so you should record the gift on a donor record for that organization (e.g. Vanguard Charitable Endowment). The gift should also then be “soft credited” to the specific donor that recommended the grant.