Simplify Your Giving with a Donor Advised Fund
A Donor Story: Mike & Tonya Felhofer
Mike Felhofer was born and raised in Sturgeon Bay. Tonya grew up in Green Bay. Together, they are the owners of Door County Candle Company in Carlsville as well as the parents of two teenage daughters, Sydney and Stephanie.
Mike’s first wife, Nancy co-founded the American Cancer Society Breast Cancer Awareness Run-Walk in Green Bay. Tonya was employed by the American Cancer Society and worked closely with both Nancy and Mike. Unfortunately, Nancy’s story ended far too soon. At the age of 34, Nancy passed away suddenly. “From tragedy came something positive,” remembers Mike. “When Nancy passed there were a lot of monetary donations that came in and I wanted to put the money to good use.” Mike contacted his local community foundation to set up a Donor Advised Fund in Nancy’s name. He was able to give to the causes that mattered the most to Nancy.
Soon thereafter, Mike moved back to Door County. Having experienced first-hand the importance and impact of community foundations, he started working with several other members of the community and together they founded the Door County Community Foundation in 1999.
Mike and Tonya married in 2001. “We established our own Donor Advised Fund when we married,” shares Tonya. “Part of the advantage of having a fund at the Door County Community Foundation is they can more effectively distribute the funds to meet the needs of the community.” Adds Mike, “It’s also been quite helpful from a tax planning prospective.”
“One of the things we’ve talked about amongst ourselves, and would implore others to think about, is that you can be philanthropic at any level. At the Door County Community Foundation your gift can work with others to truly make a difference in our community and beyond.”
A Donor Advised Fund at the Door County Community Foundation allows Mike and Tonya to make a charitable contribution, receive an immediate tax benefit, and then have time to decide who they want to support and where they can make the greatest impact. A Donor Advised Fund is also a great tax planning tool which enables you to bunch several years of giving into a single tax year. Donor Advised Funds operate much like a private foundation, but without the administrative burdens, high operation costs or required tax filings.
A Donor Advised Fund at the Door County Community Foundation allows donors to make a charitable contribution, receive an immediate tax benefit and then recommend grants from the fund over time. A Donor Advised Fund is also a great tax planning tool which enables you bunch several years of giving into a single tax year. Donor Advised Funds operate much like a private foundation, but without the administrative burdens, high operating costs or required tax filings.
A Simple, Inexpensive and Highly Tax Efficient Way to Give.
Donor Advised Funds are convenient, flexible tools for individuals, families, businesses, or groups that want to be personally involved in suggesting grant awards made possible by their gifts. If you have a range of community interests, you may find that it’s an ideal vehicle for fulfilling your charitable wishes. Donor Advised Funds are typically less costly and easier to administer than other forms of philanthropic giving (such as family or corporate foundations).
Your gift can be combined with others to increase its impact, and you can add to the Fund you establish at any time, receiving tax benefits with each new gift. You can establish a Fund today and make grant recommendations now or in the future.
Creating a Donor Advised Fund is easy.
- You make a gift to the Door County Community Foundation – you can give cash, appreciated stock, real estate, or other assets. A minimum gift of $1,000 is all it takes to open your own personal Donor Advised Fund.
- We set up a special Fund in your name, in the name of your family or business, or in honor of any person or organization you choose.
- You receive a tax deduction in the tax year your gift is made. That makes a Donor Advised Fund a great tool for bunching your charitable giving.
- You suggest charities that should receive distributions from your Fund – working with our professional staff to support the causes and organizations you care about most.
- If a gift to your Fund is incorporated into your estate plans, you can designate your heirs to be “successor advisors” to the Fund.
- We handle all the administrative details and issue grants to charities in the name of the Fund you establish (if you prefer, grants can be made anonymously).
And while we may be the Door County Community Foundation, but our family of donors have favorite charities across the nation. As a result, we make distributions to charities in virtually every state in the union.
Donor Advised Funds are particularly effective as an estate planning tool. Rather than naming multiple charities are beneficiaries of your estate, your retirement account, or other assets – you simply designate your Donor Advised Fund at the Door County Community Foundation, Inc. as the charitable beneficiary. Then the Community Foundation distributes your estate gift to the charities or causes you care about the most.
If you so choose, your Donor Advised Fund can made into an endowment. Your gift – and all future earnings from your gift – then become a permanent source of community capital, giving back in your family’s name literally forever.
Learn more about using a Donor Advised Fund as a tax planning tool for bunching several years of charitable gifts into a single tax year.
Download an information sheet about Donor Advised Funds.
Then contact the Door County Community Foundation to learn more, or speak with your accountant, attorney or investment advisor today.