Financial advisors usually know more about their client's financial situation than anyone else, and after a time of relationship building, it's your responsibility to open up this discussion. There has been a increased curiosity in the last few years regarding Donor-Advised funds. Many industry organizations offer their own Donor Advised fund options for you to recommend to your clients. However, you should be aware that these companies place a restriction on what can be granted out annually from those funds and clients are often caught unawares when trying to make a grant recommendation.
CNCF is different in that it places no restriction on the client's giving - 100% of the principle is always available to gift.
CNCF offers a wide variety of giving options, and we will work with you and your client to decide what fits best with their own philanthropic goals. See a summary of options here.
Your client can establish a donor-advised CNCF Giving Fund with a name they choose to accomplish their giving needs.
- To distribute gifts to charities while they live, and/or
- To establish a fund that will receive the proceeds of their Estate through a bequest or beneficiary designation.
At the time of donation, the client will receive a donation receipt for the full value of their gift.
A donation of at least $25,000 allows your client to set up either type of donor advised fund.
By default CNCF becomes the manager of the fund. If however, your client wishes you to manage the fund, the minimum to set up the fund is $10,000.
Gifts can be made in several forms including:
- publicly traded securities, bonds and mutual funds,
- life insurance policies and/or proceeds,
- registered asses (RRSP, RRIF),
- charitable remainder trusts,
- private property, and
CNCF will work with you and your client to customize a giving approach that considers personal interests and tax planning needs.
Yes, this is part of the CNCF DIFFERENCE. CNCF offers that choice to your clients if it holds a minimum of $25,000, even though the assets would have been irrevocably gifted and the account would be in the name of CNCF. Their other alternative is to add their contribution to CNCF's investment pools.
CNCF offers the maximum possible charitable tax advantage available by law, and, because we are a public foundation serving many clients, we have greater flexibility on matters such as minimum annual distribution requirements.
We encourage your client to name a successor (or successors) to their donor advised fund because we believe careful management of God's assets is simple stewardship. If they do not name a successor, or after the successor's death, the Foundation's Board of Directors will continue to use the funds in accordance with your client's wishes.
All CNCF Staff and its Board of Directors subscribe to our statement of faith and are required annually to review their lifestyle and actions according to that statement.
CNCF and its board of directors will accept grant recommendations that further the work of and are consistent with CNCF charitable purposes, and are made to qualified donees as that term is defined in the Income Tax Act (Canada).
CNCF and its Board of Directors will not accept grant recommendations that contravene Biblical direction, would directly or indirectly benefit the client or his/her immediate family or any other person who has contributed to the Fund, as defined by the Income Tax Act, and does not meet the minimum distribution requirement of $250.
For more details and the answers to many more questions, read more.