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A donor advised fund (DAF), which is like a charitable savings account, gives you the flexibility to recommend how much and how often money is granted to the Virginia Museum of Fine Arts and other qualified charities. You can recommend a grant or recurring grants now to make an immediate impact or use your fund as a tool for future charitable gifts.
1. Recommend a grant
2. Impact VMFA
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You can also create a lasting legacy by naming the Virginia Museum of Fine Arts the beneficiary of the entire account or a percentage of the fund. With a percentage, you can create a family legacy of giving by naming your loved ones as your successor to continue recommending grants to charitable organizations. Contact your fund administrator for a beneficiary form.
Still learning about DAFs? Discover the ease of opening a donor advised fund—plus the advantages you’ll enjoy—with your FREE guide Centralize Your Giving With Donor Advised Funds.
Joe and Laura want to give back to their hometown by putting their money where it will do the most good. They establish a $25,000 donor advised fund with a community foundation.
The couple receives a federal income tax charitable deduction for the amount of the gift. They also get the time they need to decide which charities to support.
After researching community needs with the foundation’s staff, Joe and Laura recommend grants for VMFA (which they’ve supported for years) and a local animal shelter. The foundation presents the charities with checks from the Patricia Fund, which Joe and Laura named in honor of Laura’s mother. They name VMFA as the beneficiary to receive the account balance after their lifetimes. Joe and Laura are delighted to start this personal legacy of giving.
Legal name: Virginia Museum of Fine Arts Foundation
Address: 200 N. Arthur Ashe Blvd., Richmond, VA 23220
Federal tax ID number: 51-0205333
Ensure you’ve made the most of your donor advised fund—for your family and for VMFA. Download the FREE guide Maximize the Impact of Donor Advised Funds.