For over 20 years, Gary W. Garcia, Vice President of Philanthropic Partnerships, has helped donors meet their charitable goals. We asked him to answer three questions frequently asked by those embarking on their philanthropic journey regarding strategies and best practices in giving.
What are the benefits of giving through a Donor Advised Fund instead of directly to an organization?
One of the best things about DAF’s is that the charitable donation can be invested and has the ability to grow over time, potentially increasing the total amount available to grant to a qualified nonprofit organization. A donor can benefit from a tax deduction in a given year and then select a specific charity or charities to receive grants at a later date. Or in some cases a donor may want to contribute several years of donations into a DAF, called bunching, to take advantage of the charitable deduction in the current tax year and grant out to charities over multiple years. But most of all, the convenience of having one’s philanthropy centralized in a DAF can be a useful tool to simplify record keeping, access to the expertise of The Dallas Foundation, and an opportunity to make an impact today and well into the future.
How do I know who to give to and how much will be impactful?
Any size gift in an issue area that’s important to you is an investment. To make the greatest impact however, donors should establish a plan to support the causes they care about and determine which organizations would best use your charitable dollars, no matter how large or small. At The Dallas Foundation, we can help maximize donor impact by identifying organizations that align with your interests, performing due diligence prior to a grant award, and even creating a giving plan specifically for you and your family. With this framework, donors—no matter the giving level—are poised to give in a more targeted, impactful manner.
Why work with The Dallas Foundation? I’ve been responsible for my family’s philanthropy for years. Why involve a community foundation?
There are many reasons to either work directly or partner with The Dallas Foundation. Tap into our broad philanthropic expertise in the community. Connect with others to learn, collaborate, and co-invest in causes important to you. Pass along your family values by educating and bringing the next generation into your philanthropy. Maintain anonymity when desired in your grantmaking.
Donate and receive the maximum charitable benefit from complex assets. Regardless of the reason, The Dallas Foundation is here to help make your philanthropic experience simple, meaningful, and joyful.
