When it comes to managing your Donor-Advised Fund (DAF), Daffy is a fantastic option that offers a seamless and efficient process. One common question we get is, "How long does it typically take for my contribution to show up in my portfolio?" The answer to this depends on the source of your contribution.
For bank account contributions, it typically takes 7-10 days from scheduling your contribution. Credit card and crypto contributions are a bit quicker, taking 4-5 days from scheduling. Stock and DAF transfers also take 7-10 days from scheduling your transfer with your brokerage.
Daffy also allows you to contribute stock from your Vanguard account. To ensure that it is attributed to your account quickly, you must create a stock contribution intent first. This can be done through the Daffy app or website by selecting “Stock” in the “Add Funds” section and answering the prompts to let us know your stock is coming. Please note that Daffy only accepts publicly traded stocks and ETFs.
The process of contributing stock from your Vanguard account is straightforward and user-friendly. After creating a Daffy stock contribution intent, you simply log into your Vanguard account, navigate to "Forms", and follow the prompts to gift assets to an individual/organization. When filling in the receiving brokerage firm's information, you'll need to provide specific details about Daffy Charitable Fund.
It's important to note that you should record the cost basis of an asset you are donating before transferring the asset to charity, as most brokerages do not keep a record of the cost basis once the asset has left your account. This information may be needed for tax forms at the end of the year. Daffy does not have access to cost basis information for contributions, so we will not be able to provide this information at a future date.
In conclusion, Daffy offers a range of options for contributing to your DAF, making it a versatile and convenient choice. Whether you're contributing via bank account, credit card, stock, crypto, or DAF transfer, Daffy ensures a smooth and efficient process.
Please note that the information contained on this page is for educational purposes only and should not be considered tax advice. Any calculations are intended to be illustrative and do not reflect all of the potential complexities of individual tax returns. To assess your specific tax situation, please consult with a tax professional.