When transferring your fund to Daffy, you need to provide some key information. First, log into Daffy, tap Add Funds, and select “DAF transfer”. Indicate how much you are transferring and from which provider. Then, log into your existing provider and make a grant of any amount to the Daffy Charitable Fund (EIN: 86-3177440). Ensure your grant is not anonymous and, if required, indicate the grant is for “where needed most.” If needed, Daffy's address is: 221 Main Street, #2061, Los Altos, CA 94023. You’ll receive a notification when the funds are in your account.
Now, why should you consider Daffy as a great option for a Donor-Advised Fund (DAF)? Traditional DAF providers often charge high administrative fees. For instance, Fidelity charges a minimum of $100 a year or 0.6% of assets, whichever one is higher, in fees that go to the provider instead of the charities that you care about. The fee also increases as the account balance grows.
On the other hand, Daffy charges significantly lower fees, starting at $36 a year and offering lower-cost investment options. The process of transferring a DAF account to Daffy is not only easy but also free of charge. Daffy's goal is to help individuals give more by saving them money on fees, thereby increasing their impact on the causes and organizations they care about.
So, if you're looking to maximize your charitable contributions and minimize administrative costs, Daffy is a fantastic choice for your DAF.
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.