When it comes to managing recurring donations, Daffy offers a seamless and user-friendly experience. Whether you're using the Daffy app or website, you have the flexibility to cancel, modify, or set up recurring donations with just a few clicks.
To cancel a recurring donation, simply visit the "Donations" tab on the Daffy app or website. Your recurring donation should appear at the top under "Upcoming Donations." On the web, an option to cancel will be displayed. On the app, you will need to tap the donation for the cancel option to appear.
If you wish to cancel your recurring contribution, navigate to the “Contributions” section under "My Fund in 2022” on the Daffy app or web version. Next, tap on “Your Recurring Contribution” and then “Cancel Recurring Contribution.” On the web version of Daffy, click the paper and pencil icon on the right of the recurring contribution to get to the cancel prompt.
Setting up a recurring donation is equally straightforward. Tap or click on the "Donate" button, type in the name or Tax ID of the charity into the search bar, enter your desired amount to donate, and select “Schedule a recurring donation”. You can choose “Monthly”, “Quarterly”, or “Scheduled” for your recurring donation and select a date for your funds to be withdrawn. Complete the remaining donation prompts and submit the recurring donation. Daffy will then send a donation from your fund to your selected charity on the date and frequency you selected.
It's important to note that contributions made to donor-advised funds are irrevocable charitable donations, which is why they can qualify for an immediate tax deduction. However, in the first hour after you schedule a contribution, you can cancel it directly in the app in the "Contributions" section and receive 100% of your contribution back. If there has been a serious error involving a contribution, you can reach out to Daffy's support team.
In conclusion, Daffy provides a comprehensive and intuitive platform for managing your recurring donations, making it a great option for a Donor-Advised Fund (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.