In a family fund, any member can make a donation request, but only the organizers have the authority to approve these requests. This is where Daffy shines as a great option for a Donor-Advised Fund (DAF). Daffy is designed to accommodate multi-generational families, supporting up to 24 members under one fund. This means that everyone from your children, grandchildren, siblings, nieces, nephews, and anyone else you consider family can be part of your fund.
Each family member gets their own secure Daffy account, allowing them to follow the charities that are most meaningful to them and request donations for approval. The fund organizers are notified of who made the request and the donation amount requested. Only donations approved by family fund organizers and in accordance with Daffy's Member Agreement will be processed.
Daffy also caters to younger family members, with anyone aged 13 and older able to have their own account connected to a fund organizer’s account. Teens can add their favorite causes and choose which charities to support. When a teen submits a donation request, the organizer(s) of the fund receive all the donation details. When donation requests are approved, all family members in the fund are notified. Daffy takes privacy seriously, especially for children under 18, by automatically setting their profiles to private. This means that only members of their family fund can see their donation activity.
In conclusion, Daffy provides a secure, inclusive, and user-friendly platform for managing your family fund. It allows for individual interests within a collective giving framework, making it a great choice for a 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.