Many organizations seek to give back to the community through foundations and charitable donations, but may encounter compliance challenges or lack critical resources. A Cornerstone Foundation Donor Advised Fund may help you navigate the complex legal and accounting requirements as you start up your credit union's charitable organization.
An ideal alternative to starting a nonprofit foundation is a Donor Advised Fund. A Donor Advised Fund provides the benefits of creating a foundation while avoiding many challenges such as initial set-up fees, administrative costs, and ongoing compliance issues, including reporting and excise taxes.
Cornerstone Foundation assists your credit union with all aspects of setting up a Donor Advised Fund. Our team will help your organization create a decision-making committee and establish application, approval, funding, and reporting processes. We handle the compliance and administrative functions of managing your charitable donations and guide your board, financial, and legal advisors. Additionally, Cornerstone Foundation advises your credit union on using the most appropriate assets to start your fund as well as determining the allocation of your charitable gifts. Your credit union acts as the donor and chooses the fund’s name with the ability to brand it as the credit union’s own charity.
Ready to Get Started?
Download the handbook to learn more and obtain next steps.