A donor-advised fund is an account owned and administered by a public charity (called “the sponsoring organization”) to which a donor makes charitable contributions. The donor or designated representatives can then recommend grants from the fund to other public charities.
Giving to the Minneapolis College Foundation from your donor-advised fund is simple. You can recommend a grant from your fund to the Minneapolis College Foundation by providing the following information to the sponsoring organization:
- Legal name: Minneapolis College Foundation
- Minneapolis College Foundation federal tax ID: 41-1288502
- Mailing address: 1501 Hennepin Avenue, Minneapolis, MN 55403
- Donation designation (How you would like the money to be used by Minneapolis College)
Each sponsoring organization will have the appropriate forms to recommend these grants, which you can find online or by contacting the organization directly. Your sponsoring organization will distribute the grant directly to the Minneapolis College Foundation. If you have questions about the information you need to provide to the sponsoring organization of your fund, please contact Beverly Wadsworth at beverly.wadsworth@minneapolis.edu or 612.659.6820.
What are the restrictions on recommending a grant from a donor-advised fund?
A donor-advised fund grant is subject to IRS charitable gift restrictions. The sponsoring organization likely won’t approve a recommendation for a grant from a donor-advised fund if any portion will be used to provide more than incidental benefits to the donor. For instance, grants cannot be used to pay for tickets to a fundraising event, gala dinner, golf tournament, or membership (unless the membership is fully tax deductible). IRS restrictions also prohibit grants from donor-advised funds that will be used to pay a donor’s binding pledge.
How can I share my plans to recommend a grant to the College over multiple years?
If you plan to recommend multi-year grants from your donor-advised fund to the College, you can share your plans with us by completing our Donor-Advised Fund Grant form.
Are there other ways to give from a donor-advised fund?
Many sponsoring organizations of donor-advised funds allow donors to recommend specific charities to receive any assets remaining in the fund after they have passed away. To recommend the Minneapolis College Foundation to receive all or a portion of the remainder of your fund, please contact your sponsoring organization. You may need to provide the Foundation’s name, address, and federal tax identification number, listed above. If you decide to recommend the Minneapolis College Foundation to receive the remainder of your donor-advised fund, we hope you will share your plans with us.