A donor advised fund, which is like a charitable savings account, gives you the flexibility to recommend how much and how often money is granted to The Cleveland Orchestra and other charities.
You transfer cash or other assets to a tax-exempt sponsoring organization such as a public foundation. You can then recommend—but not direct—how much and how often money is granted. In addition, you avoid the cost and complexities of managing a private foundation.
In return, you qualify for a federal income tax charitable deduction at the time you contribute to the account. This also allows for a centralized giving and record-keeping system in one location.
- Evaluate a sponsoring organization to make sure it supports your interests, values and the type of asset you are considering as a funding source.
- Get to know the organization's policies and procedures-from minimum contributions to administrative fees. Each organization handles these details differently.
- Contact Rachel Lappen at 216-231-8011 or firstname.lastname@example.org to discuss using donor advised funds to support the Orchestra and our mission.
- Seek the advice of your financial or legal advisor.
- If you include the Orchestra in your plans, please use our legal name and federal tax ID.
Legal Name: The Musical Arts Association
Address: 11001 Euclid Ave, Cleveland, OH 44106
Federal Tax ID Number: 34-0714468