Q: What is a donor-advised fund?
A: A donor-advised fund is a charitable account at a public charity. Individuals make a gift today (and receive an immediate income tax deduction) and then may recommend grant distributions to qualified charities over time. As the term "donor-advised" suggests, donors may recommend which charities should benefit from the fund and how the fund assets should be invested — the final decision as to grants and investments resides with the Board of Directors of the Harris myCFO Foundation.
Q: How is the donor-advised program offered at the Harris myCFO Foundation different from a private foundation?
A: Because the Harris myCFO Foundation is a public charity, you are not responsible for the reporting and accounting that would be required if you operated a private foundation. The Foundation will also not be subject to the excise taxes levied against a private foundation. In addition, the Harris myCFO Foundation allows you to maintain a degree of anonymity normally not available through a private foundation.
Q: Who is eligible to open a donor-advised fund account at the Harris myCFO Foundation?
A: Anyone motivated by a desire to make a difference in the lives of others can contribute — individuals, trusts, estates, charitable remainder trusts, charitable lead trusts, corporations and other entities.
Each donor has the authority to make contributions to the account, recommend grants to qualified charities, request the reallocation of account funds to a specific investment pool and designate current and successor persons to recommend investment allocations and grant recipients ("Advisors"). Each account may have up to two Advisors.
Q: What is the minimum contribution in order to open a donor-advised fund account at the Harris myCFO Foundation?
A: The initial contribution to open an account at the Harris myCFO Foundation must be at least $10,000. Subsequent contributions to the account can be for as little as $5,000 or as generous as you desire. All Harris myCFO Charitable accounts must maintain a minimum balance of $2,500.
Q: What can be donated to the Harris myCFO Foundation?
A: Cash, publicly traded stocks, bonds and other securities, mutual funds, and certain restricted stock. Gifts of real estate, artworks, closely held stock, limited liability company or partnership interests may be accepted subject to approval by the Harris myCFO Foundation Board.
Q: What if I am unsure about which charities I want to benefit today?
A: Even if you aren't sure how you want to give today, you can realize important tax benefits by contributing to the Harris myCFO Foundation now. The Harris myCFO Foundation is the perfect place to hold funds until you are ready to make a recommendation about charitable donations. Additionally, it allows you to meet your giving objectives before the end of the calendar year.
Q: Do I have any say about who receives my gift?
A: You and your family may make recommendations regarding the timing and amount of your gifts, as well as who receives them. You may recommend grants to charitable organizations anywhere in the U.S. and make contribution recommendations to international nongovernmental organizations. It's easy to add gifts to the account or to change recommendations in the future.
Q: Will the Foundation make grants beyond the area in which I live?
A: Yes, the Harris myCFO Foundation will make grants to local, regional, national and/or international charities. You can support a wide range of charitable causes including, but not limited to, health and medical research, education, environment, arts, culture, and emergency relief.
Q: What is the minimum grant from a donor-advised fund account at the Harris myCFO Foundation?
A: The minimum grant from a DAF at the Harris myCFO Foundation is $250. Grants are processed on at least a weekly basis.
Q: Will I receive notice when a grant is made to a charitable organization from my fund account?
A: Yes, you receive a copy of the letter transmitting the funds to the charitable organization and you will also see such grants reflected in your quarterly account report.
Q: What kind of investment options are available?
A: The Harris myCFO Foundation investment options are designed to reflect the risk and reward philosophy of its donors. Toward that end, you may recommend that the gifted funds be invested in one of the following 4 pools:
| Capital Growth |
70% Equity / 30% Fixed Income |
| Moderate |
40% Equity / 60% Fixed Income |
| Income |
25% Equity / 75% Fixed Income |
| Highly Conservative |
0% Equity / 100% Fixed Income |
Note: Failure to select a pool will result in a donor's contribution being invested in the Highly Conservative pool.
Q: What information will I receive in the quarterly statements?
A: You will receive a record of your contributions to your account, a record of grants made, investment pool performance and a summary of your donor-advised fund account status.
Q: What fees are charged for participating in the donor-advised fund program at the Harris myCFO Foundation?
A: Each donor-advised fund account pays asset-based fees. These fees include an administration fee and the expenses of the underlying mutual funds in the investment pools. The administration fee is based on a tiered pricing schedule ranging from 1.00% to 0.82% of assets on an annualized basis. Additional fees are charged for expenses relating to grants made to foreign charities, and the amount is determined on an individual grant basis. Please see the Program Guidelines for more information regarding fees.
Q: What if I want to transfer my existing private foundation assets into the Harris myCFO Foundation?
A: The Harris myCFO Foundation will be happy to help with the details of the transfer. You may retain your private foundation's name and any other personal identification.
Investment Advisory Services are offered by Harris myCFO Investment Advisory Services LLC, an SEC-registered investment advisor, and a wholly owned subsidiary of Harris myCFO, Inc.
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