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In the United States, a donor-advised fund is a charitable giving vehicle administered by a public charity created to manage charitable donations on behalf of organizations, families, or individuals. To participate in a donor-advised fund, a donating individual or organization opens an account in the fund and deposits cash, securities, or other financial instruments. They surrender ownership of anything they put in the fund, but retain advisory privileges over how their account is invested, and how it distributes money to charities. ==Background== A donor-advised fund provides a flexible way for donors to pass money through to charities—an alternative to direct giving or creating a private foundation. Donors enjoy administrative convenience (the sponsoring organization does the paperwork after the initial donation), cost savings (a foundation requires around 2.5% to 4% of its assets each year to run), and tax advantages (versus individual giving) by conducting their grantmaking through the fund. A donor-advised fund has some disadvantages compared to a private foundation. A private foundation can accept donations of unusual or illiquid assets (e.g., part ownership of a private company, art, real estate, partnerships or limited partnership shares), which a donor-advised fund cannot. This is a consideration for some cases. In addition, the founders or board of a private foundation have complete control over where its giving goes within broad legal bounds. In a donor-advised fund, the donor only ''advises'' the sponsoring organization where the money should go. While rare, a sponsoring organization could conceivably ignore the donor's intent. In addition, most donor-advised funds can only give to IRS certified 501(c)(3) organizations or their foreign equivalents. This rules out, for example, most kinds of donations to individuals, and scholarships—both things a private foundation can do more easily. Donor-advised funds do reap a significant cost advantage (foundations carry a 2.5-4% of assets overhead expense to maintain, a 1-2% excise tax on NET investment earnings and a required 5% spending of assets each year) but may also have one more drawback---limited lifetime. While a foundation can persist for generations or in perpetuity, some sponsoring organizations impose a "sunset" on donor-advised funds, after which they collapse individual funds into their general charity pool.〔(【引用サイトリンク】title=The Association of Small Foundations is now Exponent Philanthropy )〕 Because a public charity houses the fund, donors receive the maximum tax deduction available, while avoiding excise taxes and other restrictions imposed on private foundations. Further, donors avoid the cost of establishing and administering a private foundation, including staffing and legal fees. The donor receives the maximum tax deduction at the time they donate to their account, and the foundation that administers the fund gains full control over the contribution, granting the donor advisory status. As such, the administrating fund is not legally bound to the donor, but makes grants to other public charities on the donor's ''recommendation''. Most foundations that offer donor-advised funds only make grants from these funds to other public charities, and usually perform due diligence to verify the grantee's tax-exempt status. For example, the Jewish Communal Fund notes the following guidelines: All grants issued by the Jewish Communal Fund must be made to organizations that qualify as tax-exempt under Section 501(c)(3) of the Internal Revenue Code and that are classifed as either public charities as described in Sections 509(a)(1), (a)(2), or (a)(3) of the Code, private operating foundations as described in Section 4942(j)(3) of the Code, or government instrumentalities exempt under Section 501(c)(1) of the Internal Revenue Code.〔(【引用サイトリンク】title=Support Your Charities at the Jewish Communal Fund )〕 Drexel University environmental sociologist Robert Brulle, who has studied networks of nonprofit funding, described donor-advised funds: In this type of foundation, individuals or other foundations contribute money to the donor directed foundation, and it then makes grants based on the stated preferences of the original contributor. This process ensures that the intent of the contributor is met while also hiding that contributor’s identity. Because contributions to a donor directed foundation are not required to be made public, their existence provides a way for individuals or corporations to make anonymous contributions. Whitney Ball, co-founder and executive director of the donor-advised fund Donors Trust described donor-advised funds: A donor-advised fund begins with a donor contributing cash or assets to a public charity, which in turn creates a separate account for the donor, who may recommend disbursements from the fund to other public charities. Technically, the charity that sponsors the fund has final say on the disbursements, and it is legally required to ensure they go only to charitable purposes, but in normal circumstances the original donor’s requests will be followed. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Donor-advised fund」の詳細全文を読む スポンサード リンク
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