A Donor Advised Fund (DAF) is a flexible tool for individuals, families and corporations seeking to support international charitable projects. You benefit from an immediate tax deduction when you contribute to your Fund and can then recommend donations to charitable projects at your convenience.
If you would like to open a Donor Advised Fund, reach out to Augustine Hermans, Development & Engagement Manager, at augustine@myriadcanada.org or +1 438 803 3186.
How Does It Work?
Opening your Fund – Opening a Donor Advised Fund is simple and straightforward, and there are no set-up or legal fees involved.
Ways to Give – You can contribute to your Donor Advised Fund whenever it suits you, and claim an income tax deduction in the year of the contribution. We can receive cash donations by credit card, cheque, or bank transfer; gifts of securities; bequests and other planned gifts; life insurance policies; or retirement plan assets.
Individuals can contribute from an existing giving vehicle such as a private foundation or a Donor Advised Fund held at a community foundation or other Donor Advised Fund sponsors. They can also invite friends and family to contribute to the Fund. Corporations can contribute to the Fund from various sources, such as a corporate giving program or a corporate foundation.
Investing assets to generate income – Contributive assets may be invested, allowing them to earn income and grow tax-free over time. Their management can be entrusted to your current investment advisor, or to an investment advisor of your choice.
Supporting charitable activities – You can recommend donations to charitable projects from your Donor Advised Fund at any time. The minimum amount of support must be $10,000 CAD. Myriad Canada will conduct due diligence on the recommended charitable project to ensure that your donation is used for legitimate charitable purposes. We can also help you identify initiatives in the country, region or field of your interest.
Fee structure
Myriad Canada charges a management fee to cover the due diligence and operational expenses associated with administering international charitable projects. We are able to minimize our administrative costs thanks to our access to the resources of our own endowment fund, which covers half of our actual costs.
For donations without invested assets: Myriad Canada charges a management fee calculated on an annual basis and per project, as follows:
- 5% on the first $100,000;
- 3% on the next $400,000;
- 1% on the next $500,000;
- 0,5% on additional amount above $1,000,000.
There are no set-up or vetting costs.
For Donor Advised Funds with endowment: Myriad Canada charges a management fee of 0.8% of the invested assets per year for the administration and operational management of the charitable activities. This fee excludes any bank or brokerage fees for the financial management of the capital charged by a financial institution. We do not charge initial set-up, due diligence, or legal fees.