Harness the Giving Power of a Private Foundation — Without the Complexity
A donor advised fund is a fund you create by making an irrevocable gift to Mayo Clinic of cash or securities. Your initial gift of at least $100,000 will create an account within the Mayo Clinic Donor Advised Fund. You and other individuals you designate will advise the distribution of the gifting account.
By creating a donor advised fund, you can:
- Make contributions at any time to your fund, which are invested by Mayo Clinic.
- Propose when the distributions are made and to what areas of Mayo Clinic or other charities the distributions support.
- Receive an income tax charitable deduction for gifts to your donor advised fund, when you itemize. Your gifts may also reduce your gross taxable estate and, if you give appreciated assets, eliminate capital gains tax.
Your major benefits include:
- Convenience and timing: You can take a tax deduction now — when you make a gift to the fund — without immediately having to choose how you want your gift to support Mayo Clinic or other charities.
- Simplicity: Mayo Clinic manages the gifting account, which means we will maintain all records, make all the distributions and send you detailed reports.
- Expertise: Mayo Clinic will provide our investment advice to make sure you are maximizing your impact.
- Family philanthropy: Families can build a tradition of giving and teach their children the value of philanthropy by involving them in the decisions about which grants to recommend. Plus, you can name your children as the next generation of fund advisors to carry forward a true legacy of giving.
|Features||Mayo Clinic's Donor Advised Fund|
|Donor responsibility for record keeping and tax return preparation||No|
|Basis of income tax charitable deduction for gifts of appreciated property||Market Value|
|Maximum income tax charitable deduction allowed per year||30% of adjusted gross income for property; 60% for cash|
|Tax on net investment income||None|
|Advisory privileges||Yes: Mayo Clinic receives 60% and other charities receive up to 40%|
|Donor can designate an advisor for future years||Yes|
Check Out This Potential Scenario
Joe and Laura want to give back to Mayo Clinic by putting their money where it will do the most good. They establish a $100,000 donor advised fund at Mayo Clinic, where the money can be used to support Mayo Clinic's research and care, as well as other charities. The couple receives a federal income tax charitable deduction for the amount of the gift. After researching a variety of charities, Joe and Laura recommend grants for the local library and an animal shelter, in addition to Mayo Clinic. As the fund administrator, Mayo Clinic presents the charities with checks from the Megan Fund, which Joe and Laura named in honor of Laura's grandfather, who was treated for a rare condition at Mayo Clinic. Joe and Laura are delighted to start this personal legacy of giving.
- Get to know the organization's policies and procedures-from minimum contributions (Mayo gifts must start at $100,000) to administrative fees. Each organization handles these details differently.
- Seek the advice of your financial or legal advisor.
- Contact Mayo Clinic Office of Gift Planning at firstname.lastname@example.org or 1-800-297-1185 to discuss using donor advised funds to support Mayo Clinic and our efforts to provide hope and healing.
- If you include Mayo Clinic in your plans, please use our legal name and federal tax ID.
Legal Name: Mayo Clinic
Address: 200 First Street SW, Rochester, MN 55905
Federal Tax ID Number: 41-6011702
Not Sure How to Begin Planning?Download our FREE Personal Estate Planning Kit
Get Your Free KitWant to learn more about donor advised funds? View and download the FREE guide One-Stop Giving: The Convenience and Simplicity of Donor Advised Funds.
Make a Distribution to Mayo Clinic Through Your Donor Advised Fund
If you have a donor advised fund with another provider, please consider making a distribution to Mayo Clinic or listing us a final beneficiary. You may request an immediate distribution utilizing the tool below.
Contact the Mayo Legacy
Jess Nelson LeMay
TML Phone: 1-844-330-5855
TML E-Mail: TheMayoLegacy@mayo.edu
The information in this publication is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Mayo Clinic policies may impact gift acceptance, gift structure, and options available. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.