Donor Advised Funds

Harness the Giving Power of a Private Foundation—Without the Complexity

Next Steps

  1. Get to know the organization's policies and procedures-from minimum contributions (Mayo gifts must start at $250k) to administrative fees. Each organization handles these details differently.
  2. Seek the advice of your financial or legal advisor.
  3. Contact Mayo Clinic Office of Gift Planning at giftplanning@mayo.edu or 1-800-297-1185 to discuss using donor advised funds to support Mayo Clinic and our efforts to provide hope and healing.
  4. 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

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 $250,000 will create an account within the Mayo Clinic Advised Fund. You and other individuals you designate will advise the distribution of the fund.

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 the distributions support.
  • Receive an income tax charitable deduction for gifts to your donor advised fund. 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.
  • Simplicity: Mayo Clinic manages the 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.

Next Steps

  1. Get to know the organization's policies and procedures-from minimum contributions (Mayo gifts must start at $250k) to administrative fees. Each organization handles these details differently.
  2. Seek the advice of your financial or legal advisor.
  3. Contact Mayo Clinic Office of Gift Planning at giftplanning@mayo.edu or 1-800-297-1185 to discuss using donor advised funds to support Mayo Clinic and our efforts to provide hope and healing.
  4. 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

Check Out This Potential Scenario

Happy family

Joe and Laura want to give back to their hometown by putting their money where it will do the most good. They establish a $25,000 donor advised fund with a community foundation. The couple receives a federal income tax charitable deduction for the amount of the gift. They also get all the time they need to decide which charities to support. After researching community needs with the foundation's staff, Joe and Laura recommend grants for Mayo Clinic (which they've supported for years) and the Animal Rescue League. The foundation presents the charities with checks from the Megan Fund, which Joe and Laura named in honor of their granddaughter. Joe and Laura are delighted to start this personal legacy of giving.

Learn How to Fund It

Create a donor advised fund with one of the following assets:

Get Your Free Guide

Want to learn more about donor advised funds? View and download the FREE guide One-Stop Giving: The Convenience and Simplicity of Donor Advised Funds.

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ORG-20092912

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When making a bequest, it is important to name precisely the organizations you intend to benefit. By avoiding a common name for an organization, you ensure your donation reaches its intended beneficiary. Following is the appropriate language to use when including Mayo Clinic in your estate plans.

"I give, devise and bequeath to Mayo Clinic, a not-for-profit organization, located in Rochester, Minnesota, the sum of (or % of my estate), (or other personal real property herein described) to be used for (designated purpose) or its general programs in medical education and research as it shall determine."

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

The official name to be used for all outright and deferred gifts is MAYO CLINIC.

Bequests are generally worded: "I give, devise and bequeath to Mayo Clinic, a not-for-profit organization, located in Rochester, Minnesota, the sum of (or % of my estate), (or other personal real property herein described) to be used for (designated purpose) or its general programs in medical education and research as it shall determine."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Mayo Clinic or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays Mayo Clinic set payments for a number of years, which you choose. The longer the length of time, the better the gift tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Mayo Clinic as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Mayo Clinic as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Mayo Clinic where you agree to make a gift to Mayo Clinic and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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