Donor Advised Fund Codes

Bridget Tanguay · December 2020

I'm trying to clean up our codes and other records in RE. I was wondering how you all code Donor Advised Funds (Fidelity, Schwab, Network for Good, etc.) in your RE?

shani traum · December 2020

We have a Gift Attribute of DAF and a table driven description
made up of the sources of the gift (Fidelity, Schwab, etc).
The gift goes in the donor's record with the gift attribute noting
the source.

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Beth Green · January 2021

We use Foundation or Corporate Foundation, depending on the entity.

Joan Blue · January 2021

Bridget - Quite a few organizations use a combination of ways to maintain theses records in RE.

1. Create a Constituent Record for each named DAF at the Fidelity Charitable, Schwab Charitable, your local community foundation, etc. with a Constituent Code of DAF (either on its own, or in combination with similar organizations like Family Foundations, Trusts, etc.)

2. Create a Constituent Record for each of the overarching entities - Schwab Charitable, Fidelity Charitable, etc.

3. Create a Constituent Record for the individual donors who advise the DAFs.

4. Add a Relationship between the individual and that individual's named DAF of Donor-advisor and DAF.

5. Add a Relationship between the individually-named DAF and the overarching org. of DAF and Foundation.

6. Add the Gift to the constituent record for the individually-named DAF with a Soft Credit to the individual advisor. When you process Donor Acknowledgement letters, choose the Soft Credit recipient for the letter, using a separate thank you letter template that fills in the name of the DAF as the donor and that doesn't have tax language.

At a glance - you can open the Schwab (Fidelity, cmty fdn, etc.) record and see ALL the funds Schwab coordinates that donate to your organization. And you can also segregate all DAF $$ from any grant dollars you may get from a community foundation. It's clean, orderly, and everybody's info is easily viewed and understood.

Good luck.

Joanne Fagan · February 2022

For the individual or family with the soft credit of the DAF do you list the donation as a foundation grant or individual donation?

Nathalie Gagnon · February 2022

Joan, 1. What coordinates do you include for the DAF Constituent record? 2. Could you share how you describe the entities in each of the suggested relationships? Thanks!

Joan Blue · February 2022

Nathalie - I don't know what your first question means. Re #2. The individual is the “Donor” to the DAF which is the “Donor-advised Fund." The donor-advised fund record is a “Donor-Advised Fund” of the overarching Fidelity/Schwab/Community Foundation, etc. record which is the “Foundation” or like code.

Joan Blue · February 2022

Joanne - It's a cash gift.

Nathalie Gagnon · February 2022

Thank you for your answer! My first question was indeed not clear. What I am trying to find out is which coordinates (address, etc.) you include in the Constituent Record for each named DAF. Thanks!

Joan Blue · February 2022

I just copy the generic Fidelity / Schwab, etc. address from that master record, and then uncheck Send Mail - since I never want the DAF to be solicited, etc. In my ackowledgement letter process, I send ty letters to the Soft Credit recipients - and then the thank you letter (w/o tax language) merges for the individual(s) who recommended the gift from their advised fund.

Christine Cooke 2 · February 2022

The way you keep these records coded depends on how you are required to report on them for your org. Different orgs have different types of reporting.

A constituent code group of Donor Advised Funds - which could be foundations, trusts etc.

Network for Good, Benevity, YourCause etc are conduits for getting $$ from individual donors and matching gift companies to you. I would not advise having those coded the same way as DAFs.

All the records would have the same info that you can collect off of checks or their websites for contact info: address, phone, the person who signed the cover letter as a contact in relationships tab. Make sense?

Nathalie Gagnon · March 2022

Hi Joan, Do I understand that you do not create a relationship between the individual and the overeaching Foundation? (such as for example a “client” relationship?) Also, do you assign a fundraiser tothe named DAF? Thanks!

Lyngblomsten Foundation · March 2022

Natalie - I did not say I didn't create relationships. In actuality, I have a constituent record for the individual donor, one for the named DAF at Fidelity or Schwab, etc., and I have another for the parent org - Schwab, Fidelity, our local community foundations, etc.

I have a donor / DAF relationship between the individual and the DAF records.

I have a DAF / Foundation relationship between the specific donor-advised fund constituent record and the overarching organization. This allows me, at a glance, to see all the DAFs associated with Fidelity, the ones associated with Schwab, with the Minneapolis Foundation, with the St. Paul Community Foundation. etc.

And I do assign the same staff fundraiser (we call them Relationship Managers) to the DAF who is assigned to the individual. That allows the staff person to see all the monies that come as hard credits in Dashboards, etc.

This system works very well and removes all confusion. I've used it at numerous organizations and have trained other RE staff to set their up in this same way.

Donor Advised Fund Codes

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