DAF - A DIVISION OF THE LOUNDY CHARITABLE FOUNDATION
WHAT IS A DONOR-ADVISED FUND (DAF)?
A donor-advised fund (“DAF”) is a fund that you establish for the purposes of tax and financial planning that allows you to make charitable contributions at a time of your choosing, during your lifetime or after, while receiving certain taxable benefits when assets are first contributed to the DAF, regardless of when your contributions are distributed to your desired charity. A DAF provides substantial flexibility in your philanthropy management: contributions are invested by investment professionals beginning with your initial donated assets to when grants are drawn.
WHAT AUDIENCE DO WE AIM TO SERVE?
Many donor-advised fund providers aim to serve the very affluent customer and provide all of the “bells and whistles,” often for a fairly noticeable cost. Our goal is to “democratize” DAFs and make them more widely available with lower costs with only the more important features. Those very affluent customers will appreciate having lower costs, assuming they do not need every possible option; and with lower minimums and costs, more people will find a DAF a suitable option with us than with other providers. To achieve this goal, although we can accept many asset types that we would not otherwise keep, we may liquidate them and only retain assets that meet our investment options. Our investment options are limited currently to seven investment pool options. However, these pools include a range of professionally managed investment options, ones based on social-responsibility criteria, and ones that accommodate certain religious values. All assets are managed and invested under the supervision of a bank with a strong history of community service (and connections with worthy charitable organizations) that has been providing financial services for nearly three quarters of a century. Our costs are weighted towards work performed, rather than emphasizing charging for assets under management, as do many DAF providers. We look for customers who not only like the “philanthropy management” features offered by a DAF, but who also have a serious philanthropic intent to support efforts to make their community a better place.
WHAT IS THE FUND?
The Devon DAF Division is a fund of the Loundy Charitable Foundation. The intention of the Foundation is to magnify the charitable giving undertaken by Devon Bank through the solicitation of funds from a broader range of investors. Funds are donated to charitable causes in the communities served by the Bank along with the Foundation’s own charitable efforts that facilitate the broader provision of charitable outreach through the offering of donor-advised funds. The Foundation is a 501(c)(3) public charity that provides certain tax benefits to donors who may take advantage of these tax benefits. Devon Bank has “sponsored” the creation of the Foundation and the Fund in order to support the Bank’s existing charitable efforts. The Foundation’s unrestricted charitable account is used to support charitable causes primarily in underserved areas of Cook, Lake, and DuPage Counties of Illinois.
The minimum contribution required to open a DAF is $2,500. Further contributions may be made by you any time in the future. Contributions are irrevocable and must be accepted and approved by The Fund.
THE DEVON DAF FUND*
A DIVISION OF THE LOUNDY CHARITABLE FOUNDATION
C/O DEVON BANK
6445 N. WESTERN AVE.
CHICAGO, IL 60645
*Funds are not FDIC insured, may lose value, and carry no bank guarantee.