Your questions answered – BenefAction FAQ
BenefAction Foundation offers expertise in planned giving. We run Donor Advised Fund programs whether working with donors directly or through one of many charitable giving programs with our partner firms.
What costs are involved to set up and maintain a fund?
What is the management fee and total of all fees?
Who decides on the investment?
What is minimum account size? Is there a maximum?
How much can I disburse from my fund each year?
How do I disburse grants from my fund?
Donors should detail recommendations to BenefAction Foundation for grants from their fund in the Donor Agreement, or in writing; including by electronic instructions. At the discretion of the Board, BenefAction may use the fund to meet donors current pledge commitments. If making a Direct Gift, donor recommendations should be noted on the Gift Form. Contact us for the receiving institution and account number information.
The minimum grant to a registered charity is $1,000. Grants under $1,000 will be processed, however additional processing charge of $15 per cheque will apply.
Can I change the charities which receive grants from my fund?
How long does it take to issue my grant recommendation?
In the case where the request is to grant 100% of the fund to a qualified donee, including to a private foundation that the donor may have set up, the request will be reviewed by the Board at the next quarterly Meeting of the Directors for approval; unless the arrangement has received prior approval by way of an addendum to the Donor Agreement.
How is the donor recognized?
What charities can I gift to?
Can a donation be made to a non profit?
Where can I find sample will bequest wording?
Can I name a successor to my fund?
How can I tell BenefAction to make a grant?
What types of assets can I donate?
Can I work with my own money manager?
Why is BenefAction a good solution?
We work with advisors to help them to retain and capture assets by incorporating charitable gift planning into their practice.
Control and flexibility in terms of directing the donations to alternate charities because donors’ feelings in relation to their chosen cause change over time. Benefaction will take written instruction from the donor to adjust their grant recipients. This is not always an option for those who give to their local community foundations and never an option for those who give directly to the charity of their choice.