Philanthropy is defined in different ways, however the Greek origin means love for mankind. Today, philanthropy includes the concept of voluntary giving by an individual or group to promote the common good. Philanthropy also commonly refers to grants of money given by foundations to nonprofit organizations that work for the improvement in the quality of life for all citizens.

 

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A Donor Advised Fund (DAF) is a type of charitable giving fund that is established by a donor with an eligible charitable sponsoring organization (i.e. a community foundation) to support a cause (or causes) that the donor cares about. A donor advised fund allows the donor to remain involved and active in charitable giving by retaining “advisory privileges” to recommend how the sponsoring organization should make grants from that fund.

 

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An endowment is a donation of money or property to a non-profit organization, which uses the resulting investment income for a specific purpose. Most endowments are designed to keep the principal amount intact while using the investment income for charitable efforts.

 

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501©(3) - Contributions to 501(c)(3) organizations are tax deductible. Grants and activities may not assist election campaigns that support or oppose candidates for public office. Grants, compensation, and other payments must be made within specific guidelines, and for a charitable purpose, not for personal or private benefit.

 

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An award of funds to an organization or individual to undertake charitable activities.

 

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A sum of money made available upon the donor's passing.